Master developer Arada reported that its sales doubled to AED 7.02 billion because of unprecedented demand for its premium communities in Dubai and Sharjah.
The total value of property sold increased by 100% as compared to the last 12 months, as the international interest in the property market of the UAE gave sales a boost.
In 2023, Arada sold a total of 2,824 homes, which was a gain of 25% from a year earlier, which also reflected the trend of buyers making investments in higher-value and larger apartments and villas.
During the year, a total of 2,610 homes were also completed by Arada in the Aljada megaproject, which is worth AED 35 billion.
It is the largest mixed-use destination in Sharjah and also the Masaar forested master community in Sharjah’s Suyoh district, which is valued at AED 9.5 billion.
The total number of homes that are under construction are 3,300 and they are spread across Masaar, Aljada and Jouri Hills in Dubai at Jumeirah Golf Estates community.
Vice Chairman of Arada, HRH Prince Khaled bin Alwaleed bin Talal, said that their vision is to create spaces that allow people to live healthier, happier, more meaningful and sustainable lives.
He added that their long-term approach has delivered exceptional results, as it is reinforced by the continuous strong demand for prestigious communities in Sharjah and Dubai.
The Group CEO of Arada, Ahmed Alkhoshaibi, said that robust delivery and sales performance had laid the foundation for this year.
He added that their target of the total value of property sales in this year is AED 10 billion and they are monitoring locations across the UAE and would launch another two luxury projects in the first half of 2024.
In terms of sales last year, the best-performing project for Arada was the forested community, Masaar, which is located in Sharjah’s Al Suyoh district.
The total value of property that the developer sold at the high-end project stood at AED 3.4 billion. There was also high demand for property in Aljada.
This is the largest ever mixed-use project in Sharjah and the total value of property sold in this project in 2023 stood at AED 1.53 billion.
In 2023, Jouri Hills at Jumeirah Golf Estates in Dubai sold out and the total sales figure reached AED 1.88 billion.
The strong performance recorded in property markets of both Dubai and Sharjah has bolstered the sales figures of Arada.
The Sharjah Real Estate Registration Department recently issued data showing that in the first nine months of 2023, there was a 14.6% increase in the value of property sold, which reached AED 19 billion.
As for Dubai, the annual real estate transactions reached a ten-year high in 2023, as they climbed to 112,000, while they had been 92,000 a year earlier.
Arada was founded in 2017 and since then, it has sold a total of 13,000 units that have a combined value of AED 16.3 billion. Its portfolio comprises of five projects spread across Sharjah and Dubai.