“dubai property prices crashing” but we are still above the five year uptrend during which prices have been on an absolute tear

for emaar specifically, it has AED 155 BILLION ($42.1B) revenue backlog as of Dec 31, 2025. thats 1.6x the entire current market cap and 3.1x annual revenue. this is already-sold revenue waiting to be recognized over the next 3-5 years. even if zero new sales happen (impossible), Emaar has 3+ years of booked revenue.