As buyer interest in Sharjah and the larger UAE real estate markets grows, Arada has seen a 30% increase in the value of properties sold in the first half of 2022.
As a result of persistent demand for large, integrated communities surrounded by greenery, the developer achieved AED1.49 billion in sales at its two Sharjah megaprojects, Aljada and Masaar.
Arada’s first public financing transaction, a $350 million Sukuk issuance, as well as credit ratings, capped off an exceptionally successful era.
The results contrast with the Sharjah real estate market’s ongoing success, which saw a 65 percent increase in overall property sales value in 2021 to AED26.2 billion from the previous year, according to Sharjah Real Estate Registration Department data.
“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,” said Ahmed Alkhoshaibi, Group CEO of Arada. As we look ahead to the second half of 2022, we have a strong pipeline of new launches in the works, including our first Dubai project, which will help us consolidate our sales even further and meet the ambitious targets we set for ourselves earlier this year.
“Right now, we’re also heavily focused on construction, with nearly 6,500 homes currently under construction across our communities, and we’re on track to meet our target of 5,000 homes completed by 2022.”
Nasaq District, Sharjah’s largest mixed-use city, Aljada, saw positive buyer demand when it debuted in February, and the project’s initial residential phase, consisting of 1,482 homes, was also completed. Arada sold 980 Aljada residences worth AED709 million, a 39 percent increase over the previous year.
Since Arada’s first community, Nasma Residences, sold out last year, the increase in sales for both master communities compensated for the lack of sales there. Arada also completed the sixth and final phase of Nasma Residences, which included all 1,117 homes, in the first half of 2022.