Arada says its strong sales figures come against a backdrop of challenging conditions in the UAE property market
Developer Arada said on Tuesday it has sold more than 1,800 homes so far this year, up 86 percent on the same period in 2018.
Despite a quieter period for the UAE property market, Arada said that the value of its sales had grew by 30 percent on the same period in 2018.
In total, Arada said it has now sold 4,200 units across both its Sharjah-based communities.
Arada added that it will be showcasing both Aljada, the emirate’s largest mixed-use megaproject, and Nasma Residences, which became Sharjah’s fastest-selling community when its first phase sold out in less than a month, during Cityscape Global on September 25-27 at the Dubai World Trade Centre.
The developer will be focusing on selling the last remaining units at Nest, the student housing complex based within Aljada, which enables individual real estate investors to purchase directly in this lucrative asset class for the first time in the Gulf.
Arada said its strong sales figures come against a backdrop of challenging conditions in the UAE property market as a whole, where concerns over supply and demand and consumer sentiment have led to softer prices in some sectors.
It added that the Sharjah market has remained resilient, with Sharjah Real Estate Registration Department, the government regulator, announcing in July that AED14.7 billion had been invested in local property in the first half of 2019, 65 percent of the total value of transactions for the whole of 2018.
Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said: “These excellent results are testament to the strength of Sharjah’s property sector, where demand has endured and prices have remained stable in comparison to other markets in the region.”
Aljada is a master-planned destination with a sales value of AED24 billion that was unveiled in 2017 by Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah.
Construction on Aljada is well under way, with the first homes scheduled to be handed over in the first quarter of 2020.
Arada’s first project, Nasma Residences, was launched in March 2017 and is set to be completed by June 2020.