Increased interest have been noted from new markets such as Canada and Nigeria accounting for nearly 20% of all intl buyers, says Jyotsna Hegde
Dubai-based real estate developer, Sobha Realty, announced that it has registered a successful third quarter, and has recorded a significant increase in international investors compared to the previous quarter.
According to a statement from the developer, it also witnessed an uptick in investors from the GCC region, India, and China and a growing interest from new markets such as Canada and Nigeria, that accounted for nearly 20% of all international buyers.
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.”
The statement noted that 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 the third quarter, Sobha Reality said, 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.
“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,” Hegde added.
The decline allowed the government to readjust priorities to drive recovery measures without compromising public safety. 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, the statement added.
Hegde concluded: “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.”