The April-June performance extends a strong start to 2026 for one of Dubai’s largest listed property groups, although the quarter unfolded against a substantially more difficult backdrop. Conflict in the region affected investor sentiment, disrupted travel and raised concerns over construction costs and supply chains, while parts of Dubai’s residential market showed signs of cooling after years of rapid price growth.
Emaar entered the second quarter with considerable financial momentum. During the first three months of 2026, total property sales reached AED 22.4 billion, an increase of 16 per cent from a year earlier. Revenue rose 23 per cent to AED 12.4 billion, while earnings before interest, tax, depreciation and amortisation advanced 34 per cent to AED 7.2 billion.
Its revenue backlog stood at AED 163.4 billion at the end of March, 29 per cent higher year-on-year. The figure provides substantial visibility because revenue from properties sold before completion is recognised progressively as construction advances and units are delivered.
Emaar’s results underline the continuing strength of Dubai’s property sector despite greater volatility during the second quarter. Property sales across the emirate totalled AED 286.43 billion during the first half of 2026, spanning more than 79,000 transactions. January was the strongest month, with AED 72.16 billion of deals, while June showed renewed activity after a weaker spring period.
Ready-home transactions also accelerated sharply in June, rising 46.8 per cent from May. Emaar accounted for about 6.6 per cent of transactions tracked among major developers during the month, placing it among Dubai’s most active property companies.
Prices, however, have become less uniformly buoyant. Residential values softened during the spring as geopolitical uncertainty affected confidence, particularly among investors dependent on short-term resale gains. This has increased the importance of location, developer reputation, construction progress and rental demand in purchasing decisions.
The high-end market has remained comparatively resilient. Dubai recorded 296 residential sales valued above $10 million during the first six months of 2026, generating about $5.1 billion. The number of such transactions was 16 per cent higher than a year earlier, despite geopolitical uncertainty. There were 131 transactions above the $10 million threshold during the second quarter.
Emaar’s diversified operations give the company greater protection from fluctuations in residential sales than developers dependent mainly on new launches. Its businesses include malls, commercial leasing, hospitality, leisure and international property development alongside its core UAE residential operations.
The malls, retail and commercial leasing division entered the quarter with occupancy of about 98 per cent. First-quarter revenue from the segment rose 15 per cent to AED 1.8 billion, while EBITDA increased 16 per cent to AED 1.5 billion. High occupancy across major assets provides a recurring income stream that can partially cushion periods of slower property transactions.
International development also contributes to diversification, although it remains much smaller than Emaar’s domestic operations. International revenue stood at AED 700 million during the first quarter, with Egypt among the most important overseas markets.
The company’s majority-owned Emaar Development subsidiary has continued to benefit from strong demand for projects across its master-planned communities. The subsidiary recorded first-quarter property sales of AED 20.1 billion, up 22 per cent year-on-year, while its revenue backlog reached AED 134.6 billion.
Emaar also began 2026 from a record base. Group property sales reached AED 80.4 billion in 2025, an increase of 16 per cent, while annual revenue climbed 40 per cent to AED 49.6 billion. Net profit before tax rose 36 per cent to AED 25.7 billion.
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