Dubai: The UAE’s property market is getting its initial offplan launch of 2021 – a Dh8 billion miscellaneous community in Sharjah.
The mega-developer, Arda, computed that there is adequate demand for bigger homes and with adequate space outside to go ahead with the launch, even as the country’s real estate sector is still providing to terms with the pandemic’s effect.
The new project, Masaar, is providing its units from Dh1.197 million. In final, 445 homes go on special discount today (January 31). These are for the 1,730 square feet two-bedroom townhouses, and there are also four-and five-bedroom villas.
Quite a spread
This is situated in Sharjah’s Al Juwaiza’a area and will expand to 19 million square feet with 4,000 villas and townhouses. They will expand over eight gates communities and contain a “walkable spine”.
The construction will take place in the second half. This was recognized as the third huge project from Arda in Sharjah; it had launched before the Aljada, spread over 24 million square feet in the University City enclave, and Nasma Residences. This year, Arada also aims to launch a business park with 500,000 square meters of leasable space. This event will take place in the third quarter.
Different strokes
“We all know that the UAE real estate sector is undergoing a period of uncertainty – but this does not extend to all segments and all places,” said Ahmed Alkhoshaibi, CEO of Arada. “Both government data and our own results tell us that demand for well-designed, fully integrated communities in Sharjah has remained extremely competitive, despite the effects that the pandemic has had on consumer interest elsewhere.
“This is evidence of our belief in the resilience of the Sharjah market, and the ongoing investor demand for the types of communities Arada is building.”
He’s pointed with points: recent offplan launches in Sharjah-from Arada and also from Majid al Futtaim – somehow provided to capture quite a bit of demand all through the previous year. (It was the replica with Aldar Properties in Abu Dhabi, with one-by-one launches in the second quarter of last year pulling in buyers.)
In Dubai, the mega-developers have loosened up on the new launches and rather have kept the eye on their active projects. The same is taking place with the bigger private developers.
Pandemic and pricing
On either the COVID-19 after-effects and general unpredictability in the marketplace results in lower price points for the first Masaar units, the CEO said: “Masaar is the product of both feedback from our customers and research about what investors who are buying a property in today’s market are looking for.
“That data has shown us that buyers want more space, an environmentally-friendly location, more safety and security, less stress, and the ability to have an active healthy lifestyle surrounded by nature. This is what Arada is building in Masaar.”