Dubai becomes the most active luxury real estate market in the world after New York, Los Angeles, and London, after wealthy investors rushed to Dubai, Invest-Gate reports.

Emaar Property records profit growth for the first quarter of this year by 43%, reaching AED 3.2 bn ($873 mn). They are supported by the demand for real estate projects in Dubai and tourism and retail sales in the emirate.

Emaar Property, which is listed on the Dubai Financial Market, states, that its revenues during the period amounted to AED 6.3 bn, with the value of real estate sales reaching AED 9.2bn.

This is an increase of 11% over the same quarter of last year, and the cumulative real estate sales volume reached AED 55.7bn, which will be recorded as revenue in the coming years.

Emaar’s international real estate operations record sales of AED 627 mn and contributed to revenues of AED 420 mn, representing 7% of Emaar’s total revenues. Emmar Indicates that the operations in Egypt mainly drove positive financial results.

Emaar Development, owned by Emaar Properties, also records real estate sales of AED 8.6 bn in the first quarter, an increase of 26% over the comparative quarter.

Shopping malls and retail assets increased revenue by 7% to reach AED 1.4 bn, and the hospitality business recorded a growth of 17% to reach AED 883 bn. The company’s recurring revenue portfolio records revenues of AED 2.3 bn, an increase of 11% over the comparative period.