Dubai: Property developer Arada reported a 46 per cent increase in sales at Dh3.51 billion in 2022 compared to the previous year.
The company sold 2,268 homes in 2022, a slight decline on the year before, as home buyers continued a recent trend of investing in larger and higher-value villas and apartments.
During the course of the year, Arada launched its first project outside Sharjah, Jouri Hills at the popular Dubai master community Jumeirah Golf Estates, and witnessed strong sales at its existing communities Masaar and Aljada. In addition, it secured favourable ratings from Moody’s and Fitch in June and also successfully completed its first public financing deal, raising $450 million in a sukuk that was listed on the London Stock Exchange.
Arada also completed 3,982 units at its communities in 2022, including the last phase at its first project, Nasma Residences, which is now fully finished and handed over.
Ahmed Alkhoshaibi, Group CEO of Arada, said: “2022 was a transformative year for Arada on a number of fronts, as we built on our market-leading position in Sharjah by launching the first in a series of projects we have planned for the Dubai market.
“We are heavily focused on delivering high-quality homes surrounded by world-class amenities in ideally located communities, and this is a proposition that is clearly being welcomed by buyers. Following the successful closure of our sukuk last year, we are extremely well-placed to continue our rapid expansion in 2023 by launching new projects, redoubling our construction efforts to deliver another 3,000 homes in the year ahead and welcoming ever more visitors to our communities.”
Arada’s best-performing project in terms of sales was Masaar. The developer sold property with a combined value of Dh2.26 billion.
Demand for property in Aljada, Sharjah’s largest ever mixed-use project, also remained high with the value of homes sold during 2022 reaching Dh1.05 billion.
Arada also reported strong demand for homes at its Dubai project, Jouri Hills at Jumeirah Golf Estates. Following its launch in the last month of 2022, the developer sold property valued at Dh202 million.
Since its foundation in 2017, Arada has now sold more than 11,000 units and has delivered 6,154 homes. Another 5,000 units are currently under construction across its communities.
