Dubai developer Sobha Realty eyes $680.6m in sales in 2020

Published: 4 February 2020 - 1:45 a.m.

Dubai-headquartered premium real estate developer Sobha Realty has raised its sales targets to $680.6m (AED2.5bn) for 2020, after surpassing its target of $544.5m (AED2bn) over the past year.

In 2019, Sobha Realty sold 1,491 units, comprising a net area of 114,270.74m2, with Creek Vistas emerging as its most popular project within the development, followed by Greens and Estates villas.

The year-to-date results mark a 165% increase in sales value over the same period in 2018, the developer confirmed in a statement.

In addition, Sobha Realty is on track to advance its flagship master development Sobha Hartland, generating strong returns and focusing on the living experience of its residents.

Commenting on the sales targets, the founder and chairman of Sobha Realty, PNC Menon, said: “The year 2020 is an exciting one for us at Sobha Realty, as well as for the city of Dubai as a whole. With the much-anticipated mega event Expo 2020 Dubai kicking off in October, and the enabling environment created by strategic government initiatives and reforms, our outlook for the coming year is positive, and we anticipate a strong resurgence in the real estate market.”

Menon added: “At Sobha Realty, we have set our sights on supporting this growth around the city and look forward to welcoming local and international investors that are keen to make Dubai their home.”

Launched in 2014, Sobha Hartland is a 743,224.32m2 luxury freehold master development situated in Mohammed Bin Rashid Al Maktoum City, overlooking Downtown Dubai.

Key projects within the community include Greens, Creek Vistas, Creek Vistas Reservé, Gardenia Villas, Garden Houses, One Park Avenue, and Forest Villas.

Approximately 30% of the total land area is expected to encompass a green cover and open spaces, with more than 300 species of plants and trees.

Sobha Hartland also offers two international schools, retail and F&B amenities, and a boardwalk along the canal.

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