Sharjah Real Estate

Arada sales hit $1.9bn amid Sharjah real estate boom

Sharjah real estate saw property market increase, Arada doubles sales.

Arada, a master developer in Sharjah and Dubai, has reported a 100% increase in the total value of property sold during 2023 to AED7.02bn ($1.9bn). The company sold 2,824 homes in 2023, a 25% gain on the previous year, reflecting the recent trend of buyers investing in larger and higher-value villas and apartments. During the year, Arada completed 2,610 homes at the AED35bn ($9.5bn) Aljada megaproject, Sharjah’s largest mixed-use destination, and the AED9.5bn ($2.6bn) Masaar forested master community in the Suyoh district of Sharjah.

Currently, a total of 3,300 homes are under construction across Aljada, Masaar, and the Jouri Hills at Jumeirah Golf Estates community in Dubai. Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said: “Our strategic vision involves creating spaces that enable people to lead happier, healthier, more sustainable and more meaningful lives".

“A long-term approach that focuses on people has once again yielded exceptional results, reinforced by continuing strong demand for high-quality communities in Dubai and Sharjah.”

Ahmed Alkhoshaibi, Group CEO of Arada, announced that the company has set a target of AED10bn ($2.7bn) in terms of the value of total property sold for 2024, following a robust sales and delivery performance in 2023.

Arada’s best-performing project in terms of sales in 2023 was Masaar, the high-end forested community located in Al Suyoh district of Sharjah, where the developer sold property valued at AED3.64bn ($992mn). Demand for property in Aljada, Sharjah’s largest ever mixed-use project, remained high with the value of property sold during 2023 reaching AED1.53bn ($417m). In Dubai, Jouri Hills at Jumeirah Golf Estates sold out in 2023, achieving AED1.88bn ($511m) in sales. Arada’s sales figures have been bolstered by the strong performances of property markets in both Sharjah and Dubai.

Recent data issued by the Sharjah Real Estate Registration Department showed a 14.6 percent rise in the value of property sold in the first nine months of 2023 to AED19bn ($5.2bn), compared to the same period a year previously. Meanwhile, the Dubai real estate reached a ten-year high in 2023 in terms of annual transactions, which reached 112,000, compared to 92,000 in the previous year. Since its foundation in 2017, Arada has sold more than 13,000 units with a combined value of AED16.3bn ($4.4bn).

The master developer manages a portfolio of five projects across Dubai and Sharjah, including the recently launched Armani Beach Residences at Palm Jumeirah, worth a combined value of AED52bn ($14.2bn).