Sharjah real estate major Arada records $405.6 million property sales in first half of 2022

Most of the home sales in the said period were at the developer’s two megaprojects in Sharjah – Aljada and Masaar, the company said in a statement.

The first half results capped a particularly strong period for Arada, which also saw the award of credit ratings and the successful completion of the company’s first public financing deal, a $350 million sukuk issuance.

Arada’s announcement on its robust performance in the first six months of 2022 comes amidst growing buyer interest in the Sharjah and wider UAE property markets.

The Sharjah property market registered a 65 percent increase in the total value of property sold in 2021 to AED26.2 billion, compared to the previous year, according to data released by Sharjah real estate registration department.

Prince Khaled bin Alwaleed bin Talal, vice chairman of Arada, said Arada was witnessing exceptional demand for well-designed homes, with great facilities and competitive pricing.

Ahmed Alkhoshaibi (below), Group chief executive officer of Arada, said the strong results put the company firmly on track for its overall property sales target of AED3 billion for 2022.

“As we look ahead to the second half of 2022, we have a strong pipeline of new launches, including our first Dubai project, which will help consolidate our sales further and achieve the ambitious targets we set for ourselves earlier this year,” Alkhoshaibi said.

He said the company was now focusing on construction, with nearly 6,500 homes currently being built across our communities.

It is on track to achieving the target of 5,000 homes completed in 2022, Alkhoshaibi said.

During the first half, Arada launched the third phase of its woodland megaproject Masaar, after the AED8 billion Suyoh community’s first two phases were sold out.

Arada also completed the sixth and final phase at Nasma Residences, where all 1,117 homes have now been finished during the first half of this year.