In comparison to the prior year, Arada announced that sales increased by 46% to Dh3.51 billion in 2022.
As homebuyers continued a recent trend of investing in larger and more expensive villas and flats, the company sold 2,268 houses in 2022, a modest decrease from the year before.
The famed Dubai master community Jumeirah Golf Estates hosted Arada’s first project outside of Sharjah, Jouri Hills, during the course of the year, and its current communities Masaar and Aljada experienced robust sales. It also successfully closed its first public financing deal, raising $450 million in a sukuk that was listed on the London Stock Exchange, as well as favorable ratings from Moody’s and Fitch in June.
“We are heavily focused on delivering high-quality homes surrounded by world-class amenities in ideally located communities, and this is a proposition that is clearly being welcomed by buyers. Following the successful closure of our sukuk last year, we are extremely well-placed to continue our rapid expansion in 2023 by launching new projects, redoubling our construction efforts to deliver another 3,000 homes in the year ahead, and welcoming ever more visitors to our communities.”
Masaar was Arada’s best-selling project in terms of sales. Property for a combined total of Dh2.26 billion was sold by the developer.
The value of residences sold in 2022 at Aljada, Sharjah’s largest-ever mixed-use development, reached Dh1.05 billion, demonstrating the continued high demand for real estate there.
At its Jouri Hills at Jumeirah Golf Estates project in Dubai, Arada also reported a significant demand for homes. After it was introduced in the final month of 2022, the developer sold real estate for Dh202 million.
Since its establishment in 2017, Arada has delivered 6,154 homes while selling more than 11,000 units. In its neighborhoods, another 5,000 units are currently being built.