Company close to achieving annual target of 2019 in Q3
YTD results mark 165 per cent increase in sales value over same period last year
More than 800 units, spanning area of 614,902 sq. ft. sold at flagship Sobha Hartland project
Indian investors among top buyers
Sobha Realty, Dubai, HAS announced a robust annual financial performance, notching up a whopping AED 1 billion in sales in 2019, covering over two-thirds of its projected target of AED 1.5 billion, owing to a strong investor uptake for its flagship project Sobha Hartland.
Sobha Hartland is an eight million square feet waterfront community located along the idyllic Dubai Canal, and consists of luxurious apartments, premium villas as well as high-end garden houses, including Sobha Creek Vistas, One Park Avenue, Sobha Hartland Garden Houses, Canal Villas, Gardenia Villas and Forest Villas.
Since its launch in 2014, Sobha Hartland has received interest from local and international investors looking for an attractive investment and exclusive living experience in Dubai. Indians, Chinese and GCC nationals are among the top buyers in Sobha Hartland.
During the course of the year, Sobha Realty sold 800 units, comprising a net area of 614,902 sq. ft., with Sobha Creek Vistas (G+28 twin towers) emerging among the most popular projects within the development, followed by Hartland Greens apartments and Hartland Estate villas. The year to date results mark a 165 per cent increase in sales value over the same period in 2018.
Speaking on the milestone announcement, PNC Menon, Founder and Chairman of Sobha Realty, said, “We are immensely proud of the sales results achieved in 2019. The numbers are testimony to Sobha Hartland’s value proposition of an exclusive sustainable living experience in the heart of Dubai. The quality and luxurious craftsmanship, coupled with our inherent ability to backward integrate the project lifecycle, enables Sobha to deliver prime real estate that resonates with our local and international buyers, as is evident from this remarkable performance.”
“The year on year increase in sales revenue and the positive results issued by Dubai Land Department reinforce the bullish outlook for Dubai’s real estate market with the number of transactions across the city registering a 33 per cent growth over the same period last year. Dubai ranks as the third most affordable major global city for purchasing prime residential property and Indian nationals are amongst the top buyers in Sobha Hartland,” he added.
Dubai has always been a popular destination for Indians, not just for vacationing and shopping, but for the overall aspirational lifestyle it offers. Due to Dubai’s diverse population and cosmopolitan lifestyle, the city offers its residents and businesses a unique environment enriched with hundreds of cultures and a quality of life and work unrivalled in the Middle East.
This encourages potential and lucrative investment opportunities from around the world, especially India. All these factors, coupled with the fact that Dubai is just few hours away by air from India, makes it easy to understand why Indians are flocking to Dubai to invest in property.
“At Sobha Realty, we are committed to redefining the art of living through our unique design philosophy that is geared towards shaping sustainable and thriving communities with an enduring timeless appeal. With prime properties developed in Dubai by Sobha, it has earned recognition for great quality as the number one brand in India for the last 5 consecutive years (source: Track2Realty BrandXReport) and one of the top real estate companies in the Arab world (source: Forbes Middle East),” Menon said.
The community’s outstanding features, green open spaces and community feel, contribute to a tranquil and private living experience. Adding to the appeal are the two world-class academic institutions, North London Collegiate School and Hartland International, which along with the community’s convenient location and ease of access to the city’s major landmarks, renders it one of the most popular destination for Emirati buyers that comprise 15 per cent of all buyers in 2019.
Sobha Realty’s latest development addresses the forecasted demand for luxury residential properties in Dubai, which is rapidly gaining a reputation for being an accessible market that can generate strong returns for investors. The developer recently announced the launch of One Park Avenue, its latest residential tower that seeks to reimagine new-age living through a sustainable lens.
The G+24-floor tower will include 403 one- to four-bedroom apartments, all with balconies that offer uninterrupted views of Dubai Creek, Downtown Dubai, Ras Al Khor Wildlife Sanctuary, Dubai Water Canal and Meydan Racecourse. Sobha Hartland also has the distinction of being one of the only master-planned projects under development where approximately 30 per cent of the community is reserved for greenery and open spaces.
Track2Realty is an independent media group managed by a consortium of journalists. Starting as the first e-newspaper in the Indian real estate sector in 2011, the group has today evolved as a think-tank on the sector with specialized research reports and rating & ranking. We are editorially independent and free from commercial bias and/or influenced by investors or shareholders. Our editorial team has no clash of interest in practicing high quality journalism that is free, frank & fearless.
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