Sobha Realty to Launch Multibillion-Dirham Projects in UAE & US

In light of the UAE's real estate boom, Dubai developer Sobha Realty intends to introduce eight to ten new "multibillion-dirham" projects this year. The company's founder also stated that the company is looking to expand into the US market. According to PNC Menon, the developer would also enter Abu Dhabi with a new residential project. In 2024, the developer unveiled four new masterplans and several new towers in existing communities.

In 2025, Sobha anticipates a 30% yearly increase in revenues to Dh30 billion ($8.16 billion), of which Dh22 billion and Dh8 billion would come from its projects in Dubai and Umm Al Quwain, respectively. Together with Umm Al Quwain Properties, the company debuted a posh development on Al Siniyah Island last year.

Last year, the company offered homes to clients in 50 different countries, with India, China, and the UK accounting for the majority of sales. This year, the real estate market should be "more or less stable," Mr. Menon continued. "You've witnessed how people are drawn to this place now. In addition, Europeans have begun to settle here. That is extremely positive for the real estate industry.

As of November, there have been 188,000 real estate sales in Dubai, totaling Dh625 billion in value. Based on data from the Dubai Land Department, this indicates a 38% increase in volumes and a 23% increase in values year over year.

The property market is still supported by government programs including residency permits for remote and retired workers, the extension of the 10-year golden visa program, and general economic growth in the UAE as a result of diversification efforts.