Aldar Properties Profit Increases by 18% in Q3 2022

Aldar Properties, the leading Abu Dhabi developer, has reported an 18% increase in Q3 2022 due to the rise in sales. Net profit of the company has grown to AED 557M (USD 152M) in comparison with the same period of the previous year, which totalled AED 473M (USD 129M). The revenue and the rental income within the same period has risen by 30% reaching AED 2.7B (USD 735M).

The growth is explained by a strong demand in existing and off-plan properties, as well as by robust sales in Egypt, where the company continues to increase its portfolio. As Talal Al Dhiyebi, the Group Chief Executive, mentioned, the company continues accelerating its sustainable growth in the Emirati real estate market, creating long-term value for shareholders and maintaining the pace of investment activity in the region. In addition, Aldar Properties continues activating the land bank to sustain the level of development sales, together with the growth of off-plan sales, which attract local and foreign investors, as well as those wishing to move to Abu Dhabi.

A strong rebound was seen in the Emirati real estate market in 2021 due to the successful recovery from Covid-19, and numbers continue to impress due to the strong economy of the emirate. During Q3 2022 the prices of buying an apartment and villa in Abu Dhabi had grown by 4%.

In H1 2022 the real estate market of the Emirati capital recorded 7,474 transactions worth over AED 22.51B (USD 6.13B). These included 3,568 property purchases and sales transactions with a total price of AED 8.9B (USD 2.42B) and 3,906 mortgage transactions worth AED 13.6B (USD 3.7B).

The 9-month net profit was as a result of Aldar Properties equity holders, which has grown over 32% in comparison to the previous year, reaching AED 2B (USD 545M) as revenue, while rental income has increased by about 28% to AED 8B (USD 2.18B).

Abu Dhabi continues to attract people wishing to move to the UAE in search of a job or to open a business, as well as investors. If you are wishing to move to the Emirati capital and plan to purchase a property, which will allow you to experience a luxurious lifestyle with access to endless amenities, you might be interested in one of the recent launches by Aldar Properties. These include Yas Golf Collection and Yas Park Gate on Yas Island, which is known as the entertainment hub of Abu Dhabi, as well as Saadiyat Lagoons on Saadiyat Island.