Dubai’s Emaar property sales rise by 25% to $362m for Q3 2019
Foreign investors entering the UAE real estate market were among the reasons for the profit hike
Dubai-based real estate developer Emaar Properties has posted its financial results for the first nine months of 2019 outlining a 20% jump in net profits and 25% increase in property sales driven by foreign investors into residential and commercial developments as well as first-time home buyers.
Emaar’s net profits reached $362m for Q3 2019 compared to $302m during the same period in 2018, while property sales of $3.4bn contributed towards a 25% increase for the company.
The real estate developer also recorded a 14% increase in revenue; $1.6bn during third quarter of 2019, compared to revenue of $1.4bn during the same period last year in Dubai.
“Emaar’s results are driven by its key principles of having the best people working day and night to achieve utmost customer happiness through providing them superior product and services,” said Mohammad Alabbar, chairman of Emaar Properties and Emaar Development.
“In these dynamic markets, maintaining superior performance is a key testimony of an excellent team and their continuous efforts to achieve efficiencies, superior product and financial results,” he added.
Emaar launched 19 new projects across its mega developments in Dubai with a total project value of $2.7bn and sold over 70% of its units from January to September 2019.