Dubai-based developer Emaar Properties could generate $132.04 billion (AED 485 billion) in property sales by 2040.
Some 32% of Emaar’s total portfolio, or about $42.2 billion (AED 155 billion), will be sold in the coming five years, Egyptian investment bank EFG Hermes said in a note on Monday.
EFG estimates group contracted sales of $9.6 billion (AED 35.1 billion) in 2023, $10.2 billion (AED 37.3 billion) in 2024, and $10.7 billion (AED 39.4 billion) in 2025.
“Emaar’s communities in Dubai are premium and attract demand from a wide buyer base; hence, we expect it to maintain its market leadership,” Mai Attia, managing director and head of real estate and constructions sector research at EFG Hermes, said.
Emaar reported that its first-quarter profit surged 43% to AED 3.2 billion ($871.2 million) from $609.8 billion (AED 2.24 billion) a year ago, driven by strong real estate sales and operations across its units. Property sales backlog reached $15.2 billion (AED 55.7 billion) during the period.