Staff Report
Dubai, UAE
Arada, a Sharjah-based developer of master-planned communities, has reported a record-breaking 186 percent jump in sale of properties to Dh4.26 billion during the first half 2023, compared to the same period in the previous year.
In terms of number of homes, Arada sold 1,616 units at its communities during the first half, a 23 percent increase on the same period in 2022.
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 Dh2.34 billion, a 200 percent 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.
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.
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.
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.”
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 Arada completed 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 US$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.
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