Sobha Realty plans to launch 8-10 multi billion-dirham projects across the UAE this year, including a new residential project in Abu Dhabi. In 2024, the company unveiled four masterplans and several towers within existing communities. Founder PNC Menon attributes this success to the UAE’s supportive government policies and a thriving real estate market.
The company aims for 30% annual sales growth, targeting Dh30 billion ($8.16 billion) in 2025. Projects in Dubai and Umm Al Quwain are expected to contribute Dh22 billion and Dh8 billion, respectively. Notably, Sobha partnered with Umm Al Quwain Properties to launch a luxury development on Al Siniyah Island.
Strong Sales and Market Stability
Sobha Realty sold homes to buyers from 50 countries last year, with India, China, and the UK leading the customer base. The UAE property market remains stable, supported by European interest and government initiatives like residency permits for remote workers and the 10-year golden visa.
Dubai’s real estate sector recorded 188,000 transactions worth Dh625 billion as of November 2024, reflecting a 38% increase in volume and a 23% rise in value compared to the previous year, according to Dubai Land Department data.
Entering the US Market
Sobha plans to expand into the US, starting with a residential project in Dallas, Texas. Menon described the US as a lucrative market with a large population and strong GDP. Sobha aims to achieve $1 billion in sales from its first US project and surpass $10 billion over the next decade.
The company, which is funding the project through equity, is also considering Virginia for future developments.
Exploring Opportunities in Australia
Sobha is eyeing Australia as its next destination but does not plan to begin construction there this year.
A Legacy of Innovation
Founded in the 1970s as an interior decorating company in Oman, Sobha Realty has grown into a global real estate powerhouse with assets across India, Oman, and the UAE. Now, the company is setting its sights on high-growth international markets, aiming to strengthen its global presence.
