Sobha Realty, the Dubai-based real estate developer, has announced its foray into China with the opening of its first sales office in Shanghai, Arabian Business reports.
The expansion into China comes close on the heels of a record 200 percent increase in Chinese investments in the first two months of 2019 in its iconic Sobha Hartland project.
The company said Chinese investors have shown 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 Dubai Canal and comprises luxury apartments, premium villas as well as high-end townhouses.
According to a recent report by the Dubai Land Department report, Chinese nationals invested AED1.7 billion in Dubai’s real estate sector during the first three quarters of 2018.
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.”