Staff Report,
Dubai, UAE
Sobha Realty, a leading real estate developer in the region, said that it recorded all-time high sales of Dh15.5 billion in 2023, demonstrating the surging demand for its luxury properties. The company witnessed a 51 percent growth in sales across its diverse portfolio of residential and commercial developments in Dubai. It handed over 1,819 units in the last year across two of its completed projects before their due dates. In view of this sales growth, the company has attained a market share of approximately 10 per cent by value in Dubai during the year. It also aims to achieve Dh20 billion in terms of sales in 2024.
Last year, the company made significant strides in establishing a global presence through its marketing efforts and expanded its footprint in some key global markets. Its newly launched Sobha Hartland-2 and Sobha Seahaven Sky Edition witnessed a strong demand from the consumers.
Among its initiatives last year, the company introduced its first corporate brand campaign ‘The Art Of The Detail’. As a result, Sobha realty rose up to become the second most recalled brand in Dubai Real Estate in the year, reported in brand health research conducted amongst real estate intenders.
Ravi Menon, Co-Chairman of Sobha Realty, said, “We are delighted to conclude 2023 on a high note, attaining record-breaking sales and establishing strategic partnerships that will shape the future of Sobha Realty. The exceptional growth reflects our steadfast commitment to delivering high-quality properties. As we step into 2024, our focus remains on adapting to evolving market trends and elevating the quality of our services, further ensuring a continuation of our upward trajectory in the dynamic real estate landscape and realising our vision to be a global real estate brand.”
Sobha Realty entered into a venture with IIFA 2023 to cater to the global Indian audiences, as well as marked a multi-year principal partnership with Arsenal Football Club. The developer’s historic US$300 million (Dh1.1 billion) Sukuk issuance last year also demonstrated its capability to attract a wide range of investors from across the globe.
The developer’s end-of-the-year milestones signifies its key role in the booming luxury real estate in Dubai.
Ends
Also read: Sobha Realty contributes Dh441 mn to develop Sabarmati Riverfront in India
