Sharjah’s Arada reports 186% surge in first half of the year sales amid higher demand

The company’s total property sales in Sharjah and Dubai during the six month period reached $1.15 billion

Sharjah's Arada sold 1,616 homes in the first half of 2023, up 23 per cent compared to the same period last year. Reem Mohammed / The National

Sharjah developer Arada has reported a 186 per cent rise in its annual sales in the first half of the year amid higher demand from buyers.

The total value of property sales in the six-month period to the end of June at the company's projects in Sharjah and Dubai reached Dh4.26 billion ($1.15 billion), Arada said.

The company sold 1,616 homes during the period, up 23 per cent compared to the first half of last year.

The Masaar project in Sharjah recorded the best rate of sales with 813 homes at a total value of Dh2.34 billion, an increase of 200 per cent over the same period a year earlier.

Jouri Hills, the company’s first project in Dubai, also achieved strong sales. The company sold 169 luxury villas at the project located at Jumeirah Golf Estates with a total value of Dh1.29 billion.

Prince Khaled bin Alwaleed, vice chairman of Arada at Cityscape Dubai last year. Khushnum Bhandari / The National

Sales at the company’s Aljada mixed-use development in Sharjah in the six-month period reached Dh638 million. A total of 634 homes were sold at the Dh24 billion project.

“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 Arada vice chairman Prince Khaled bin Alwaleed.

“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.”

Last year, Sharjah took a decision to allow all nationalities to own a property in the emirate, with no time restriction, to help grow the emirate's real estate sector.

Last year, Arada also bought a plot of land on Dubai’s The Palm Jumeirah for Dh240 million amid plans of the company to launch new projects in the Emirate.

Masaar project in Sharjah recorded sales of 813 homes with a total value of Dh2.34 billion. Photo: Arada

Property sales continued to rise across the UAE amid broader economic recovery on the back of higher oil prices and government reforms.

Dubai’s property sector performance reached a total transaction value of Dh157 billion in the first quarter of 2023, an 80 per cent annual increase, the Dubai Media Office said in April. The number of real estate transactions during the period grew 49 per cent to 38,715.

Sales also increased in Abu Dhabi and other emirates.

Abu Dhabi recorded 5,472 real estate transactions worth Dh27.9 billion in the first quarter of 2023, according to the latest data from the Department of Municipalities and Transport.

The value of the deals in the emirate more than doubled during the three-month period to the end of March while the volume of transactions, which include property sales and mortgages, rose by 66 per cent.

During the first half, Arada unveiled its 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, it said.

It also 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.

Arada has sold over 13,000 homes valued at Dh13.4 billion since the launch of the company in 2017. The master developer has completed 7,400 homes, with another 4,000 currently under construction.

In the first six months of the year, Arada completed 1,238 homes.