Sobha Realty achieves all-time high sales in 2023 with record bookings of AED 15.5 Billion
Dubai 1 March 2024: Sobha Realty, a leading real estate developer in the region committed to delivering unrivalled quality and luxury, concluded the year 2023 with record-breaking sales. The company recorded all-time high sales of AED 15.5 billion in 2023, demonstrating the surging demand for its luxury properties.
In 2023, the company witnessed a 51 per cent growth in sales across its diverse portfolio of residential and commercial developments in Dubai. The company attained its sales target of AED 15 billion in 2023 and is aspiring to achieve AED 20 billion in 2024. Sobha Realty's steadfast commitment to ensure utmost excellence in design, craftsmanship, quality, and customer satisfaction, as well as timely delivery of its projects have been key factors for the rising demand for its properties. The company handed over 1819 units in the last year across 2 of its completed projects, before their due date. In view of this sales growth, the company has attained a market share of ~10 per cent by value in Dubai during the year.
Last year, the company also made significant strides in establishing a robust global presence through its marketing efforts and set out the aspiration to expand its footprint in some key global markets. Sobha Realty's consistency in setting new industry standards with each of its projects, including the newly launched Sobha Hartland-2 and Sobha Seahaven Sky Edition, has resulted in a strong demand from the consumers.
Last year the company took a strategic initiative to introduce their first corporate brand campaign 'The Art Of The Detail' which showcases the DNA of the organization. As a result, Sobha realty rose up to become the 2nd most recalled brand in Dubai Real Estate in the year, reported in a brand heath research conducted amongst real estate intenders.
Ravi Menon, Co-Chairman of Sobha Realty, said: "We are delighted to conclude 2023 on a high note, attaining record-breaking sales and establishing strategic partnerships that will shape the future of Sobha Realty. The exceptional growth reflects our steadfast commitment to delivering high-quality properties. 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 strategically elevated its market position and ensured continued success by creating worthwhile partnerships. In line with its endeavour to explore new opportunities beyond the regional real estate landscape, Sobha Realty entered into a significant venture with IIFA 2023 to cater to the global Indian audiences, as well as marked a multi-year principal partnership with Arsenal Football Club for a truly global outreach.
Furthermore, PNC Investments, the group's holding company, garnered credit ratings of 'BB-'from S&P Global Ratings and 'Ba3' from Moody's in 2023, underscoring its substantial financial strength. The developer's historic USD 300 million Sukuk issuance last year also demonstrated its capability to attract a wide range of investors from across the globe. Another notable achievement was the Guiness World Record for creating the 'largest helmet mosaic formed by people' depicting the UAE flag.
During 2023, Sobha Realty witnessed a remarkable journey marked by surging customer demand, fruitful collaborations, and substantial sales, all of which helped the company attain significant end-of-year milestones. The success not only reflects the unwavering commitment of the developer towards excellence, but also sets the stage for a promising future in the burgeoning realm of luxury real estate in Dubai.
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