Dubai’s Sobha Realty has reported record-breaking sales of AED15.5bn ($4.2bn) in 2023, demonstrating the surging demand for its luxury properties.
In 2023, the company witnessed a 51 per cent growth in sales across its diverse portfolio of residential and commercial developments in Dubai.
The company attained its sales target of AED15bn ($4.1bn) in 2023 and is aspiring to achieve AED20bn ($5.4bnbn) in 2024.
Sobha Realty in Dubai
Sobha Realty’s steadfast commitment to ensure utmost excellence in design, craftsmanship, quality, and customer satisfaction, as well as timely delivery of its projects have been key factors for the rising demand for its properties.
The company handed over 1,819 units in the last year across two of its completed projects, before their due date.
In view of this sales growth, the company has attained a market share of around 10 per cent by value in Dubai during the year.
Last year, the company also made significant strides in establishing a robust global presence through its marketing efforts and set out the aspiration to expand its footprint in some key global markets.
Sobha Realty’s consistency in setting new industry standards with each of its projects, including the newly launched Sobha Hartland-2 and Sobha Seahaven Sky Edition, has resulted in a strong demand from the consumers.
Last year the company took a strategic initiative to introduce their first corporate brand campaign “The Art Of The Detail” which showcases the DNA of the organisation.
As a result, Sobha Realty rose up to become the second most recalled brand in Dubai Real Estate in the year, reported in a brand heath research project conducted among potential real estate customers.
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.”
Throughout 2023, Sobha Realty strategically elevated its market position in Dubai and ensured continued success by creating worthwhile partnerships. In line with its endeavour to explore new opportunities beyond the regional real estate landscape, Sobha Realty entered into a significant venture with IIFA 2023 to cater to the global Indian audiences, as well as marked a multi-year principal partnership with Arsenal Football Club for a truly global outreach.
Furthermore, PNC Investments, the group’s holding company, garnered credit ratings of “BB-“ from S&P Global Ratings and “Ba3” from Moody’s in 2023, underscoring its substantial financial strength.
The developer’s historic $300m Sukuk issuance last year also demonstrated its capability to attract a wide range of investors from across the globe.
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