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Sobha eyes Dh20b sales after a record-breaking 2023

The developer handed over 1819 units in 2023

Sobha Realty, which posted a 51 per cent record-breaking jump in 2023 sales over the previous year across its portfolio of residential and commercial developments in Dubai, said it expects to hit Dh20 billion in 2024.

The real estate developer said its sales value surged to Dh15.5 billion in 2023. The developer handed over 1819 units in 2023 across two of its completed projects before their due date. Given this sales growth, the company has attained a market share of 10 per cent in Dubai during the year, Sobha said in a statement.

Ravi Menon, co-chairman of Sobha Realty, said the developer concluded 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,” Menon said.

He said Sobha Realty’s “steadfast commitment to ensuring 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 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.,” said the statement.

“Last year the company took a strategic initiative to introduce its first corporate brand campaign ‘The Art Of The Detail’ which showcases the DNA of the organization. As a result, Sobha Realty rose to become the 2nd most recalled brand in Dubai Real Estate in the year, reported in a brand health research,” said the developer.

In 2023, Sobha Realty strategically elevated its market position and ensured continued success by creating worthwhile partnerships. The company 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.

The company said its $300 million Sukuk issuance last year also demonstrated its capability to attract a wide range of investors from across the globe. “Another notable achievement was the Guinness World Record for creating the ‘largest helmet mosaic formed by people’ depicting the UAE flag.”