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The biggest Dubai developer EMAAR has registered strong demand for the property units under construction during the Q1 2019.
Emaar Properties, Dubai’s largest listed developer, released a note saying that it’s Q1 profit and sales were on the rise, along with a surge in buyers’ interest for the off-plan properties.
The company’s net profit in the first quarter of the current year amounted to AED1.74 billion (USD473.71 million), a significant rise from AED 1.63 billion in Q1 2018, which was quite close to the Shuaa Capital financial accountant’s previous estimate.
“Emaar’s quarterly performance remained resilient despite the ongoing headwinds witnessed by the broader real estate market in UAE,” Harshjit Oza, vice president of research at Shuaa Capital said in a note published on Monday.
Emaar Properties’ revenue in the first quarter of 2019 was AED5.89 billion, a 0.67 percent drop from the AED5.93 billion gained in the first quarter of 2018.
“Off-plan sales (sales of units under construction) remained strong at AED5.98bn (up 53 percent year-on-year), leading to a strong backlog build-up of AED50bn to be recognized over the coming years. The surge in off-plan was driven by sales to international customers (AED2.645bn, up 123 percent annually),” Oza added.
The company representative emphasized that “the strong backlog reflects the robustness of Emaar’s financial position to maintain high revenue, profitability and return to shareholders in the foreseeable future.”
The company’s shares added 13.56 percent so far since the start of 2019.
And just the other day, EMAAR presented a new, completely exclusive real estate project in the area of the Dubai’s historic port . The new luxury apartment complex will be dubbed SIRDHANA, in honor of the first ship, which once came to the port.
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