Something special is happening in Sharjah. The government’s decision in 2014 to open up the real estate sector to all nationalities is still a relatively new market for many real estate investors and we’ve secured first mover advantage.
Visitor numbers and companies setting up shop are growing faster in Sharjah than ever before. Real estate transactions in the emirate rose by 37 percent in the third quarter against the same period a year earlier. Naturally, all of this can only be beneficial for the UAE as a whole.
Founded in January 2017, the UAE’s newest developer, Arada, launched its first project, Nasma Residences in Sharjah, in March. The first phase of the 800-strong villa and townhouse community sold out in just under a month, making it Sharjah’s fastest-selling residential project.
On that success, we launched what will be transformational for Sharjah. Aljada, an AED24bn project located in the last large plot of undeveloped land in the heart of the city, was unveiled in September. It also had an immediate impact on buyers, selling out just under 500 units a little over a week after its launch.
In December, we announced, with our partner Basma Group, a top-drawer luxury brand to the emirate, Anantara Sharjah Resort, which will open its doors in 2020. But as exciting and fast-paced as 2017 has been, 2018 should be even better.
This is a difficult time for countries here in the Gulf. On the macroeconomic side, many governments have tightened their belts, thanks to the lower oil price. When it comes to real estate in particular, concerns about oversupply, particularly over the next couple of years, have led to price adjustments.
But at Arada we have our hands full. By the end of the first quarter, we will have started work on Aljada, and by the end of the year, we will have handed over our first homes to buyers in Nasma Residences. Along the way, there will new partnerships announced that we hope will bring a great deal of excitement to the city.
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