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, mainly India and China, Zawya reports.
The developer also witnessed a growing interest from investors in new markets, such as Canada and Nigeria, that accounted for nearly 20 % 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 exceptional circumstances and global lockdowns investing a low priority, stifling international travel, and reducing overseas investments, as reported by Zawya.
Moving into Q3, strict adherence to social distancing, coupled with the UAE government’s successful National Sterilization Program, 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, the Dubai developer states.
Besides, the government prioritized 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 adds.