Sharjah: Property developer Arada reported a record sales performance during the first half of the year, as buyer demand for its lifestyle communities in Sharjah and Dubai gathered pace.
Sales increased 186 per cent in the first six months of 2023 compared to the same period in the previous year, with the total value of property sold reaching Dh4.26 billion.
In total, Arada sold 1,616 homes at its communities during the first half, a 23 per cent increase on the same period in 2022.
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 favourably 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.”
Arada’s best-performing community in terms of sales was Masaar, the forested megaproject based in the Suyoh district of Sharjah. During the first half, Arada sold 813 homes at Masaar valued at Dh2.34 billion, a 200 per cent increase on the same period a year earlier. With only one phase left to launch, Masaar is scheduled to sell out in the third quarter of this year.
Launched at the end of 2022, Jouri Hills at Jumeirah Golf Estates is Arada’s first project in Dubai and has witnessed strong buyer demand in line with the global interest in the UAE’s biggest property market. During the first half, Arada sold 169 luxury villas at Jouri Hills valued at Dh1.29 billion.
Buyers also flocked to Aljada, Sharjah’s largest mixed-use destination, where 634 homes valued at Dh638 million were sold in the first half, a slight decline on the same period in 2022.
The first six months of the year saw Arada complete 1,238 homes, all at Aljada, including the handover of the second phase of East Village and the three-building The Boulevard apartment complex.
Since its foundation in 2017, Arada has sold over 13,000 homes valued at Dh13.4 billion. The master developer has completed 7,400 homes, with another 4,000 currently under construction.