Dubai: Sobha Realty is targeting AED 18 billion in sales by 2023.

The UAE's leading real estate developer Sobha Realty plans to achieve sales worth AED16-18 billion this year, almost double the AED9 billion it achieved last year. This was the conclusion reached by Ravi Menon, co-chairman of Sobha Realty, who on Thursday unveiled the new Dh17 billion Sobha Hartland II project, which offers a mixed development of apartments and villas. The project should be completed in five years.

The project is eight million square feet, of which more than 30 percent will be green space.

Besides Russian and Indian British investors, Chinese and Iranians are also buyers of Sobha Realty properties. Lunch visas and an influx of foreign investors from around the world have led to extraordinary demand for real estate in the emirate, encouraging investors to launch new projects. Dubai previously announced the launch of the multi-billion dollar Palm Jebel Ali project.

"Dubai's real estate market is constantly evolving and the recent increase in sales of luxury properties in the emirate points to the emergence of new residential micro-markets,"

- noted the company's co-chairman.

According to data released by the Department of Land Affairs, Dubai recorded more than 29,000 primary residential sales from developers during January-May 2023, totaling AED 67.75 billion, an increase of 41 percent compared to the same period last year.