Dubai developer Sobha Realty is bullish on the UAE property market and is targeting $1.6 billion in sales this year as the country's economy continues to recover from the pandemic.
The company's sales forecast is 60 per cent higher than 2021, Francis Alfred, chief executive and managing director of Sobha Realty, told. “We have put in a high target because we are considering the market growth and the opportunities for a company like Sobha,” he said. The developer is currently constructing the $4bn Sobha Hartland project with 9,000 units near Mohammed bin Rashid City. It plans to begin work on another development, also valued at $4bn, in the third quarter of this year due to growing investor demand.
The new project, named Hartland Sanctuary, will also have 9,000 units including apartments and villas, and will cover an area spanning 11 million square feet at MBR City, Mr Alfred said.
“We have always maintained our quality, whether it is good times [or] bad times. There is a very good reception for [our] products in this market,” he said.
The UAE’s property market is recovering from the Covid-19 pandemic on the back of new government initiatives such as residency permits for those who have retired and remote workers in addition to the expansion of the 10-year golden visa programme. Many foreign residents have invested in property locally, with the aim of settling in the Emirates. “Dubai has done so well post-pandemic. It is probably one of the most sought-after real estate destinations in the world. Investors from different parts of the world have been coming in and we strongly believe [that] with the kind of the government initiatives [coming up] including recent [ones such as] the weekend shift this [momentum] should continue,” said Alfred.
Sobha expects to hand over 2,000 units to its customers this year, taking the total number of handovers at the Sobha Hartland development to 3,000. The project is expected to be complete by 2026.
UAE residents, as well as investors from the GCC, India, Russia, China and Africa have been buying units at Sobha Hartland, Alfred said.“Dubai has been attracting a lot of investors, high net worth investors and individuals who are ready to put their money in good quality and luxury investment.” Sobha develops properties across India, Oman and the UAE. Last year, its senior executivesalso revealed that the developer is exploring new opportunities in Saudi Arabia, the Arab world’s largest economy, as well as in the UK.
