All the investment data and news continues to show that Dubai’s property market is experiencing a notable recovery.
Having already recorded levels of investment and some of the world’s highest capital growth so far this year, now one of the emirate’s largest developers has reported some of its own record figures.
Emaar Properties, the largest listed developer in Dubai, released its financial results for the first quarter, showcasing a net profit that surged 43% on the back of wider real estate sentiment.
The figures detailed a AED 3.2 billion ($871 million) profit compared to 2.24 billion AED in 2022, with revenue growing to 6.3 billion AED ($1.71 billion) so far this year.
The latest sign of a strong Dubai real estate market
Dubai’s property market witnessed a record-breaking year in 2022, with owners and investors completing 90,881 transactions, surpassing the previous peak recorded over a decade ago in 2009.
Emaar’s data is the latest sign this positive trend is set to continue.
Both institutional and individual investors are encouraged by the strength of the emirate’s economy and are supported by a rebound in business activity in Dubai’s non-oil private sector economy.
“A surge in sales momentum in the travel and tourism and wholesale and retail sectors helped send the Dubai PMI to an 8-month high … signalling a robust improvement in the health of the non-oil economy,” stated David Owen, a senior economist at S&P Global Market Intelligence.
Likewise, Emaar noted Dubai continues to lead as a business hub for trade, financial services, logistics, travel and hospitality, with growth in emerging sectors such as technology, renewable energy, health care and education.
Fellow real estate developer Sobha recently recorded strong data for Q1 and remarked that it expects sales to remain robust for the coming quarters.