As buyer interest in the Sharjah and larger UAE real estate markets continues to rise, Arada has recorded a 30% increase in the value of the properties sold in the first half of 2022.
The developer achieved AED1.49 billion in sales at its two Sharjah megaprojects, Aljada and Masaar, as a result of enduring demand for large, integrated communities surrounded by greenery.
The company’s first public financing transaction, a $350 million Sukuk issuance, as well as the awarding of credit ratings, capped off an especially successful era for Arada.
The outcomes contrast with the Sharjah real estate market’s ongoing success, which experienced a 65 percent growth in overall property sales value in 2021 to AED26.2 billion from the previous year, according to information provided by the Sharjah Real Estate Registration Department.
Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said, “Our performance in the first half of the year is proof once again of both the resilience of the Sharjah market, which continues to see steady and sustainable growth and of the interest in our product. In particular, Arada is witnessing exceptional demand for well-designed homes, with great facilities and competitive pricing.”
Ahmed Alkhoshaibi, Group CEO of Arada, said, “These strong results put us firmly on track for our overall sales target of AED3 billion in property sold by the end of this year. As we look ahead to the second half of 2022, we have a strong pipeline of new launches, including our first Dubai project, which will help consolidate our sales further and achieve the ambitious targets we set for ourselves earlier this year.
“Right now, we are also focused heavily on construction, with nearly 6,500 homes currently being built across our communities, and we’re also on track to complete our target of 5,000 homes completed in 2022.”
After the first two phases of the AED8 billion Suyoh community sold out, Arada began the third phase of its woodland megaproject Masaar during the first half. The first phase of Masaar’s construction was also the subject of AED 460 million in contracts given by the developer, who is now finishing up the project’s Masaar Experience Centre and surrounding area. With 331 properties sold, the value of sales at Masaar increased by 49% to AED781 million.
The debut of Nasaq District in February at Sharjah’s largest mixed-use city, Aljada, saw positive buyer demand, and the project’s initial residential phase, consisting of 1,482 homes, was also finished. A total of 980 residences at Aljada valued at AED709 million were sold by Arada, up 39% from the prior year.
Since Nasma Residences, Arada’s first community, sold out last year, the increase in sales for both master communities made up for the absence of sales there. The sixth and final phase of Nasma Residences, which included all 1,117 homes, was also finished by Arada in the first half of 2022.