Sobha Realty, one of the UAE’s most trusted real estate developers, has increased its sales target for 2022 to USD 1.6 billion. The newly set target arises from the growing interest of investors in Dubai’s real estate market, as well as other evolving market trends. The real estate development leader indicates increased demand for prime properties in the United Arab Emirates, both from foreign and resident investors.
In response to the growing demand for luxury properties, Sobha Realty has increased its sales target by 50 per cent from 2021. The real estate developer has witnessed a steady flow of investments, with 50 per cent of foreign and 50 per cent of resident investors, respectively. Similarly, Indian, Chinese, and Emirati nationals make up the top three investors in Sobha Realty, followed by Russian, British, and Nigerian nationals.
Francis Alfred, Managing Director of Sobha Realty, stated: “The high level of interest from expat investors of Sobha Realty is evident and inspiring. As one of the leading real estate developers in the UAE, we are delighted to serve such a large global clientele. Their trust is an indication of their confidence in our luxury properties, as well as our commitment to delivering the highest standards of quality and design.”
Dubai’s status as one of the first cities to reopen its borders since the pandemic, the additional provision for Remote Work Visa, and Dubai’s Virtual Working program are key contributors to the increasing demand for the sector. Sobha Realty’s consistent display of resilience and strength to create communities that uplift the quality of life for residents should further increase investor demand, especially with their newest project, Sobha Hartland, which is 60 per cent complete.
Sobha Realty looks to continue its success as it plans to begin work on another development, valued at USD 4 billion, in the third quarter of this year due to growing investor demand.