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Sobha Realty, the UAE’s leading high-end real estate developer, revealed that foreign buyers accounted for 71 percent of all sales, pointing to growing demand for its properties from overseas investors.
The largest investors in 2022 will be Russians, Indians and Emirati, followed by Romanians, British, Chinese, Kazakhs, Ukrainians, French and Saudis, the developer said.
According to Sobha, there is a growing demand from these investors for luxury high-end properties.
It said the real estate market is expected to continue to expand in the coming years with the influx of more expatriates and overseas investors, as well as several high-end buildings and projects underway in the country.
Founder and Chairman PNC Menon said: “Global real estate markets are affected by macroeconomic volatility; however, the UAE recorded strong growth in the last quarter of 2022, boding well for the future in 2023.”
He pointed to Dubai’s ambitious goal of doubling the size of its economy within the next decade and strengthening its position among the world’s top three cities, attracting significant foreign investment and a strong real estate market by 2022 increase.
He said Sobha Realty is poised to further attract more foreign investment into the country, with a focus on creating luxury, high-quality developments that blend innovation and sustainability.
“A range of properties, from studios to luxury beach houses, recorded strong sales. As a result, we expect the same pattern to continue in 2023,” Menon explained.
“At Sobha Realty, our aim is to support the continued growth of Dubai while strengthening our position as a trusted developer in the market,” he added.trade arab news agency
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