Equity Snap: Aldar Properties (ALDAR UH): Q2 2026: Weak UAE property sales

Research evidence excerpt

Equity Snap: Aldar Properties (ALDAR UH): Q2 2026: Weak UAE property sales

29 July 2026

Equity Snap: Aldar Properties (ALDAR UH) Equities

REMD

Q2 2026: Weak UAE property sales United Arab Emirates

◆ Aldar Q226 saw weak UAE sales from cautious launches; Stephen Bramley-Jackson*

Egypt/UK offset. Revenues/EBITDA slightly below estimates. Global Head of Real Estate Research HSBC Bank Middle East Limited, Dubai branch

Investment unit grew on occupancy, rents, acquisitions, stephen.bramley-jackson@hsbc.com

+971 4 423 6903

education/estates Alok Baid*

Associate

Bangalore

Aldar Properties (ALDAR UH, AED7.65, Buy, TP AED10.50)

(Priced as of 28 Jul 2026)

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

Sales dip amid cautious launches: Aldar Properties reported weak UAE property

sales in Q226 of AED5.4bn, down 43% y-o-y and 19% q-o-q and 31% below our

estimates, reflecting a cautious and phased approach to new product launches in

response to current market conditions in the UAE. This was partly offset by strong

sales momentum in Egypt and UK. The company launched three projects in UAE in

the second quarter – two in Abu Dhabi and one in Al Ghadeer (key corridor between

Dubai and Abu Dhabi). UAE sales of AED3.5bn (down 61% y-o-y, 41% q-o-q and

49% below our estimate), constituted 80% of sales from overseas and resident expat

buyers as at H126 (vs 78% in 2025 and 2024). The remaining sales came from

SODIC (AED1.3bn) and London Square of AED642m. The international sales were

up 368% y-o-y.

Aldar Properties: Revenues of AED8.1bn was up 5% y-o-y but down 7% q-o-q, and

5% below our estimate and 9% below consensus estimate. Gross profit of AED2.9bn

was up 14% y-o-y but down 12% q-o-q and 7% below our estimate.