Arada reported a doubling of sales during 2023 to AED 7.02 billion following unprecedented demand for its premium communities in Sharjah and Dubai.
The leading developer saw a 100 per cent increase in the total value of property sold compared to the previous 12 months, driven by continued international interest in the UAE property markets.
Total, Plowing sold 2,824 homes in 2023, an increase of 25 percent on the previous year, once again reflecting the recent trend of buyers investing in larger, higher-value villas and apartments.
During the year, Plowing It also completed 2,610 homes in the AED 35 billion Aljada megaproject, Sharjah’s largest mixed-use destination, and the AED 9.5 billion Masaar forested master community in Sharjah’s Suyoh district. A total of 3,300 homes are currently under construction in Aljada, Masaar and Jouri Hills in the Jumeirah Golf Estates community in Dubai.
HRH Prince Khaled bin Alwaleed bin Talal, Vice President of Arada, saying:
“Our strategic vision involves creating spaces that allow people to live happier, healthier, more sustainable and more meaningful lives. A long-term people-centric approach has once again delivered exceptional results, reinforced by the continued strong demand for high-quality communities in Dubai and Sharjah.”
Ahmed Alkhoshaibi, CEO of Arada Groupsaying
“Another strong performance in sales and deliveries has set the stage for 2024, where we have set a target of AED 10 billion in terms of the total value of property sold. “We continue to monitor locations in the UAE and will launch two more luxury projects in the first half of this year.”
PlowingThe best performing project in terms of sales in 2023 was Masaar, the high-end forest community located in the Al Suyoh district of Sharjah. In total, the developer sold properties valued at AED 3.64 billion in the project.
Demand for properties in Aljada, the largest ever mixed-use project in Sharjah, remained high with the value of properties sold during 2023 reaching AED 1.53 billion. In Dubai, Jouri Hills at Jumeirah Golf Estates sold out in 2023, achieving sales of AED 1.88 billion.
PlowingSharjah’s sales figures have been boosted by the strong performance of the property markets in both Sharjah and Dubai.
Recent data released by the Sharjah Real Estate Registration Department showed a 14.6 percent increase in the value of properties sold in the first nine months of 2023 to AED 19 billion, compared to the same period of the last year. Meanwhile, Dubai’s real estate sector hit a ten-year high in 2023 in terms of annual transactions, which reached 112,000, up from 92,000 the previous year.
Since its founding in 2017, Arada has sold more than 13,000 units with a combined value of AED 16.3 billion. The major developer manages a portfolio of five projects in Dubai and Sharjah, including the recently opened Armani Beach Residences on Palm Jumeirah, worth a combined AED 52 billion.
News source: Emirates News Agency