The developer sold 1,616 homes at its communities during the first half of the year
Arada Developments posted a 186 per cent increase in H1 2023 sales to a record $1.2bn (Dhs4.26bn), as the demand for lifestyle communities in Sharjah and Dubai continues to gather momentum.
The developer sold 1,616 homes at its communities during the first half of the year, a 23 per cent increase on the same period in 2022.
“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,” said Prince Khaled bin Alwaleed bin Talal, vice chairman of Arada.
“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 portfolio
Arada’s best-performing community in terms of sales was Masaar, the forested megaproject based in the up-and-coming Suyoh district of Sharjah. The property developer sold 813 homes in Masaar valued at Dhs2.34bn during the first half of 2023, 200 per cent compared to the same period a year earlier.
Masaar, which is left with one phase before launch, is expected to sell out in the third quarter of the year.
The property developer sold 169 luxury villas at Jouri Hills valued at Dhs1.29bn. Jouri Hills is Arada’s first project in Dubai since its entry into the city with a Dhs240m acquisition of the remaining beachfront land plot on the Palm Jumeirah from Nakheel in January 2022.
The property is witnessing strong demand from global investors in the UAE’s biggest property market. Property investors also flocked Aljada, Sharjah’s largest mixed-use destination, where 634 homes worth Dhs638m were sold in H1 2022, a slight decline compared to the first half of 2022.
Arada completed 1,238 homes during the period under review, all at Aljada in the first six months of the year. This includes the handover of the second phase of East Village and the three-building The Boulevard apartment complex.
The company also partnered with Armani Group and Japanese architect Tadao Ando in the first half to build the Armani Beach Residences Palm Jumeirah, which will be launched before the end of the year.
Last month, Arada issued a $500m debut Sukuk and launched Rove Home Aljada, the hotel brand’s first venture into the residential market. The developer also hosted the Street and Park World Championships in partnership with World Skate earlier this year. The event, which is the qualifying event for the Paris 2024 Olympics, brought 468 skateboarders from around the world to the Aljada Skate Park in Sharjah.
The developer continues to expand its brand portfolio including its first master franchise agreement with Australian brand Boost Juice, and the launch of the Artal fashion platform dedicated to women’s traditional clothing.
Founded in 2017, Arada has sold more than 13,000 homes valued at Dhs13.4bn. It has completed 7,400 homes, with another 4,000 currently under construction.
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