Page 201 - SOBHA REALTY QUARTERLY PR REPORT - JANUARY-MARCH 2024 (ENGLISH )

Dubai’s Sobha Realty Reports Record AED15.5bn in

Sales for 2023, Sets AED20bn Target for 2024
Amidst Luxury Property Boom

Posted by osama on March 2, 2024

News, Press Release

0

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

https://fourapplerealestate.com/press-release/dubais-sobha-realty/