Emaar Properties PJSC reached an all-time high in real estate sales in 2024, setting a new record of AED 70 billion. The company’s annual revenue rose 33% to AED 35.5 billion. Net profit attributable to the company’s owners grew 16% to AED 13.5 billion, with a profit margin of 38% compared to 44% in the previous year amid rising operating costs.
Emaar Development’s subsidiary Emaar Development, which specializes in build-to-sell projects, posted a 61% increase in revenue to AED 19.1 billion.
Structural changes in the UAE real estate market
The UAE real estate market is undergoing a fundamental transformation. The Dubai residential real estate price index showed an increase of 19.46% to November 2024, reflecting an underlying change in the demand structure. The emirate’s total value of real estate transactions exceeded AED 500 billion. Notably, Abu Dhabi is also showing strong growth, with residential property sales up 25.7% in the fourth quarter of 2024 and rental rates in key commercial areas up 25.9% year-on-year.
Of particular note is the development of Ras Al Khaimah, where real estate transactions reached AED 15.08 billion, showing an increase of 118%. This emirate is becoming a new center of attraction for investors, offering an alternative to the traditional markets of Dubai and Abu Dhabi.
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Long-term outlook and market trends
Developers plan to have around 29,000 villas in operation by 2025 to meet the growing demand for premium housing. Demographic projections indicate that by 2040, the need for new housing could reach 87,700 units, with an expected population growth to 5.8 million.
Pricing analysis shows that despite the significant increase in value in premium locations such as Palm Jumeirah and Emirates Hills, Dubai’s luxury real estate maintains a competitive advantage over similar properties in London and New York. According to Knight Frank, the average cost of premium housing in Dubai is around $800 per square foot, compared to $4,000 in London and $2,900 in New York.
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The market is also showing qualitative changes in buyer preferences. There is a growing demand for properties with high energy efficiency and modern technological solutions. Developers are adapting their projects to the new requirements: 65% of new objects receive LEED certification, and smart home systems are becoming a standard in the premium segment. Follow our publications about the UAE real estate market. We provide professional market analysis and reviews of investment opportunities in the region.
