Sobha Realty, a leading UAE real estate developer, aimed to achieve Dh16-18 billion in sales last year, nearly double the previous year’s Dh9 billion, driven by strong demand from Russian and British Indian investors.
Ravi Menon, co-chairman of Sobha Realty, announced on Thursday that the mixed-use Dh17 billion mega project Sobha Hartland II project had been unveiled, offering a mix of apartments and villas. The project was scheduled to be completed in five years.
The eight million square feet project consisted of more than 30 percent of open and green spaces, five- and six-bedroom villas, and one- to four-bedroom apartments, all expected to set new benchmarks for luxury waterfront living.
PNC Menon, founder, and chairman of Sobha Group, had said in November last year that the company would achieve Dh9 billion in sales in 2022, driven by an increase in population and the UAE’s status as the safest country.
In addition to Russian and Indian British investors, the Chinese and Iranians made up the top five property buyers of Sobha Realty, as Ravi Menon told Khaleej Times in an interview on Thursday.
With the launch of golden visa policies and an influx of foreign investors from across the globe, the emirate’s property market witnessed unprecedented demand, prompting investors to launch new projects.
On Wednesday, Dubai’s master developer Emaar Properties launched a huge waterfront project – The Oasis by Emaar – for $20 billion. Earlier, Dubai announced the launch of the multi-billion dollar Palm Jebel Ali mega project.
“Dubai’s real estate market constantly evolved, and the recent surge in the sale of luxury properties in the emirate indicated the rise of new residential micro-markets,” said the co-chairman.
According to data disclosed by the Land Department, Dubai recorded over 29,000 primary residential property sales from developers totaling Dh 67.75 billion during January-May 2022, a 41 percent growth over the same period the previous year. The real estate industry significantly impacted the city’s economic expansion.