(Bloomberg) -- Sale of residential properties surged at Emaar Properties PJSC last year as Dubai's biggest developer gained from a strong rebound in the real-estate market.
Revenue from the residential segment climbed 51% to 17.5 billion dirhams ($4.8 billion), according to Emaar's full financial results. Income from sale of commercial units and land, and hospitality business also increased.
- Revenue from sale commercial units, plots of land and others: 3.44 billion dirhams vs 1.54 billion
- Revenue from hospitality: 1.49 billion dirhams vs 789 million
- Revenue from leased properties, retail and related activities: 5.8 billion dirhams vs 4 billion
- NOTE: Emaar in February posted an 80% jump in full-year profit
Property prices in Dubai have bounced back after the coronavirus pandemic exacerbated a downturn in the Middle East business and tourism hub. Dubai's luxury home market should keep growing after a “spectacular turnaround” in 2021, fueled by the city's recovery from the pandemic and openness to wealthy foreigners, according to property consultant Knight Frank.
- Click here for link to Emaar's full financial statement
- Read more: Dubai's Emaar Properties to Raise Stake in Development Unit
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