“Given that Sobha Siniya Island is offshore destination and with the promise of waterfront living, the prices of the properties had to match,” said Francis Alfred, CEO of Sobha Realty. “Yes, UAQ is still relatively new territory for freehold investments, but what’s being built will justify that.
“Plus, from Dubai Airport, we are talking about reaching Sobha Siniya Island in 45-60 minutes, and that’s a unique proposition too.”
The UAE’s northern emirates are undergoing their own property and construction lift-offs in various degrees. Ras Al Khaimah has been a significant beneficiary, with a simultaneous hospitality boom to add to the mix. (In fact, RAK property values have also seen sizeable gains in the secondary market within the last 12 months.)
UAE based and overseas investors planning second or more home property investments are a dominant reason in why there are plentiful takers for the offplan launches happening in these emirates.
Now, UAQ is gunning for that attention too. Sobha has set apartment prices from Dh1.15 million, while villas carry prices of Dh10.5 million to over Dh30 million.
The Siniya Island masterplan is still being worked on, but there’s already a bridge connecting the UAE mainland to the location, which will help with the construction and, of course, easier connectivity for future residents.
Sobha is targeting Phase 1 delivery by December 2027. “We are only using 40% of the land available for real estate, which will include the 7,000 homes, two hotels and a mall,” said Alfred. “The bulk of the site will be left open for green spaces.
“Low-density development is very much part of the objective.”
Sobha had acquired the UAQ land bank in 2016-17, but held it in reserve until the UAE real estate boom took full hold from 2022. Now, it’s the turn of individual Northern Emirates to get on this bandwagon.