Sobha Siniya Island alone accounted for $1.36 billion (AED 5 billion) in sales following its launch in Q3 2024
Sobha Realty Achieves Record-Breaking $6.3 Billion Sales in 2024
Sobha Realty ended 2024 on a high note, achieving unparalleled sales of $6.3 billion (AED 23 billion), making it a landmark year in the company’s history. A key driver behind this impressive milestone was Sobha Siniya Island, the developer’s first island project, which generated $1.36 billion (AED 5 billion) in sales following its launch in the third quarter of 2024.
The company recorded a remarkable 50% increase in year-on-year sales, spurred by soaring demand for its high-end and innovative developments throughout the UAE. Surpassing its ambitious 2024 goals, Sobha Realty has now set its sights on 2025, targeting $5.4 billion (AED 20 billion) in sales from Dubai projects and an additional $2.7 billion (AED 10 billion) from Sobha Siniya Island. This continued growth has strengthened the developer’s market presence, capturing 10% of Dubai’s real estate market share with 11 masterplans spread across the UAE.
In 2024, Sobha Realty expanded its portfolio by launching four new masterplans and increasing its global outreach through strategic international marketing initiatives. Notable developments such as Sobha Elwood, Sobha Orbis, and Sobha Solis further elevated the company’s reputation, while Sobha Siniya Island set a new industry standard by selling 2,140 units within just five months of its launch.
On the global stage, Sobha Realty is preparing to establish a presence in both the United States and Australia, marking a significant step in its international expansion plans.
A pivotal leadership transition also occurred in 2024, as PNC Menon, the visionary founder of Sobha Group, passed the baton to his son, Ravi Menon, who assumed the role of Chairman. PNC Menon will remain actively involved as the Founder, ensuring the brand’s legacy of excellence continues to thrive.
Under Ravi Menon’s guidance, Sobha Realty has reinforced its reputation as the region’s only fully backward-integrated real estate firm. Key initiatives included the establishment of Sobha Modular and Façade Factory, designed to produce advanced pods and facades, alongside the introduction of Sobha Energy Solutions to strengthen the company’s infrastructure.
Sobha Realty’s global reach was further amplified in 2024 through strategic collaborations. Its partnership with IIFA 2024 enabled the brand to connect with Indian audiences worldwide, while a multi-year collaboration with Arsenal Football Club boosted its international visibility. The Arsenal training facility was renamed the Sobha Realty Training Centre, marking a unique naming partnership for the club.
The company also underscored its dedication to social responsibility by supporting initiatives like the “I Can Make A Difference” campaign, which empowered women and showcased Sobha Realty’s commitment to community development.
On the financial front, Sobha Realty exhibited exceptional stability. Parent company PNC Investments received a Ba3/stable corporate family rating from Moody’s Ratings, with an upgraded sukuk rating of Ba2/stable. The issuance of an additional $200 million sukuk raised the total sukuk issuance to $500 million, reflecting strong investor confidence in the company’s financial health.
Sobha Realty’s commitment to quality and innovation resonated with customers, earning it a 4.7-star Google rating and recognition as the second most recalled real estate brand in the UAE for the second year in a row.
“2024 has been a groundbreaking year for Sobha Realty, characterized by record-breaking achievements and transformative partnerships that set the stage for an even brighter future,” said Ravi Menon. “As we embark on 2025, we remain dedicated to creating unparalleled customer experiences and solidifying our status as a global leader in luxury real estate.”
