Sobha Realty, the leading premium real estate developer, has announced its foray into China with the opening of its first sales office in Shanghai. The expansion into China comes close on the heels of a record 200 per cent increase in Chinese investments in the first two months of 2019, compared to 2018, in its iconic Sobha Hartland project.
The Chinese investors have evinced keen interest in both product offerings within Sobha Hartland – the company’s flagship project in Dubai. Sobha Hartland is an 8-million square feet waterfront community perched along the idyllic Dubai Canal, and comprises luxurious apartments, premium villas as well as high-end townhouses. It is also one of the only master-planned projects under development where approximately 30 per cent of the community is reserved for greenery and open spaces.
According to a recent report by the Dubai Land Department (DLD) report, Chinese nationals invested AED1.7 billion in Dubai’s real estate sector during the first three quarters of 2018.
Commenting on the Shanghai foray, Jyotsna Hegde, President of Sobha Realty, said: “The UAE and China enjoy strong trade, tourism and cultural ties, which was further strengthened following the visit of Chinese President Xi Jinping in July 2018. China is a strategic growth market for Sobha, and we believe our sales office in Shanghai will provide a major fillip to Chinese investments in our projects. ”
She added: “Dubai is a dynamic real estate market that consistently attracts global investments, and we estimate that Chinese investments in Sobha projects to touch AED600 million by the end of 2019. This comes on the back of surging demand for luxury real estate projects in Dubai in the run-up to Expo 2020, coupled with the government’s investor-friendly regulations. ”
Among other policy changes, the UAE government has listed Chinese as the third major language in over 100 Dubai schools. While 2018 numbers have not yet been released, in 2017, 1.3 million Chinese tourists arrived in the UAE, which is a 45 per cent increase since 2013, according to data from international consultancy firm Colliers.
Sobha Realty’s sales office in Shanghai is located in 4207, CITIC Square. Sobha, the pan-regional developer born out of the GCC who pioneered the new art of living, is committed to delivering the best quality in real estate and has mastered the art of flawless craftsmanship, with a passion for perfection.