Dubai-based luxury real estate developer registers first-time interest from Nigerian, Canadian buyers, also notes uptick in investors from GCC region, India, China.
Sobha Realty, the leading premium real estate developer, today announced a successful Q3, registering a significant increase in international investors this quarter, compared to earlier in 2020. The developer also witnessed growing interest from investors in new markets, such as Canada and Nigeria, that accounted for nearly 20 per cent of all international buyers.
As the pandemic struck the real estate market in Q2, developers across the UAE faced a sharp decline in sales with the exceptional circumstances and global lockdowns making investment a low priority, stifling international travel and reducing overseas investments.
Moving into Q3, a strict adherence to social distancing, coupled with the UAE government’s successful National Sterilisation Programme, and stringent measures to flatten the curve led to a decline in the number of infections. This allowed the government to readjust priorities to drive recovery measures without compromising public safety. In addition, the government prioritised real estate development – considering it a ‘vital sector’, and enabled work to continue uninterrupted, as long as developers strictly complied with the regulations imposed by the authorities.
Jyotsna Hegde, president of Sobha Realty, said: “It is encouraging to see the renewed market optimism and positive sentiment that has set us firmly on the road to recovery. As expected, the journey is long – but we are confident in the UAE’s response to the pandemic. The same firm, yet compassionate approach, will significantly facilitate companies like ours to navigate the recovery phase with minimum disruption, while we continue to prioritise public health and safety. As global borders continue to reopen cautiously, we have noticed keen interest from our primary markets, including Saudi Arabia, India, China, and the wider GCC region. Furthermore, we have also registered new investors from emerging markets, specifically Canada and Nigeria. At Sobha Realty, we are optimistic that the resilience of the real estate sector will help us weather these challenging times, and I look forward to enhanced momentum in Q4, as the world works to leave the pandemic-related downturn behind.”
Sobha Hartland, an eight million square feet luxury freehold master development launched in 2014, is situated in Mohammed Bin Rashid Al Maktoum City, overlooking Downtown Dubai. Key projects within the community include Greens, Creek Vistas, Creek Vistas Reservé, Gardenia Villas, Garden Houses, One Park Avenue and Forest Villas. The development is distinguished by its serene vibe, with 30 per cent of the total land area set to encompass a dedicated green cover and open spaces. The master development is set for completion in 2025.
