With sales that broke all previous records, Sobha Realty wrapped up 2023. Amidst a surge in demand for its opulent properties, the company achieved an all-time high in sales in 2023 of Dh15.5 billion.
The company’s diverse portfolio of residential and commercial developments in Dubai saw a 51% increase in sales in 2023. The company’s goal of Dh15 billion in sales was reached in 2023, and its next target is Dh20 billion in 2024.
In the past year, the company completed two projects and delivered 1819 units ahead of schedule. The company has achieved a market share of almost 10% by value in Dubai this year, owing to the growth in sales.
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 realizing our vision to be a global real estate brand.”
Additionally, in 2023, S&P Global Ratings and Moody’s awarded PNC Investments, the holding company of the group, credit ratings of “BB-” and “Ba3,” respectively, highlighting the company’s significant financial strength. The developer’s historic $300 million Sukuk issuance from the previous year also showed that it could draw in a diverse group of international investors.