Dubai’s Sobha Realty Reports Record AED15.5bn in Sales for 2023, Sets AED20bn Target for 2024 Amidst Luxury Property Boom
The company achieved record-breaking sales of AED15.5 billion ($4.2 billion) in 2023, reflecting the growing demand for its high-end properties. This marks a significant achievement, surpassing the sales target of AED15 billion ($4.1 billion) set for the year. Sobha Realty is aiming for an ambitious sales target of AED20 billion ($5.4 billion) in 2024.
Sobha Realty’s success can be attributed to its unwavering commitment to excellence in design, craftsmanship, quality, customer satisfaction, and timely delivery of its projects. The company handed over 1,819 units across two completed projects ahead of schedule last year.
The company’s market share in Dubai’s real estate sector reached approximately 10% by value in 2023, thanks to its effective marketing strategies and expansion efforts in key global markets. Sobha Realty has consistently set new industry standards with projects like Sobha Hartland-2 and Sobha Seahaven Sky Edition, resulting in strong consumer demand.
In 2023, the company launched its first corporate brand campaign, “The Art Of The Detail,” highlighting its core values. According to a brand health research project conducted among potential real estate customers, this initiative helped Sobha Realty become the second most recalled brand in Dubai’s real estate market.
Ravi Menon, Co-Chairman of Sobha Realty, expressed his delight at the company’s achievements in 2023 and emphasised the ongoing commitment to delivering high-quality properties. He stated, “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 strengthened its market position in Dubai and fostered strategic partnerships to enhance its global reach. The company partnered significantly with IIFA 2023 to connect with the global Indian audience. It established a multi-year principal collaboration with Arsenal Football Club for broader international exposure.
Additionally, PNC Investments, the group’s holding company, received “BB-” credit ratings from S&P Global Ratings and “Ba3” from Moody’s in 2023, highlighting its financial robustness. Last year, the developer’s historic $300 million Sukuk issuance also showcased its ability to attract a diverse range of investors worldwide.”Sobha Realty Shatters Records with AED15.5bn Sales in 2023, Sets Sights on AED20bn Target in Dubai’s Booming Luxury Market