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Sun 9 Aug 2020 10:12 AM

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Developer Arada launches 'luxury garden community' as demand for Sharjah real estate holds firm

Release of 114 units at megaproject Aljada brought forward from Q4 as investor interest rises

Developer Arada launches 'luxury garden community' as demand for Sharjah real estate holds firm

The Sharjah real estate market appears to have remained more insulated from the slower sentiment affecting other property markets elsewhere in the Gulf.

Sharjah-based developer Arada has announced that it is launching sales of a new community at its $6.5bn (AED24m) megaproject, Aljada.

The company said that 114 villas and townhouses at Sarab 2, which it billed as a ‘luxury garden community’, would go on sale on Monday 10 August.

In a statement, Arada said it had brought forward the launch following the successful sellout of the previous Sarab project, due to increased demand from buyers.

The Sharjah real estate market appears to have remained more insulated from the slower sentiment affecting other property markets elsewhere in the Gulf.

The total value of property transactions rose by 4 percent in Sharjah during the first six months of the year, compared to the same period in 2019, according to data provided in July by the emirate’s real estate regulator.

Arada announced in July that its own sales rose by 10% during the same period, largely due to increased investor interest from UAE nationals, as well as the completion of projects.

“It is extremely encouraging to see how well the Sharjah market continues to perform even amid such challenging circumstances,” Arada chairman Sheikh Sultan bin Ahmed Al Qasimi said in a press release.

“We had initially planned to announce this exciting new community in the fourth quarter of 2020, but the demand we have witnessed from both investors and end-users for homes in Aljada has forced us to bring the launch forward. This is a rare opportunity to purchase property in a villa community at Aljada, and as such, we expect that these homes will be welcomed by buyers.”

Also in August, Arada awarded a $115m contract to build East Village, the second phase of Aljada, to a local contractor.

The developer also plans to hand over the first homes in the megaproject, Sharjah’s largest, in the third quarter of this year.

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