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Sobha Realty sees Q3 investors' interest hit pre-pandemic levels

October 21, 2020
real estate

Sobha Realty, a leading premium real estate developer, has announced a successful third quarter, registering a significant increase in international investors compared to the previous quarter and an uptick in investors from the GCC region, India and China.

The developer also witnessed growing interest from investors in new markets, such as Canada and Nigeria, that accounted for nearly 20 per cent of all international buyers.

As the pandemic struck the real estate market in Q2, developers across the UAE faced a sharp decline in sales with the exceptional circumstances and global lockdowns making investment a low priority, stifling international travel and reducing overseas investments.

Moving into Q3, a strict adherence to social distancing, coupled with the UAE government’s successful National Sterilisation Programme, and stringent measures to flatten the curve led to a decline in the number of infections.

This allowed the government to readjust priorities to drive recovery measures without compromising public safety, stated the Dubai developer.

In addition, the government prioritised real estate development – considering it a ‘vital sector’, and enabled work to continue uninterrupted, as long as developers strictly complied with the regulations imposed by the authorities, it added.

On the business resurgence, Jyotsna Hegde, President of Sobha Realty, said: 'It is encouraging to see the renewed market optimism and positive sentiment that has set us firmly on the road to recovery. As expected, the journey is long - but we are confident in the UAE’s response to the pandemic.'

'The same firm, yet compassionate approach, will significantly facilitate companies like ours to navigate the recovery phase with minimum disruption, while we continue to prioritise public health and safety,' she noted.

'As global borders continue to reopen cautiously, we have noticed keen interest from our primary markets, including Saudi Arabia, India, China, and the wider GCC region. Furthermore, we have also registered new investors from emerging markets, specifically Canada and Nigeria,' stated Hegde.

'At Sobha Realty, we are optimistic that the resilience of the real estate sector will help us weather these challenging times, and I look forward to enhanced momentum in Q4, as the world works to leave the pandemic-related downturn behind,' she added.