Sobha Realty, a leading global luxury real estate developer, posted record 2024 sales of AED23 billion ($6.26 billion), underscoring the growing demand for its luxurious developments, the company said. 

 

Of the total sales, AED5 billion came from Sobha Siniya Island, a luxury community in the emirate of Umm Al Quwain, that was launched in Q3 2024. 

 

The company achieved an impressive ~50 per cent growth in sales year-on-year, driven by its diverse portfolio of properties in the UAE. Sobha Realty has surpassed its ambitious target for 2024 and has set its sights on reaching AED20 billion for Dubai Developments and AED10 billion for Sobha Siniya Island in 2025. 

 

This remarkable performance highlights Sobha Realty’s dedication to excellence in design, craftsmanship, and timely delivery. The developer also successfully launched four new masterplans during the year. With these achievements, Sobha Realty continues with ~10 per cent of Dubai’s real estate market share in 2024 with 11 masterplans across the UAE, the developer said.

 

Last year marked a significant chapter in Sobha Realty’s journey to global prominence. The company amplified its international marketing efforts, expanding its footprint into key global markets. Projects such as Sobha Siniya Island, Sobha Elwood, Sobha Orbis, and Sobha Solis set industry benchmarks, driving robust consumer demand. The very first island project – Sobha Siniya Island -- witnessed phenomenal sales of 2,140 units within five months in the year and offers great potential in 2025. 

 

With expansion plans in the US and Australia, Sobha Realty is poised for continued prosperity and growth, it said.

 

Moreover, Sobha Realty was ranked as the second most recalled real estate brand in the UAE for the second consecutive year, according to a brand health study among property seekers. The developer has achieved an impressive rating of 4.7 on Google, further reiterating the love and trust consumers have for the brand, the company said.

 

2024 also witnessed a significant transition in Sobha Realty’s leadership. PNC Menon passed the baton to his son, Ravi Menon, who assumed the role of Chairman of Sobha Group, while PNC Menon continues to serve as Founder of Sobha Group.

 

PNC Menon commented: “2024 has been a landmark year for Sobha Realty, marked by record-breaking sales and transformative partnerships that pave the way for our future. This success underscores our dedication to crafting exceptional properties. As we step into 2025, we are committed to staying agile in a dynamic market, elevating customer experiences, and reinforcing our standing as a global leader in real estate.”

 

To further solidify its status as the foremost fully backward integrated real estate company, Sobha Group expanded its backward integration portfolio by establishing Sobha Modular and Façade Factory for pods and façade manufacturing, along with Sobha Energy Solutions, a new division revolutionising cooling service. - TradeArabia News Service