Emaar Properties PJSC has reported unprecedented financial results for 2024, with total property sales reaching AED 70 billion , marking a significant milestone in the company’s history. This achievement is set against the backdrop of a robust UAE real estate market, which has experienced remarkable growth over the past year.
The company’s revenue for the year stood at AED 35.5 billion, reflecting a 33% increase from the previous year. Net income attributable to owners was AED 13.5 billion, up 16% from 2023, though the profit margin slightly decreased to 38% from 44% due to higher expenses. Earnings per share rose to AED 1.53, compared to AED 1.32 in the prior year.
Emaar Development, a subsidiary focusing on build-to-sell assets, also reported exceptional performance. The division’s revenue reached AED 19.1 billion , a 61% increase from 2023. The revenue backlog grew to AED 90.9 billion as of December 31, 2024, indicating a strong pipeline for future earnings.
The UAE’s real estate sector has been buoyant, with Dubai’s all-residential property price index rising by 19.46% year-on-year in November 2024. This surge is attributed to an influx of high-net-worth individuals and investors seeking opportunities in the region. The total value of real estate transactions in Dubai exceeded AED 500 billion in 2024, surpassing previous records.
Abu Dhabi’s real estate market mirrored this upward trend, recording a 25.7% growth in residential sales during the fourth quarter of 2024. The office sector in the capital also demonstrated resilience, with asking rates in primary commercial areas rising by 3.4% quarterly and 25.9% annually.
Ras Al Khaimah emerged as a notable performer, with real estate transactions soaring to AED 15.08 billion in 2024, a remarkable 118% increase from the previous year. This growth underscores the emirate’s rising appeal among investors and homebuyers, solidifying its position as a promising real estate market within the UAE.
The surge in property demand has been partly driven by an influx of expatriates, notably from the United Kingdom. Dubai now hosts over 180,000 British nationals, surpassing the population of Oxford. Attracted by lucrative job opportunities, favorable tax policies, and a high standard of living, many Brits, including young professionals and families, are relocating to the city.
However, this rapid growth has led to challenges, including increased living costs and traffic congestion. The rising number of ultra-wealthy residents has strained the housing market, causing significant rent hikes and a higher overall cost of living. Despite these issues, Dubai continues to attract migrants with its tax-free income, favorable weather, and stable visa programs.
In response to the soaring demand for luxury properties, Dubai plans to complete nearly 9,000 villas by the end of the year and an additional 19,700 by 2025. By 2040, the city may require between 37,600 and 87,700 new homes to accommodate a projected population of 5.8 million. Prices in prime areas, such as Palm Jumeirah and Emirates Hills, have risen sharply, yet luxury property remains relatively affordable compared to cities like London and New York.