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Arada secured Dh582 million in loans from Dubai Islamic Bank and Ajman Bank, which is being used to fund construction across the Dh33 billion project portfolio. Image Credit: Supplied

Dubai: Sharjah developer Arada recorded property sales of Dh1.15 billion in the first six months of 2021, a sharp 85 per cent increase from the same period last year. The developer sold 1,173 homes during this period, mirroring the turnaround the emirate’s overall real estate sector has been recording.

Sharjah’s real estate sales were up 41 per cent, according to new data from Sharjah Real Estate Registration Department. “Both our own sales and transaction data for the emirate as a whole tell us that Sharjah is becoming an increasingly important investment destination for property buyers,” said Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada. “We expect this pattern to continue for the near and medium term. We are still on track to achieve our target of increasing our sales by 30 per cent in 2021 compared to 2020.”

The value of sales at Dh24 billion Aljada development rose 23 per cent to Dh502 million during the first-half, with a total of 823 homes purchased. Following its launch in January last, sales at Masaar - the upmarket forested community spread over a 19 million square foot area in the Suyouh district - reached Dh510 million, with 256 homes purchased.

Arada secured Dh582 million in loans from Dubai Islamic Bank and Ajman Bank, which is being used to fund construction across the Dh33 billion project portfolio.