Sobha reports strong first-half sales

Sobha Realty has claimed more than Dhs1bn in sales in the first half of 2019.

The company released its first-half results on August 29. Among other things, sales were said to exceed Dhs1bn, an increase of 165 per cent over the same period in 2018.

About 800 units in total were sold during the period, encompassing a net area of 614,902 square feet. Properties were sold at areas including the Sobha Creek Vistas, One Park Avenue, Sobha Hartland Garden Houses, Canal Villas, Gardenia Villas and Forest Villas. Emirati, Chinese, Indian and Saudi investors were among the top buyers.

Speaking about the results, PNC Menon, founder and chair 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 per cent growth over the same period last year.”

He added: “We are committed to redefining the art of living through our unique design philosophy that is geared towards shaping sustainable and thriving communities with an enduring timeless appeal.”

Read: UAE’s Sobha Group founder and chairman: Taking the long view

Earlier this year, Sobha announced the launch of One Park Avenue, its latest residential tower. The tower – comprising a ground floor plus 24 floors above it – will include 403 one- to four-bedroom apartments, with balconies offering views of Dubai Creek, Downtown Dubai, Ras Al Khor Wildlife Sanctuary, Dubai Water Canal and Meydan Racecourse.

Sobha has a goal of reaching about Dhs2bn in total sales for all of 2019.