Sobha Realty sees record sales in 2023
Sobha Realty sees record sales in 2023
Sobha Realty, a leading real estate developer in the region, ended 2023 with record sales figures. The company recorded a record high sale of $4.22 billion (Dh15.5 billion) last year, indicating strong demand for its luxury properties in line with overall market trends.
Sobha Realty's sales across residential and commercial projects in Dubai grew by 51% in 2023 compared to the previous year. The company has achieved its sales target of $4 billion (Dh15 billion) in 2023 and is aiming for $5.4 billion (Dh20 billion) in 2024. Last year, Sobha Realty handed over 1,819 apartments to buyers across two completed projects.
“We are pleased to end 2023 on such a high note, setting record sales and entering into a strategic partnership that will shape the future of Sobha Realty,” said company co-chairman Ravi Menon.
"The exceptional growth reflects our commitment to providing high-quality properties. In 2024, we will focus on adapting to evolving market trends, enhancing the quality of services, further strengthening our position in the dynamic real estate industry and realizing the vision of becoming a global brand," Menon added.
Additionally, in 2023, holding company PNC Investments received credit ratings of BB- from S&P Global Ratings and Ba3 from Moody's. The developer's $300 million sukuk issue was also oversubscribed and placed at the lower end of its original price range. Proceeds from the sukuk are intended to pay off existing debt and for general corporate purposes.
In 2023, Sobha Realty entered into a landmark partnership with IIFA to reach global Indian audiences, as well as a multi-year collaboration with Arsenal Football Club. The company also received a Guinness World Record for creating the largest mosaic of people in the form of helmets depicting the UAE flag.
