Monday, May 27, 2024

Arada Reports Remarkable Surge in 2023 Sales, Doubling to Dh7.02 Billion

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In a year marked by soaring demand for luxury living, Arada, a leading master developer, has doubled its sales to an impressive Dh7.02 billion in 2023. The surge reflects a growing appetite for premium residences in Sharjah and Dubai, highlighting the success of Arada’s strategic vision focused on enhancing life through exceptional living spaces.

Key Highlights of 2023

  • Sales Achievement: Arada sold 2,824 homes, witnessing a 25% increase from the previous year, with a noticeable trend towards larger and more luxurious villas and apartments.
  • Project Completions: The company celebrated the completion of 2,610 homes within the Aljada megaproject and the Masaar forested master community, contributing significantly to the year’s success.
  • Ongoing Developments: An additional 3,300 homes are under construction, promising continued growth and development across Arada’s prestigious projects.

Strategic Vision and Future Outlook

Prince Khaled bin Alwaleed bin Talal, Arada’s vice-chairman, attributed the exceptional sales performance to the company’s commitment to creating meaningful, sustainable living spaces. Looking forward, Arada sets an ambitious sales target of Dh10 billion for 2024, with plans to launch two luxury projects in the first half of the year.

Project Performance

  • Masaar: The standout performer, generating Dh3.64 billion in sales, this Sharjah-based forested community has captured significant interest.
  • Aljada: Continues to attract attention as Sharjah’s largest mixed-use development, contributing Dh1.53 billion in sales.
  • Jouri Hills at Jumeirah Golf Estates: Achieved complete sell-out in Dubai, with Dh1.88 billion in sales.

Market Impact

The robust sales underscore the dynamic property markets in Sharjah and Dubai. Sharjah witnessed a 14.6% increase in property value in the first nine months of 2023, while Dubai’s real estate transactions hit a ten-year high, underscoring the region’s growing prominence as a real estate hub.

Since its inception in 2017, Arada has sold over 13,000 units valued at Dh16.3 billion, managing a diverse portfolio across Dubai and Sharjah. With the recent launch of Armani Beach Residences at Palm Jumeirah, Arada continues to expand its footprint, reinforcing its position as a master developer of choice in the UAE’s luxury real estate market.

 

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