Sales of residential real estate by Emaar Properties experienced rapid growth in 2021. Dubai's largest developer has successfully mastered the new demand born on the market recovery in the past year.
The company's annual revenue increased by 51% to USD 4,800,000,000, which also demonstrates the degree of willingness of wealthy buyers to spend money in the premium real estate sector of the emirate.
However, sales of commercial real estate, land and the hotel segment also increased. Sales in the commercial sector increased from USD 1,540,000,000 to USD 3,440,000,000, the hotel segment grew from USD 789,000,000 to USD 1,490,000,000, and real estate leasing and retail increased from USD 4,000,000,000 to USD 5,880,000,000.
As of February 2022, the company's annual revenue growth was 80%.
The segment of luxury real estate in Dubai is projected to continue to grow, both sales and prices for properties. It is facilitated by the following factors:
- Economic recovery after the pandemic;
- Tourism recovery against the backdrop of Expo-2020;
- Possible migration of highly qualified specialists and large entrepreneurs in the field of cryptography and blockchain from India;
- Overall growth of buyers and investors from European countries such as the UK and France, as well as investors from China.