Sobha Realty Records Historic AED 23 Billion in Sales for 2024

Sobha Realty, a leading global luxury real estate developer renowned for its commitment to exceptional quality and innovation, concluded 2024 with record-breaking sales of AED 23 Billion – of which AED 5 Billion from Sobha Siniya Island that was launched in Q3 2024. This milestone underscores the growing demand for Sobha Realty’s luxurious developments.

The company achieved an impressive ~50% growth in sales year-on-year, driven by its diverse portfolio of properties in the UAE. Sobha Realty has successfully surpassed its ambitious target for 2024 and has set its sights on reaching AED 20 billion for Dubai Developments and AED 10 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% of Dubai’s real estate market share in 2024 with 11 masterplans across the UAE.

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 2140 units within 5 months in the year and projects great potential in 2025.

With expansion plans in the USA and Australia, Sobha Realty is poised for continued prosperity and growth. 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. Moreover, the developer has achieved an impressive rating of 4.7 on Google, further reiterating the love and trust consumers have for the brand.

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.

Mr. PNC Menon, Founder of Sobha Group, 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 revolutionizing cooling service.

Strategic collaborations played a pivotal role in Sobha Realty’s 2024 achievements. The developer’s partnership with IIFA 2024 connected the brand with global Indian audiences. As the Official Cause Partner of the I Can Make A Difference initiative, Sobha Realty supported efforts to empower women. Additionally, a multi-year principal partnership with Arsenal Football Club extended its global outreach, with the Arsenal training facility now named Sobha Realty Training Centre—a first-of-its-kind naming partnership.

Further affirming its financial strength, Sobha Realty’s holding company, PNC Investments, received a Ba3/stable corporate family rating (CFR) from Moody’s Ratings. Additionally, Moody’s upgraded the senior unsecured rating of PNCI’s sukuk, issued by Sobha Sukuk Limited, from Ba3/stable to Ba2/stable. The issuance of the sukuk tap increased Sobha Realty’s total sukuk issuance to USD 500 million. This strategic tap, building on the initial USD 300 million sukuk listed on the London Stock Exchange (LSE) and NASDAQ Dubai, showcased the company’s ability to attract diverse global investors.

Sobha Realty’s 2024 journey was marked by soaring customer demand, groundbreaking partnerships, and exceptional sales milestones. These accomplishments reflect the company’s commitment to excellence and position for continued growth in Dubai’s burgeoning luxury real estate market.