Photo Credits: Khaleej Times
Arada, a master developer with offices in Sharjah, has recorded record-breaking sales for the first half of the year as interest from consumers in its lifestyle communities in Sharjah and Dubai keeps growing.
Compared to the same period in 2022, the master developer reported a 186 percent rise in sales in the first half of 2023, with the total value of the properties sold reaching Dh4.26 billion.
During the first half, Arada sold 1,616 homes overall in its communities, a 23% increase from the same period in 2022.
Vice Chairman of Arada Prince Khaled, bin Alwaleed bin Talal, stated: “We have repeatedly offered our buyers appealing investment options that continuously develop value, as well as lifestyle experiences within well-designed communities coupled with top-notch services. Owners are responding positively to that promise, and I’m especially proud of the significant number of repeat buyers of Arada houses we are currently observing.
“The Sharjah government’s decision to permit all nationalities to buy property on a freehold basis has had a significantly positive impact on our sales in the Emirate, and the increased interest from all over the world is helping to boost foreign direct investment into Sharjah,” the company said. We’re also thrilled with the reception to the debut of our first project in Dubai, which provides the foundation for the additional new projects we intend to introduce there very soon.
Masaar, a massive, forested development located in Sharjah’s rapidly developing Suyoh neighborhood, was Arada’s best-performing neighborhood in terms of sales. A 200 percent rise over the same period a year prior, Arada sold 813 homes at Masaar valued at Dh2.34 billion during the first half. Masaar is expected to run out of space in the third quarter of this year, with just one phase left to launch.
The end of 2022 saw the launch of Arada’s first project in Dubai, Jouri Hills in Jumeirah Golf Estates, which has had significant buyer demand following the growing international interest in the UAE’s primary real estate market. During the first half, Arada sold 169 opulent Jouri Hills mansions worth Dh1.29 billion.
Aljada, Sharjah’s largest mixed-use community, also attracted many buyers. In the first half, 634 residences valued at Dh638 million were sold there, a modest decrease from the same period in 2022.
Arada completed one thousand two hundred thirty-eight residences in the first six months of the year, all at Aljada, including the second phase of East Village and the three-building Boulevard apartment complex.
In the year’s first half, Arada also revealed its iconic collaboration with the Armani Group and Japanese architect Tadao Ando for the upcoming Armani Beach Residences Palm Jumeirah.
Over 13,000 properties for Dh13.4 billion have been sold through Arada since its founding in 2017. The master developer has finished seven thousand four hundred residences, and another 4,000 are now being built.