UAE Real Estate & Property: 2Q25/H1H26 Results: What to Expect?

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UAE Real Estate & Property: 2Q25/H1H26 Results: What to Expect?

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07 Jul 2026 00:00:00 ET │ 32 pages

UAE Real Estate & Property

2Q25/1H26 Results: What to Expect?

CITI'S TAKE

Rahul Bajaj, CFA AC

Stock price of the three UAE real estate players we cover (Emaar Properties, +971-46044894

Aldar Properties & Dubai Residential) are down c.8-30% since the start of rahul.bajaj@citi.com

the conflict – as market readjusted views on the resilience of their operating

models. As we enter the 2Q26 reporting season, we expect limited impact Nitesh Agarwal

on the headline P&L trends in most cases – with investor focus on 2Q pre- +91-22-4277-5161

sales – and mgmt. outlooks for new launches/future sales and pricing. nitesh.agarwal@citi.com

While we reiterate Buy on each of these names, we do see near-term noise

driven by adjustments to consensus sales expectations.

New Launch Update — There has been limited news around new launches during

2Q26 as developers tried to readjust their pipeline amidst the conflict backdrop. In

publicly known updates, Aldar launched Yas Park Place in Apr’26 (AED 800m in

sales during initial launch phase), followed by Al Ghadeer Gardens and The Orchids

at Yas Acres. Please see fig 5 & 6. At the same time, Emaar also launched two projects

within Emaar South (incl. Golf Fields) during 2Q. Emaar also announced its new

Dubai masterplan, with a total development value of AED 200bn. Please see fig 16.

Feedback from Recent Emaar Management Call — We recently hosted Emaar

management for an investor call. While the company acknowledged that there were

limited new launches in 2Q, they see this as a temporary pause and expect a recovery

post summer. Emaar has not changed their payment plans – and most of the 2Q

sales could be from existing inventory.