Sobha Realty Achieves 80% Annual Sales Target in Nine Months
Sobha Realty, has added another milestone to its list of accomplishments for 2019, registering AED1.6 billion in sales revenue from its flagship project Sobha Hartland by Q3. This brings the company close to its annual sales target of AED2 billion.
After a robust H1 2019, during which Sobha Realty achieved AED1 billion in sales, it recorded an additional AED600 million in sales in Q3, riding on strong interest from local and international buyers. Among the top investors, Chinese represented 36 percent, Emiratis 17.11 percent, Saudis 9.75 percent, and Indian buyers made up 8.35 percent. One Park Avenue, Creek Vistas and Creek Vistas Reservé remain the most popular projects within the master development.
Speaking on the robust sales results, Jyotsna Hegde, President of Sobha Realty, said: “The consistent and significant sales that Sobha Realty accomplished during the year reinforce the success of Sobha Hartland as a concept. Each of the projects has been developed to embody our intuitive design philosophy and our commitment to creating sustainable living communities. The high uptake from investors across the portfolio has also supported the launch of more projects within the masterplan and consolidates Dubai’s position as a popular global real estate market.”
She added: “The multiple initiatives launched by the UAE leadership, including recent changes in legislation to attract further investment, have created an even more transparent business landscape and boosted the country’s status as a destination of choice for property owners. Furthermore, they have generated substantial interest from international investors, as is evident in the number of transactions. As Expo 2020 draws closer, the real estate market is set to meet the demands of The World’s Greatest Show and support the country to the best of its capabilities.”
In September 2019, Sobha Realty announced its latest project, Creek Vista Reservé, that will commence ground-breaking and construction shortly. During H1, the developer also announced One Park Avenue, following the positive response from the market for the master development.
Sobha Hartland is an eight-million-square-foot development located along the idyllic Dubai Canal, and consists of upscale apartments, premium villas and high-end townhouses, including Sobha Creek Vistas, One Park Avenue, Sobha Hartland Garden Houses, Canal Villas, Gardenia Villas and Forest Villas. The master development is set for completion in 2025, while work continues on the remaining projects. The handover of Hartland Greens Building 1 and 4 and Forest Villas Phase 1 has been completed, while Phase 2 is scheduled towards end-2019.