Meanwhile, net profit for the 3 months to the end of September increased to AED 1.02B (USD 277M) compared to AED 359M (USD 97.7M) in the same period last year. Moreover, company revenue rose 65% to AED 6.8B (USD 1.8B) during Q3 2021 as opposed to AED 4.13B (USD 1.1B) in 2020.
Emaar also said in its statement to the Dubai Financial Market that its property sales doubled in the first 9 months of 2021 as compared to the corresponding period in 2020 due to its UAE development business and international operations, which has led to a total of AED 26.15B (USD 7.1B) worth of transactions. At the same time, domestic real estate sales from January until September reached AED 20.99B (USD 5.7B), which is 5 times the value of UAE property sales during the corresponding period in 2020. As stated by Emaar, the resilience of the Dubai real estate market showcases the strong rebound of the UAE's economy in 2021.
Furthermore, Emaar Properties and Emaar Malls confirmed to merge on 21 November 2021, according to a filing to Dubai Financial Market. Once the merger is complete, all assets and liabilities of Emaar Malls will belong to Emaar Malls Management, which is a wholly-owned subsidiary of Emaar Properties. This merge will see a increase in the share capital of Emaar Properties to AED 8.17B (USD 2.2B)
As reported by the real estate adviser CBRE Group Inc., average residential property prices in Dubai are increasing at the fastest-moving pace since February 2015 and, at the same time, its transaction volumes boosted 77% in August on an annual basis. The majority of buyers are also acquiring larger spaces amidst the latest trend for remote working due to the pandemic.