The total profits of public shareholding real estate development and investment companies in the local market (9 companies) during 6 months of this year amounted to 3.035 billion dirhams, compared to 1.48 billion dirhams during the same period in 2020, with a growth rate of 105%.
The combined profitability of the four major companies “Emaar Properties”, “Aldar Properties”, “Ras Al Khaimah Real Estate” and “Reem Investments” amounted to 3.34 billion dirhams.
The total sales of 3 real estate development companies also achieved about 23 billion dirhams, of which “Emaar Properties” acquired the largest share of 18.84 billion dirhams, equivalent to 82% of the total, and “Aldar Properties” came in second place with sales of 3.4 billion dirhams, then “DAMAC Properties”. With 2.6 billion dirhams.
In the “Abu Dhabi Real Estate Market”, the consolidated profits during the first half of 2021 increased by 430% to reach 1.712 billion dirhams, compared to 323 million dirhams during the same period in 2020.
Aldar Properties recorded strong financial and operational performance in the first quarter of 2021; Where the net profit stabilized at 1.062 billion dirhams, compared to 784 million dirhams in the same period in 2020, a growth of 35.6%. The company recorded record sales through its development projects worth 2.35 billion dirhams during the second quarter of this year, bringing the total sales in the first half of this year to 3.4 billion dirhams.
The net profit of “Ras Al Khaimah Real Estate” increased by 348% to about 120 million dirhams in the first half of 2021, compared to a net profit of 26.7 million dirhams in 2020. Reem Investments achieved a qualitative leap in its profits to reach 600 million dirhams, a growth of 254%.
The profits of the “Sharjah Group” decreased by 34% to 1.3 million dirhams in the first half of 2021, compared to 1.96 million dirhams in the same period in 2020, while “Manazel Real Estate” reduced its losses by 27% to reach 72 million dirhams.
Real estate companies listed on the Dubai Financial Market announced their financial results for the first quarter of 2021; Where 3 companies settled in the profit margin, while “DAMAC Properties” continued in the cycle of losses.
During the first half of 2021, Emaar Properties recorded a net profit of 1.56 billion dirhams, a decrease of 8% compared to the same period in 2020, which amounted to 1.7 billion dirhams. The company achieved record figures in real estate sales amounting to 16.84 billion dirhams, an increase of 229%.
Deyaar Development announced its financial results for the first half of 2021; Where it recorded profits of 22.6 million dirhams, compared to 8.5 million dirhams in the same period in 2020, a growth of 165%.
Also, “Union Properties” turned to a profit margin of 32.4 million dirhams during the first quarter of 2021, compared to losses of 160 million dirhams in the same period in 2020, with a growth of 120%.
Damac Properties announced reducing its losses by 25% to reach 291 million dirhams during the first half of 2021, compared to losses of 387 million dirhams. The company said: It achieved booked sales of 1.1 billion dirhams, in addition to the delivery of about 1,350 units in Dubai.
Market confidence
The positive results of the companies come at a time of rising levels of confidence in the market. An analysis conducted by “Al Khaleej” on the data of the “Directorate of Lands and Properties” in Dubai showed that the total real estate transactions in the local market in the Emirate have achieved remarkable growth since the beginning of this year; It increased in number and value from 28,699 transactions worth 105.33 billion dirhams during the same period from 2020 to 50,591 transactions worth 180 billion dirhams, with a growth rate of 76 and 71%, respectively.
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