Following a record-breaking year of sales success, leading multinational real estate developer Sobha Realty has announced £336 million of sales (AED 1.6 billion) of its luxury homes in Dubai in the first three quarters of the year, with UK buyers spending £30 million on investment homes and ultra-prime villas in just five months since the launch of the Sobha Global Studio marketing studio in Mayfair, London.
Following a global rebrand last year and the opening of dedicated marketing studios in London and Shanghai, Sobha Realty has registered £336 million (AED 1.6 billion) of sales in just nine months at its flagship Sobha Hartland development in Dubai, and is on track to achieve its annual sales target of £420 million (AED 2 billion) by the end of the year. Since the developer’s Mayfair Studio opened on 1st May, Sobha Realty has sold a range of apartments and premium villas to UK buyers at an average sales rate of £6 million a month, with buyers encouraged by Dubai’s strong rental yields and Sobha Realty’s attractive payment plans.
International research from Savills places Dubai’s potential rental yields at 7.9% for mainstream property and 4.4% for prime property, beating London, New York and Paris. Sobha Realty’s one bedroom apartments start from £170,800 (AED 820,000), which are proving highly popular with British investors. (Source: Savills World Research 2018)
In addition to the investment homes purchased, Sobha Realty reveal that three of the exclusive canal-front villa plots have been purchased by British friends wanting adjacent holiday homes. The Hartland Canal Villas is an ultra-prime collection of 23 villas fronting the Dubai Water Canal, with the option to bespoke-build a magnificent villa overlooking the water, the only villa plots available directly on the canal waterfront.
Throughout the year, Sobha Realty has completed successful handovers of Phase One of its Hartland Greens apartments and Forest Villas, with the handover of Phase 2 homes scheduled for the end of 2019. Sobha Hartland is a £3 billion (GDV), eight million square feet waterfront community in Dubai offering apartments, villas and townhouses, as well as two international schools and lifestyle amenities. Set to complete in 2025, the community will provide over 5,000 apartments and over 350 villas in total.
Located at 92 Park Lane, the Studio is an important sales platform for the developer, with UK buyers and international buyers with UK links coming to view state-of-the-art scale models and learn about the developer’s proud heritage of craftmanship and premium quality.
Jyotsna Hegde, President of Sobha Realty commented: “This year Sobha Realty has seen considerable sales success as more and more buyers choose their new homes in our luxury community. We are proud to have achieved £336 million (AED 1.6 billion) in sales in the first three quarters of 2019, and we are on track to reach a final total of £420 million (AED 2 billion) in the remaining months of this year. Each Sobha Realty home is constructed with passion and our heritage of craftmanship is evident in the high-quality finishes, every detail is considered. As the first year that we have openly marketed our homes to UK buyers, following the opening of our dedicated marketing studio on Park Lane, we are delighted with the ongoing interest by UK buyers for investment properties and luxury holiday homes at Sobha Hartland.”