Leading multinational premium real estate developer Sobha Realty have announced a record £0.225 billion of sales (AED 1 billion) of its luxury homes in Dubai during the first six months of the year and have revealed that UK buyers and international buyers with UK links have significantly contributed to this milestone sales figure.
Following the successful launch of the Sobha Global Studio in London’s Mayfair, which officially opened on 1st May to market Sobha’s luxury Dubai properties to UK buyers, Sobha Realty have revealed UK buyers have purchased 35 Sobha properties in the first six months of 2019, with an average sales figure of 6 homes per month. The developer’s initial forecast for its 2019 U.A.E 12-month sales was £443 million; they have already achieved 50% of this figure so far.
Sobha Realty highlight that the influence of London is even greater than the 35 direct sales to UK buyers. In addition to these direct sales, Sobha reveal that 20% of their other internal buyers have a second home or links to London, so the UK capital is an important sales platform for the company. Figures from the UK Foreign Office show there are now over 19,000 UK Nationals who own a second home in Dubai and over 1.5 million British nationals visit Dubai every year. There are also over 100,000 expatriates who either work or are retired in Dubai.
The milestone sales announcement follows significant changes to visas available to UK nationals that make it easier and cheaper to enjoy long-stay visits or retirement and also encourage property investment.
Dubai has recently begun to implement its highly-anticipated ‘Golden Visa’ policy with a specific type designated for real estate investment. The first of five-year ‘Golden Visas’ for property investors have been granted to individuals who have invested at least £1.1 million (5 million AED) in Dubai property. The visa terms benefit the investor’s spouse and children. Other requirements include the property must be fully complete and should be fully owned. (Source: Dubai Government Media Office – UAE Cabinet Meeting Legislation Updates). Sobha Realty is currently developing and marketing Sobha Hartland, a £3 billion (GDV) luxury community located just seven minutes drive from the Burj Khalifa and downtown Dubai. The integrated community offers premium apartments and villas, as well as world-class amenities, restaurants, retail centres and two international schools.
For UK nationals who wish to purchase a luxury property in Dubai to achieve a ‘golden visa’, Sobha Realty have various property types that would be eligible including the London-inspired Hartland Garden Houses (starting from £1.1 million), the Gardenia Villas (starting from £1.6 million) and the Forest Villas (starting from £3.31 million). The supply of each property type is carefully managed with a limited amount available at any time, so the homes retain exclusivity and value.
P.N.C. Menon, Founder & Chairman of Sobha Realty said, “We are delighted with our record-breaking sales in the first two quarters of 2019, and look forward to continuing this momentum for the remaining months of the year.
“We have seen significant interest from UK buyers and the launch of our Global Studio on Park Lane has propelled this further, allowing customers to understand our impeccable product and rich heritage on a first-hand basis. Given Dubai’s highly-anticipated changes to visas including the implementation of ‘golden visas’ for international investors, we anticipate increased demand for our luxury properties among our UK buyers.”