Arada reports 186% rise in sales during first half of 2023 to AED4.26bn as demand surges for popular communities in Sharjah and Dubai
News: 10 July 2023
- Master developer sells 1,616 homes in first 6 months, up 23% year on year
- Strong increase in demand for forested Masaar megaproject in Sharjah and Jouri Hills at Jumeirah Golf Estates in Dubai
- 1,238 homes completed in the year so far
Arada has reported a record-breaking sales performance during the first half of the year, as buyer demand for its lifestyle communities in Sharjah and Dubai continues to gather pace. The master developer posted a 186% increase in sales in the first six months of 2023 compared to the same period in the previous year, with the total value of property sold reaching AED4.26 billion.
In total, Arada sold 1,616 homes at its communities during the first half, a 23% increase on the same period in 2022.
HRH Prince 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 up-and-coming Suyoh district of Sharjah. During the first half, Arada sold 813 homes at Masaar valued at AED2.34 billion, a 200% 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 AED1.29 billion.
Buyers also flocked to Aljada, Sharjah’s largest mixed-use destination, where 634 homes valued at AED638 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.
During the first half, Arada also announced its signature partnership with Armani Group and Japanese architect Tadao Ando for the Armani Beach Residences Palm Jumeirah, which will be launched before the end of the year.
The master developer listed its debut $500 million Sukuk on the Nasdaq Dubai exchange in June and launched Rove Home Aljada, the hotel brand’s first venture into the residential market. In January and February, Arada also hosted the Street and Park World Championships, in partnership with World Skate, a qualifying event for the Paris 2024 Olympics that brought 468 skateboarders from around the world to the Aljada Skate Park in Sharjah.
Arada has continued to expand its brand portfolio, announcing its first master franchise agreement with Australian brand Boost Juice, and launching the Artal fashion platform dedicated to women’s traditional clothing in the first half of 2023.
Since its foundation in 2017, Arada has sold over 13,000 homes valued at AED13.4 billion. The master developer has completed 7,400 homes, with another 4,000 currently under construction.
