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DUBAI / WAM
Arada has reported a doubling of sales during 2023 to AED7.02 billion following unprecedented demand for its premium communities in Sharjah and Dubai.
The master developer saw a 100 percent increase in the total value of property sold compared to the previous 12 months, buoyed by continued international interest in the UAE property markets.
In total, Arada sold 2,824 homes in 2023, a 25 percent gain on the previous year, once again reflecting the recent trend of buyers investing in larger and higher-value villas and apartments.
During the year, Arada also completed 2,610 homes at the AED35 billion Aljada megaproject, Sharjah’s largest mixed-use destination and the AED9.5 billion Masaar forested master community in the Suyoh district of Sharjah. A total of 3,300 homes are currently under construction across Aljada, Masaar and the Jouri Hills at Jumeirah Golf Estates community in Dubai.
HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said: “Our strategic vision involves creating spaces that enable people to lead happier, healthier, more sustainable and more meaningful lives. A long-term approach that focuses on people has once again yielded exceptional results, reinforced by continuing strong demand for high-quality communities in Dubai and Sharjah.”
Ahmed Alkhoshaibi, Group CEO of Arada, said “Another robust sales and delivery performance has set the foundation for 2024, where we have set a target of AED10 billion in terms of the value of total property sold. We continue to monitor locations across the UAE, and will be launching another two luxury projects in the first half of this year.”
Arada’s best-performing project in terms of sales in 2023 was Masaar, the high-end forested community located in Al Suyoh district of Sharjah. In total, the developer sold property valued at AED3.64 billion at the project.
Demand for property in Aljada, Sharjah’s largest ever mixed-use project, remained high with the value of property sold during 2023 reaching AED1.53 billion. In Dubai, Jouri Hills at Jumeirah Golf Estates sold out in 2023, achieving AED1.88 billion in sales.
Arada’s sales figures have been bolstered by the strong performances of property markets in both Sharjah and Dubai.
Recent data issued by the Sharjah Real Estate Registration Department showed a 14.6 percent rise in the value of property sold in the first nine months of 2023 to AED19 billion, compared to the same period a year previously. Meanwhile the Dubai real estate reached at a ten-year high in 2023 in terms of annual transactions, which reached 112,000, compared to 92,000 in the previous year.
Since its foundation in 2017, Arada has sold more than 13,000 units with a combined value of AED16.3 billion. The master developer manages a portfolio of five projects across Dubai and Sharjah, including the recently launched Armani Beach Residences at Palm Jumeirah, worth a combined value of AED52 billion.