The developer expects sales in the Emirates to rise to Dh30 billion this year, founder says
Sobha Realty Eyes 8-10 New Projects Amid UAE Property Boom, Plans US Expansion
Sobha Realty, a prominent Dubai-based developer, is gearing up to unveil eight to ten new “multibillion-dirham” projects in the UAE this year, capitalizing on the country’s thriving real estate market, according to its founder, PNC Menon. Alongside its ambitious plans at home, the company is also exploring opportunities in the US market as part of its global expansion strategy.
In 2024, Sobha launched four new masterplans and introduced several towers within its existing communities. This year, the developer is set to make its debut in Abu Dhabi with a new residential project. Speaking to The National, Mr. Menon emphasized the favorable environment for business in the UAE, crediting government support for the sector’s robust growth.
“Our business has greatly benefited from the incredible opportunities available in this market, thanks to the government’s support,” he stated.
Sobha Realty anticipates a 30% increase in annual sales, reaching AED 30 billion ($8.16 billion) by 2025. The company expects its projects in Dubai and Umm Al Quwain to contribute AED 22 billion and AED 8 billion, respectively, to this target. Among its notable developments is a luxury project on Al Siniyah Island, created in partnership with Umm Al Quwain Properties.
In 2024, the company sold properties to buyers from 50 countries, with clients from India, China, and the UK dominating sales figures.
While the UAE property market is predicted to remain stable this year, Mr. Menon noted an increase in interest from global investors. “We’re witnessing a growing trend of Europeans choosing to live here, which is a very positive sign for the real estate market,” he remarked.
Data from the Dubai Land Department revealed that, as of November 2024, real estate transactions in Dubai totaled 188,000, valued at AED 625 billion. This reflects a 38% rise in transaction volume and a 23% increase in value compared to the previous year.
The UAE property market continues to thrive due to various government initiatives, including long-term residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa program. Economic diversification efforts have further bolstered the market’s growth.
