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Sat 31 Aug 2019 09:52 AM

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Dubai's Sobha Realty posts $272m property sales so far in 2019

UAE-based premium real estate developer says year to date results mark a 165% increase in sales value over the same period in 2018

Dubai's Sobha Realty posts $272m property sales so far in 2019
The company said the figure represents half of its projected target of AED2 billion, owing to a strong investor uptake for its flagship project Sobha Hartland.

Sobha Realty, the UAE-based premium real estate developer, has announced a robust annual financial performance, notching up AED1 billion ($272 million) in sales so far in 2019.

The company said the figure represents half of its projected target of AED2 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 Dubai Canal, and consists of luxury apartments, villas as well as high-end townhouses, including Sobha Creek Vistas, One Park Avenue, Sobha Hartland Garden Houses, Canal Villas, Gardenia Villas and Forest Villas.

So far this year Sobha Realty sold 800 units, comprising a net area of 614,902 sq ft, with Sobha Creek Vistas emerging among the most popular projects within the development, followed by Hartland Greens and Hartland Estate villas.

The year to date results mark a 165 percent increase in sales value over the same period in 2018.

PNC Menon, founder and chairman of Sobha Realty, said: “We are immensely proud of the sales results achieved in 2019.

“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 percent growth over the same period last year.”

He said that since its announcement in 2013, Sobha Hartland has received interest from local and international investors looking for an attractive investment and exclusive living experience in Dubai.

Among the top international buyers in Sobha Hartland, 36.46 percent this year are from China, 8 percent are from India, and 7.63 percent from Saudi Arabia.

The developer recently announced the launch of One Park Avenue, its latest residential tower which 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.