Dubai – Mubasher: Emaar Development achieved a 50% leap in property sales to AED 12.90 billion ($3.50 billion) in the first quarter (Q1) of 2024, versus AED 8.60 billion ($2.30 billion) in Q1-23.

The real estate developer successfully launched 10 projects across various master plans during Q1-24, according to a press release.

During the first three months (3M) of 2024, the company acquired a land plot measuring 60 million square feet near to The Oasis masterplan, with a development value of AED 41 billion ($11 billion).

Meanwhile, Emaar Development has a sales backlog of AED 65.70 billion ($17.90 billion), which will be recognised as revenue in the coming years due to robust performance.

The Founder of Emaar, Mohamed Alabbar, said: "The company began the year 2024 with strong financial results, which demonstrate our superior sales execution capabilities as well as our ongoing efforts to further enhance operational efficiencies.”

“Our growing backlog reflects the strong demand in our primary markets. Our strategic positioning allows us to accelerate growth and deliver unmatched value to our shareholders, thereby reinforcing our role in Dubai's economic vitality,” Alabbar indicated.

In the 12-month period that ended on 31 December 2023, Emaar Development witnessed 22% higher property sales at AED 37.40 billion ($10.20 billion), compared to AED 30.70 billion ($8.40 billion) in 2022.