PC: Dubai Chronicle
Emaar Properties PJSC announced record-breaking financial results in 2024, with total property sales reaching AED 70 billion, which actually marks a giant milestone in the company’s history. This achievement coincided with a significant thriving of the UAE real estate sector as increasing demand and greater investor interest converged into one huge rising epoch.
The revenue reported for the year stood at AED 35.5 billion, marking a 33% increase over last year’s results. Net income attributable to owners reached AED 13.5 billion, 16% higher than 2023; however, the associated profit margin fell from 44% to 38% due to increased costs. A total of AED 1.53 was reported for earning per share, up from AED 1.32 last year.
Meanwhile, Emaar Development, a subsidiary focusing on selling right from build-to-sell assets, recorded revenue of AED 19.1 billion-a 61% increase compared to 2023. The division ended the year more strongly with a revenue backlog of AED 90.9 billion as of December 31, 2024, further illustrating a stalwart pipeline for the coming years.
The index on property prices in Dubai, covering exclusively residential properties, showed a year-on-year increase of 19.46% as of November 2024, driven by an influx of high-net-worth individuals and real estate investments. Dubai’s real estate transactions surpassed AED 500 billion in total value during the year 2024-breaking several previous records. A major consideration for this demand is the continually rising number of expatriates, mainly from the United Kingdom. At the moment, this coming from England stands at over 180,000 expatriates exceeding the Oxford population size. Many have relocated to Dubai for reasons of tax benefits, job opportunities, and a high standard of living.
Nevertheless, with it has also come high-rise living costs and more accentuated traffic congestion. The sleepless jump-up of ultra wealthy residents has priced them right into the limited rental market and brought along all kinds of increases in the cost of living. However, Dubai retains its classic choice among migrants for remaining tax-free, stabilizing visa policies, and climatic sections.
In a bid to respond to the growing demand for luxury properties, Dubai plans to deliver nearly 9,000 villas by the year-end, with 19,700 more in the pipeline by 2025. Between the years 2030 and 2040, the city may need between 37,600 and 87,700 new homes to accommodate a population of about 5.8 million by then. Although the prices for property in prime locations such as Palm Jumeirah and Emirates Hills have skyrocketed, luxury real estate in Dubai remains very affordable as compared to major urban centers like London and New York.
