Sobha Realty concluded the year 2023 with record-breaking sales. Image Credit: Supplied

Dubai: Sobha Realty concluded the year 2023 with record-breaking sales. The company recorded all-time high sales of Dh15.5 billion in 2023, amid surging demand for its luxury properties.

In 2023, the company witnessed a 51 per cent growth in sales across its diverse portfolio of residential and commercial developments in Dubai. The company attained its sales target of Dh15 billion in 2023 and is aspiring to achieve Dh20 billion in 2024.

The company handed over 1819 units in the last year across 2 of its completed projects, before their due date. In view of this sales growth, the company has attained a market share of nearly 10 per cent by value in Dubai during the year.

Ravi Menon, Co-Chairman of Sobha Realty, said: “We are delighted to conclude 2023 on a high note, attaining record-breaking sales and establishing strategic partnerships that will shape the future of Sobha Realty. The exceptional growth reflects our steadfast commitment to delivering high-quality properties. As we step into 2024, our focus remains on adapting to evolving market trends and elevating the quality of our services, further ensuring a continuation of our upward trajectory in the dynamic real estate landscape and realising our vision to be a global real estate brand.”

Furthermore, PNC Investments, the group’s holding company, garnered credit ratings of ‘BB-‘from S&P Global Ratings and ‘Ba3’ from Moody’s in 2023, underscoring its substantial financial strength. The developer’s historic $300 million Sukuk issuance last year also demonstrated its capability to attract a wide range of investors from across the globe.