Sobha Realty, a prominent developer in Dubai, has unveiled an ambitious Dh50 billion ($13.6 billion) project that stands as the company’s largest venture to date. With the emirate witnessing continuous population growth, Sobha Realty aims to meet the rising demand for quality housing and facilities.

Expansive mixed-use development

The forthcoming project will cover a staggering 37.5 million square feet and is designed as a mixed-use community. It aims to offer around 20,000 housing units, which include a diverse range from one-bedroom apartments to seven-bedroom villas. The development will also feature essential amenities such as a hospital, schools, a shopping mall, and various retail and lifestyle options. With emphasis on community living, Sobha Sanctuary promises an engaging environment with parks, sporting facilities, and vibrant community spaces interlaced with green corridors featuring 50,000 trees.

Phased development and pricing

The project will be realized in phases, with the first phase featuring about 250 luxury villas, expected to be handed over by the third quarter of 2029. Prices for these homes will start at Dh3.99 million. Market forecasts remain optimistic, with Sobha Realty’s CEO, Francis Alfred, expressing confidence in the demand for quality housing. He emphasized that Dubai continues to attract residents and investors due to its strong infrastructure and governance. “It’s remarkable that a city can sustain such a high level of population growth year after year,” he remarked.

Robust property market growth

The property market in Dubai has seen remarkable activity recently. According to industry data, real estate transactions hit record levels last year, with a surge of around 130,000 new investors entering the market. The total number of transactions exceeded 270,000, marking a 20% increase compared to the previous year. Valuation-wise, the property market climbed by 20% annually, reaching Dh917 billion. Factors contributing to this boom include government initiatives that attract retirees and remote workers, while overall economic growth continues to enhance the emirate’s appeal.

Future prospects and expansion

Sobha Realty reported sales of Dh30 billion last year, representing a 30% annual increase. While there are no immediate plans for an IPO, the company remains focused on solidifying its presence in the UAE and exploring potential expansion in international markets such as the United States and Australia. Currently, Sobha has a robust pipeline with additional projects in Dubai and Umm Al Quwain, further enhancing its standing in the competitive real estate sector.

Overall, the launch of Sobha Sanctuary could significantly shape Dubai’s residential landscape over the next several years, catering to both locals and expatriates seeking quality living spaces. As the city flourishes, developers like Sobha Realty are well-positioned to meet evolving demands, solidifying Dubai’s reputation as an attractive destination for real estate investment.