Arada Achieves Record-Breaking Sales in First Half of 2023, Driven by Strong Buyer Demand
Arada, the renowned master developer, has announced an exceptional sales performance during the first half of 2023, as buyer demand for its lifestyle communities in Sharjah and Dubai continues to accelerate. The company recorded an astounding 186% increase in sales compared to the same period in the previous year, with the total value of properties sold reaching an impressive AED4.26 billion.
Over the course of the first six months, Arada successfully sold 1,616 homes across its communities, marking a substantial 23% growth compared to the corresponding period in 2022. HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, expressed his satisfaction with the results and emphasized the company’s commitment to providing attractive investment opportunities that create lasting value and offer exceptional lifestyle experiences within meticulously designed communities supported by world-class services.
Prince Khaled stated, “It’s very clear that owners are responding favorably 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.”
Arada’s standout performer in terms of sales was Masaar, the expansive forested megaproject located in the thriving Suyoh district of Sharjah. During the first half of 2023, Arada sold 813 homes in Masaar, valued at AED2.34 billion, representing a remarkable 200% increase compared to the same period in the previous year. With only one phase left to launch, Masaar is on track to be completely sold out by the third quarter of this year.
Jouri Hills at Jumeirah Golf Estates, Arada’s debut project in Dubai, launched in late 2022 and has witnessed robust buyer demand, aligning with the global interest in Dubai’s real estate market. In the first half of 2023, Arada sold 169 luxury villas in Jouri Hills, with a total value of AED1.29 billion.
Buyer interest also surged in Aljada, Sharjah’s largest mixed-use destination, where 634 homes were sold in the first half, amounting to AED638 million. Although these figures reflect a slight decline compared to the same period in 2022, Aljada remains a highly sought-after community for prospective homeowners.
Arada achieved significant milestones during the first half of the year, including the completion of 1,238 homes, exclusively located in Aljada. This milestone includes the handover of the second phase of East Village and the completion of The Boulevard, a three-building apartment complex.
Furthermore, Arada announced its signature partnership with the Armani Group and esteemed Japanese architect Tadao Ando for the Armani Beach Residences Palm Jumeirah, which is scheduled to be launched before the end of this year.
The company made its debut on the Nasdaq Dubai exchange in June, with the listing of its $500 million Sukuk. Additionally, Arada ventured into the residential market with the launch of Rove Home Aljada, marking the hotel brand’s first foray into this sector. In the early months of 2023, Arada hosted the Street and Park World Championships, in collaboration with World Skate, an event that served as a qualifying event for the Paris 2024 Olympics. The competition brought 468 skateboarders from around the world to the Aljada Skate Park in Sharjah.
Arada has continued expanding its brand portfolio, securing its first master franchise agreement with the Australian brand Boost Juice, and launching the Artal fashion platform dedicated to women’s traditional clothing in the first half of 2023.
Since its establishment in 2017, Arada has sold over 13,000 homes valued at AED13.4 billion. The company has successfully completed 7,400 homes, with an additional 4,000 currently under construction, demonstrating its commitment to delivering exceptional residential communities that meet the evolving needs and aspirations of modern homeowners.
As Arada celebrates its outstanding sales achievements in the first half of 2023, the developer remains poised to redefine the landscape of real estate in the UAE, providing innovative and desirable properties that enhance the lives of residents while contributing to the nation’s economic growth.
