Sobha Realty, a global leader in luxury real estate, has announced record-breaking sales of AED 23 billion in 2024, reflecting a robust 50% year-on-year growth. The exceptional figure includes AED 5 billion in sales from the company’s landmark Sobha Siniya Island, launched in Q3 2024.

Remarkable Growth Across Dubai’s Real Estate Market
Sobha Realty surpassed its ambitious 2024 targets and captured approximately 10% of Dubai’s real estate market share, with 11 masterplans across the UAE. The company now aims for AED 20 billion in sales from Dubai developments and AED 10 billion from Sobha Siniya Island in 2025.

The success of key projects like Sobha Siniya Island, Sobha Elwood, Sobha Orbis, and Sobha Solis underpinned the company’s performance.

Sobha Siniya Island, the developer’s first luxury island project, achieved sales of 2,140 units within just five months, setting a new benchmark for demand in the luxury market.

Expanding Global Presence in Key Markets
In 2024, Sobha Realty amplified its international marketing efforts and announced plans to enter the US and Australian markets, showcasing its ambition to become a global leader in real estate.

Leadership Transition Marks a New Era
Founder PNC Menon passed the leadership torch to Ravi Menon, who assumed the role of Chairman. PNC Menon remains actively involved as Founder, ensuring the company’s continued dedication to innovation and excellence.

Strategic Collaborations and Innovation Drive Success
The company’s partnerships with IIFA 2024 and Arsenal Football Club enhanced its global outreach. Additionally, Sobha Realty strengthened its backward integration strategy by launching Sobha Modular and Façade Factory and Sobha Energy Solutions, further solidifying its status as a fully integrated developer.

Financial Strength Backed by Moody’s Upgrade
Sobha Realty demonstrated robust financial resilience, with Moody’s upgrading its senior unsecured sukuk rating to Ba2/stable. The company expanded its sukuk issuance to USD 500 million, attracting global investors and highlighting its financial credibility.

With a proven track record, Sobha Realty remains focused on elevating customer experiences and delivering exceptional properties. Its achievements in 2024 set a strong foundation for continued growth and innovation in Dubai’s thriving luxury real estate sector.