As customer demand for Arada’s lifestyle communities in Sharjah and Dubai continues to increase, the company has recorded record-breaking sales performance for the first half of the year.
When compared to the same six-month period in 2022, the master developer reported a 186 percent rise in sales, with a total value of AED4.26 billion in real estate sold.
During the first half, Arada sold 1,616 homes overall in its communities, a 23 percent rise from the corresponding time in 2022.
HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said: “We have consistently promised our buyers attractive investment opportunities that continuously create value, as well as lifestyle experiences within well-designed communities coupled with world-class services. It’s very clear that owners are responding favorably to that promise, and I’m especially proud of the high percentage of repeat buyers of Arada homes that we are currently witnessing.
“The Sharjah government’s decision to allow all nationalities to purchase property on a freehold basis has had a significant positive impact on our sales in the emirate, and the increased interest from around the world is helping to boost foreign direct investment into Sharjah. We’re also delighted with the response to the launch of our first Dubai project, which sets the platform for the additional new projects we are planning to launch there in the very near future.”
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 AED2.34 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 in accordance with the growing international interest in the UAE’s primary real estate market. Arada sold 169 opulent Jouri Hills houses worth AED1.29 billion during the first half.
Aljada, the largest mixed-use community in Sharjah, attracted a lot of buyers as well. There, 634 properties worth AED638 million were sold in the first half, a modest decrease from the same time in 2022.
1,238 residences were completed by Arada 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 first half of the year, Arada also revealed its iconic collaboration with the Armani Group and Japanese architect Tadao Ando for the upcoming Armani Beach Residences Palm Jumeirah.
In June, the master developer launched Rove Home Aljada, the hotel brand’s first foray into the residential market, and listed its first $500 million Sukuk on the Nasdaq Dubai platform. In conjunction with World Skate, Arada also held the Street and Park World Championships in January and February. This qualifying competition for the Paris 2024 Olympics attracted 468 skateboarders from all over the world to Sharjah’s Aljada Skate Park.
By announcing its first master franchise deal with the Australian brand Boost Juice and announcing the launch of the Artal fashion platform for women’s traditional clothes in the first half of 2023, Arada has continued to diversify its portfolio of brands.
Over 13,000 properties worth AED13.4 billion have been sold by Arada since its founding in 2017. 7,400 homes have been finished by the master developer, and another 4,000 are now being built.