Ishrath Jaigirdar
Dubai, UAE
Alef Group, a leading property developer in Sharjah, UAE, will expand its portfolio to Dh40 billion in the next five years, Issa Ataya, CEO of Alef Group, revealed to Gulf Property. The developer was one of the highly-anticipated participants at the annual ACRES show in Sharjah Expo Centre, where it unveiled Al Mamsha Hamsa, a three-building cluster within its flagship development Al Mamsha in Muweilah, Sharjah.
The developer’s existing portfolio, which is valued at Dh12 billion, comprises of three large-scale projects: Olfah, Hayyan, and Al Mamsha, in addition to other lifestyle assets. As family-centric lifestyle destinations, these communities offer quality living, a host of amenities suitable for residents of all ages, and close proximity to the emirate’s landmarks and neighbouring regions like Dubai and Ras Al Khaimah.
Issa said, “Alef has grown almost 30 percent annually in 2024 and we are going in the same direction in 2025. In 2024, we achieved Dh2.5 billion of sales in Sharjah which we attribute to the diversified demand that has been changing for the past two years.”
New investor groups, particularly those seeking to relocate from other emirates or countries and health-focused home-buyers, are showing interest in Sharjah’s realty stock. This has driven up demand for homes, causing developers like Alef Group to roll out more projects every year.
Moreover, lucrative returns have impelled surging investor interest in Sharjah. Issa said that investors who bought properties in the last few of years experienced capital gains with return on investment (ROI) of up to 7 percent. Changes in ownership regulations that enable foreign nationalities to own properties have also factored in pushing the demand for homes. The developer has noted significant diversity among its clientele and plans to create verticals that will cater to different nationalities and their varied interests. Currently, Indians are key buyers, while Emiratis remain the largest investor group.
“We are going to build verticals, each catering to a different client market. We will create a team that will solely serve the Indian market. Likewise, we will build teams for Europe, the Middle East and Africa, and we will also tap into CIS countries,” Issa added.
He also elaborated on Al Mamsha’s performance. Valued at around Dh6 billion, the community has sold more than 95 percent of its units so far. Its latest launch, Al Mamsha Hamsa, comprises three buildings with a total of 420 units, ranging from one- to three-bedroom apartments, and spanning 50,000 square metres of built-up area.
As part of its business diversification, Alef Group aims to tap into luxury and grow its portfolio to Dh40 billion in the next five years.
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