One of the leading developers in the Luxury real estate segment in the UAE – Sobha Realty – announced the launch of Sobha Reserve project with a sales value of AED 2.8 billion. The community located in the heart of Wadi al Safa 2 (Dubailand) is in close vicinity of Global Village, and establishes a new standard for luxury villas in Dubai. The project has been created considering the most modern requirements of architecture and urban design.
Sobha Realty is part of a group of companies that is developing real estate projects through investments in the UAE, and India. The corporation was founded in 1976 by the first-generation entrepreneur and owner, PNC Menon. In 2023 his son Ravi Menon has been appointed as Co-Chairman of Sobha Realty. We met with him and talked about the future course of the company, new projects, and the real estate market of Dubai.
Congratulations on your new role as Co-Chairman of Sobha Realty! What are your plans for further advancing the company’s growth trajectory?
Over the years, I have been overseeing the operations of our several businesses that collectively make up the Sobha Group. I have been working and assisting my father, PNC Menon, Founder and Chairman of Sobha Group, who has been a great inspiration throughout all the endeavours that I have undertaken. As the new Co-Chairman of Sobha Realty, I am committed to building on the solid foundation that my father and the rest of the team have already established in Dubai, in order to further extend our presence in the sector.
One of my top priorities is to ensure that Sobha Realty remains at the forefront of innovation and sustainability in the industry. We have already made significant advancements in this area, and I believe that there is even more that we can do to develop environmentally friendly properties, that meet the needs of our clients and the broader community. In addition, I am committed to fostering a culture of excellence within the company. This means attracting and retaining top talent, investing in employee training and development, and promoting a collaborative and inclusive workplace culture.
Please tell us more about the launch of ‘Sobha Reserve’ project, worth AED 2.8 billion.
Sobha Reserve is a gated community of luxury villas in Dubai, featuring an array of high-end amenities exclusively designed for its residents. This property has raised the bar for excellence and opulence through its novel, distinctive design, and contemporary architecture. The community consists of a selection of exquisite four- and five-bedroom villas encompassed within a lush green landscape, providing residents with a serene living experience that offers luxury, privacy and comfort. The villas within this residential development range in sizes starting from 4900 square feet and provide a superlative level of palatial villa living with elegant finishes and spellbinding interiors.
Sobha Realty operates with quality and luxury at the core of its operations. How do your projects change perceptions, lifestyles, and skylines?
Through our diverse property portfolio in the UAE, Sobha Realty has become synonymous with opulence and excellence. Driven by our passion to redefine the art of living, we intend to transform the real estate sector in the country and further add to Dubai’s iconic skyline with more impressive projects and developments. With a dedicated team boasting extensive expertise and knowledge of every aspect of the real estate value chain, we are confident that we will accomplish more remarkable feats in the years to come. Furthermore, as a pioneer in the use of “backward integration” model across our residential projects, we ensure that all our high-end homes and properties adhere to the highest standards of excellence and quality through our in-house expertise. By placing quality and luxury at the core of our operations and prioritising attention to detail, our projects have the potential to set new standards in the luxury real estate segment, exceeding customer expectations and transforming perceptions and lifestyle.
How are you contributing to the growth of Dubai’s real estate sector, in particular the luxury real estate segment?
Due to the influx of new investors and the rising demand for luxurious and high-end houses, Dubai's real estate market has developed significantly over the years. Therefore, we stepped up our efforts to meet the expectations and requirements within the Dubai real estate business to significantly contribute to the sector's growth. Through our unwavering dedication to creating exquisite, superior-quality properties that conform to the greatest standards, we believe that our numerous ongoing as well as various distinct upcoming projects will contribute to the luxury real estate segment and assist in its growth.
We are confident that our steadfast dedication to innovation and sustainability will help the UAE real estate sector to advance and attract more international investment.
Just in a year property sale in Dubai are up 46%. Please share your opinion on ever-growing interest amongst buyers for real estate in Dubai.
Demand for properties is at an all-time high, driving up growth and numerous advancements in the lucrative luxury property market of Dubai. The influx of international buyers and investors to the nation is increasing owing to the favourable market conditions and alluring investment opportunities. In Dubai, both residential and commercial properties are experiencing higher demand from investors. In particular, the luxury market is experiencing a significant uptick as high-net-worth-individuals (HNWIs) seek to invest in more expensive and exclusive properties.
Due to its favourable tax regime, booming economy, and first-rate infrastructure, Dubai's real estate market has long been a preferred destination among foreign investors and in the recent months, the demand for real estate has surged beyond previous highs. This rising demand reflects the nation's economic growth and appealing investment prospects. The market is anticipated to maintain its upward trajectory in the upcoming months owing to the sustained interest from international investors and customers.
In your opinion, Real Estate prices in Dubai are currently high or still competitive compared to international prices.
Despite a significant increase in rates during the post-pandemic period, prime property prices in Dubai are comparatively 20 to 80 percent less expensive than those in big cities like Monaco, Hong Kong, New York, London, Geneva, Paris, Beijing, Tokyo, etc. Since 2020, there has been a significant growth in foreign investment in the Emirate's luxury property market, because of pro-investor govt policies and the introduction of new long-term visas, which enhanced investor demand. It has been observed that more and more HNWIs are migrating to the UAE from across the globe and investing heavily in the luxury property market, significantly contributing to this boom. We anticipate this increasing trend to continue in the future owing to higher return on investment on properties, solidifying Dubai’s ranking as a leading attractive destination for both residence and investments.
A lot of wealthy Russian and CIS buyers have recently moved to Dubai, opened companies and looking to purchase a second home or an investment property. How does it impact your business?
In addition to the luxury and various investor-friendly policies, the UAE offers a welcoming atmosphere for people from around the world, placing itself as a second home for several expats and a leading hub for business and investments. Numerous people from Russia and CIS countries, are currently investing in off-plan residential properties in the UAE as part of their efforts to diversify their financial portfolio. These investors are highly confident of the legislation in the UAE in safeguarding their privacy as well as their property. The country’s commitment to promoting inclusion, religious freedom, business possibilities, and multiculturalism, is what draws overseas investors to the UAE.