Sobha Unveils AED50B Project in Dubai

Dubai developer Sobha Realty has launched its largest venture to date, a AED50 billion (about AED 50 billion / $13.6 billion) master-planned community named Sobha Sanctuary, as optimism around the emirate’s property market grows.

Spanning roughly 37.5 million square feet, the mixed-use development is designed to house around 20,000 homes, including apartments and villas, and will integrate a wide range of facilities such as a hospital, two schools, a mall and various lifestyle and retail offerings.

Sobha Sanctuary will be delivered in phases. The first will see about 250 villas released, with handovers expected to begin in the third quarter of 2029. Prices for early units will start from AED3.99 million. The masterplan also includes a central park with football pitches, running tracks, padel courts, a skate park, and more than 50,000 trees connected by walking and cycling trails.

While Sobha has not yet publicly disclosed the exact location of the project within Dubai, the company’s confidence in strong demand reflects broader momentum in the emirate’s real estate market. Last year saw record property transaction volumes and values, with more than 270,000 deals and total values rising about 20 per cent to AED917 billion, according to Dubai Land Department data.

Mr Alfred underscored that Dubai’s price point remains attractive compared with global cities, arguing there is still room for price growth given the emirate’s comparative value and quality of life.

Sobha also reported strong recent sales, with AED30 billion in total last year, a 30 per cent increase year-on-year, driven by projects in Dubai and neighbouring emirates. Despite tapping the bond markets with sukuk issuances, the company said it has no current plans for an initial public offering.