Emaar Properties revealed on Monday that it had achieved substantial increases in property prices, demonstrating consumers' ongoing confidence in the Emaar brand and the revival of the Dubai real estate industry.

Emaar's company property sales increased by 83% to Dhs7.115 billion ($1.937 billion) in the first quarter of 2021, compared to Dhs3.887 billion ($1.058 billion) in the same period in the previous year. Land revenues increased by 6% compared to the first quarter of 2019.

Emaar's revenue for the first quarter of 2021 was Dhs5.993 billion ($1.632 billion), up 12% from Dhs5.328 billion ($1.451 billion) in the same period last year. Emaar posted a net profit of Dhs 657 million ($179 million) in Q1 2021, up from Dhs609 million ($166 million) in the exact timeframe in 2020, representing an increase of 8%.

Emaar Properties has a strong sales pipeline of Dhs41.805 billion ($11.382 billion), which would be recognized as potential income. The backlog represents Emaar's financial strength to maintain high turnover, profitability, and shareholder value throughout the near future.

“As among the most diverse and rising markets in the world, Dubai's property market stability is a tribute to its contribution to being one of the world's best cities,” said Mohamed Alabbar, Founder of Emaar Properties. We are committed to delivering properties on schedule and offering exceptional residential projects that enhance the lives of our community and visitors. Emaar has achieved results equal to 2019 when the pandemic hit industries worldwide in just a brief period. The outcomes are not by chance; they are the product of a collaborative effort.”

Dubai continues to guide the way as a global centre for commerce, financial services, logistics, travel, and hospitality, with developing industries like telecommunications, renewable energy, healthcare, and education experiencing rapid growth. The area continues to draw a population of talented professionals and developers, who in turn engage in the region's long-term growth opportunities, as evidenced by Emaar's revenue figures for the first quarter of 2021.

Emaar has turned over over more than 74,500 housing units in Dubai and foreign markets, with over 25,500 units currently under construction in the UAE and 11,500 units in international markets.

Emaar continually delivers luxury experiences and lifestyle options across business segments, setting new milestones in architecture, construction efficiency, and innovation; and its properties tend to be pursued after by investors both at home and overseas.

Emaar Construction, the UAE build-to-sell land development company majority-owned by Emaar Properties, obtained tremendous quarterly property sales in Dubai within the first quarter (January to March) of 2021, rising by 106% to Dhs 5.904 billion from Dhs 2.864 billion (US$ 780 million) in Q1 2020.

Emaar Development's sales of Dhs 3.848 billion (US$ 1.048 billion) and net profit of Dhs781 million (US$ 213 million) increased by 26% and 20%, respectively, during Q1 2020.

Emaar's overseas activities continued to boost their operational performance, reporting property revenues of Dhs 1.211 billion ($ 330 million) in Q1 2021 compared to Dhs 1.023 billion (US$ 279 million) in Q1 2020 and Dhs 764 million (US$ 208 million) in Q1 2019, an increase of 18% over 2020 and 59% over 2019. This demonstrates the promising turnaround of the property market and the tremendous interest in Emaar's international expansions and valued master projects.

Emaar's foreign companies added 13% of overall sales, with profitable operations in Egypt, India, and Pakistan.

Emaar Malls, the shopping centre, and retail giant announced its earnings for the first quarter of 2021, announcing revenue of Dhs 901 million (US$ 245 million). Total net profit for the first quarter of 2021 was Dhs 318 million (US$ 87 million), a figure that is 169 percent% higher than the Q4 of 2020. Emaar Malls' properties held a high occupancy rate of 91%.

Namshi, a fully owned subsidiary of Emaar Malls, reported revenues of Dhs 258 million (US$ 70 million) in the first quarter of 2021, a 6% growth during the same period of the previous year. Namshi's success can be attributed to its consistent development in Saudi Arabia, Kuwait, and other GCC nations, and its upcoming launch in Qatar in early 2021, and the addition of 117 new products.

Emaar Hospitality, Leisure & Entertainment, part of Emaar Properties. Emaar's hospitality, recreation, entertainment, and commercial renting businesses produced revenue of Dhs 457 million ($124 million) in Q1 2021, with Emaar Hospitality Group hotels, including managed hotels, bragging average occupancy rates of 62% despite current industry uncertainties and government restrictions.

Underscoring Emaar's dynamic sales sources, the company's recurring profit-making companies of malls, hospitality, recreation, entertainment, and industrial leasing achieved revenue of Dhs 1.358 billion (US$ 370 million), accounting for 23% of total revenue.