Monday, June 14, 2021

Property sales surge by 250% during the first five months of 2021: Emaar

Dubai’s Emaar properties head Mohamed Alabbar told the media that they witnessed a sale surge of 250 percent, in the first five months of 2021. Alabbar also stated that he was quite optimistic about the performance in the current year, especially since it has seen a great improvement after the country faced the wrath of the Covid-19 pandemic the year before. According to the developer, the total sales reached up to Dh10.5 billion, compared to Dh3 billion in the same period the previous year. The company is also reportedly expecting an even higher growth during the second quarter of 2021.

Focusing on the growth in the sales sector this year Alabbar told the media, “These numbers demonstrate once again the resilience of our group, the quality of our products, and the passion of our customers and our employees. I am confident that the Dubai property market is once again a growth story for developers, in light of the UAE’s wise policies, with Emaar perfectly positioned to capitalise on this.”

He added that these numbers are quite promising despite the difficulties faced by the sales and property sector during the Covid-19 pandemic. The numbers show hope even though the hotel and the mal sector is still reeling under the effect of the Covid-19 pandemic. Currently, Emaar is also focusing on other markets like India, Egypt, Saudi Arabia, and Pakistan. Alabbar said that even though UAE and Dubai are still major centres for sale because of their promising growth, the other markets also have a huge untapped potential.

Last year, Emaar properties income decreased by 20 percent, to Dh19.7 billion, while the net profit fell to Dh2.62 billion.

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