According to Arada, revenues would rise by 46% to Dh3.51 billion in 2022 compared to the previous year.
The company sold 2,268 residences in 2022, a slight decline from the year before, as homebuyers maintained a recent trend of making investments in larger and more expensive villas and apartments.
Jouri Hills, Arada’s first project outside of Sharjah, was housed in the renowned Dubai master community Jumeirah Golf Estates throughout the year, and its existing neighborhoods Masaar and Aljada saw strong sales. Along with receiving positive ratings from Moody’s and Fitch in June, it also successfully executed its first public financing operation, obtaining $450 million in a sukuk that was listed on the London Stock Exchange.
We place a lot of emphasis on delivering top-notch homes surrounded by top-notch facilities in prime areas, and buyers are definitely responding favorably to this offer. We are in an excellent position to continue our rapid expansion in 2023 by launching new projects, stepping up our construction efforts to deliver another 3,000 homes in the coming year, and welcoming an increasing number of tourists to our communities after the successful closure of our sukuk last year.
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.
In terms of sales, Arada’s most successful endeavor was Masaar. The developer sold properties at a total of Dh2.26 billion.
At Aljada, Sharjah’s largest-ever mixed-use complex, the value of homes sold in 2022 reached Dh1.05 billion, illustrating the area’s persistently high demand for real estate.
Arada also reported a sizable demand for residences at its Jouri Hills at Jumeirah Golf Estates project in Dubai. The property was sold by the developer for Dh202 million after it was unveiled in the final month of 2022.
Since its establishment in 2017, Arada has delivered 6,154 homes while selling more than 11,000 units. Another 5,000 flats are now being constructed in its communities.