UAE's top developers rake in Dh113.7 billion; market consolidation accelerates
Top three developers capture 40 percent of UAE property sales in first half of 2026.
Dh113.7 billion. That is the combined property sales figure posted by the UAE’s 10 largest developers in just six months, a number that signals how decisively capital has concentrated among a handful of operators in the nation’s real estate market. Two companies alone captured nearly Dh45.4 billion of that total, close to 40 percent of the sector’s output for the period.
Modon Holding led the ranking, posting Dh23 billion in Abu Dhabi property sales and Dh26 billion across all markets during the first half of 2026, a 2.6-fold increase from the prior year. Group revenue climbed 40 percent year on year to Dh9.2 billion. The performance was driven by the launch of Hudayriyat Golf Estates and a complete sell-out of units at Tara Park on Reem Island. Modon also maintained active sales at its Wadi Yemm development in Egypt and the La Zagaleta luxury residential project in Spain, though those international transactions were excluded from the UAE ranking.
Additional reference context is available at https://gulfnews.com/business/property/uaes-top-10-developers-sell-dh1137-billion-of-property-in-six-months-1.500639749.
Emaar Properties followed with Dh22.4 billion in UAE-attributable sales, part of approximately Dh26.6 billion in total property sales for the period. International development business contributed Dh4.2 billion to the overall figure. The more telling metric for investors is Emaar’s revenue backlog: Dh164.9 billion at the end of June, up 13 percent from a year earlier. That pipeline represents committed future revenue recognition across a portfolio still under active capital deployment.
DAMAC ranked third with Dh16 billion in sales, establishing a clear gap between the top three operators and the rest of the field.
Aldar Properties claimed fourth position with Dh9.5 billion in UAE development sales, part of Dh12.1 billion across the group. International buyers and expatriate residents accounted for Dh7.6 billion, or 80 percent of Aldar’s UAE sales during the first half. The company’s development revenue backlog reached Dh71.6 billion at the end of June, with Dh59.9 billion tied to UAE projects. Net profit after tax rose 18 percent year on year to Dh4.9 billion. Aldar’s international subsidiaries added further momentum, with SODIC rising 171 percent and London Square increasing 236 percent over the same period.
Meanwhile, the remaining six developers in the top 10 posted sales ranging from Dh7.6 billion to Dh6.6 billion. Binghatti ranked fifth with Dh7.6 billion, followed by Meraas at Dh7.5 billion and H&H at Dh7.4 billion. Ellington recorded Dh7 billion, Omniyat posted Dh6.7 billion, and Beyond completed the ranking with Dh6.6 billion. The data was published by real estate platform DXB Interact and cross-referenced with announced first-half financial results.
The aggregate figures, covering only UAE transactions, actually understate total capital deployed. Modon and Emaar each recorded additional international sales excluded from the ranking, meaning their combined real-world output exceeded the UAE-specific numbers reported here. For smaller competitors, the scale advantages and capital access available to the top three operators present a structural challenge that six months of strong market conditions has only made more visible. Whether the backlog figures at Emaar and Aldar translate into sustained revenue growth through the second half of 2026 will be the next test of how durable this concentration of market power proves to be.
Q&A
What was the combined property sales figure for the UAE's 10 largest developers in the first half of 2026?
Dh113.7 billion in combined property sales across the 10 largest developers in the first six months of 2026.
Which developer led the ranking and what was its total sales performance?
Modon Holding led with Dh26 billion in total property sales across all markets and Dh23 billion in Abu Dhabi sales, representing a 2.6-fold increase from the prior year, with group revenue climbing 40 percent to Dh9.2 billion.
What is the significance of Emaar Properties' Dh164.9 billion revenue backlog?
The backlog represents committed future revenue recognition across Emaar's portfolio still under active capital deployment, up 13 percent from a year earlier, indicating sustained revenue growth potential through the second half of 2026.
How much of Aldar Properties' UAE sales came from international buyers and expatriate residents?
International buyers and expatriate residents accounted for Dh7.6 billion, or 80 percent of Aldar's Dh9.5 billion in UAE development sales during the first half.