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Sharjah developer Arada said it has registered a 46% jump in the sales of its properties last year mainly due to the group's aggressive expansion into new markets and growing demand for affordable housing in the emirate.
In total, Arada sold 2,268 homes last year, taking its sales to AED3.51 billion ($955 million). However, this was slightly down when compared to the previous year, as home buyers continued a recent trend of investing in larger and higher-value villas and apartments.
Announcing its key achievements, Group CEO Ahmed Alkhoshaibi said: "2022 was a transformative year for Arada on a number of fronts, as we built on our market-leading position in Sharjah by launching the first in a series of projects we have planned for the Dubai market."
Its debut project outside Sharjah, Jouri Hills, is coming up within the Dubai master community Jumeirah Golf Estates.
Alkhoshaibi said it had witnessed strong sales at its existing communities, Masaar and Aljada.
"Our best-performing project in terms of sales was once again Masaar, the upscale forested community located in the up-and-coming Al Suyoh district of Sharjah. In total, the developer sold property with a combined value of AED2.26 billion," he noted.
"Demand for property in Aljada, Sharjah’s largest ever mixed-use project, also remained high with the value of homes sold during 2022 reaching AED1.05 billion," he added.
Alkhoshaibi pointed out that it was heavily focused on delivering quality homes surrounded by world-class amenities in ideally located communities, and this is a proposition that is clearly being welcomed by buyers.
It had completed 3,982 units at its communities in 2022, including the last phase at its first project, Nasma Residences, which is now fully finished and handed over.
"Following the successful closure of our sukuk last year, we are extremely well-placed to continue our rapid expansion in 2023 by launching new projects, redoubling our construction efforts to deliver another 3,000 homes in the year ahead and welcoming ever more visitors to our communities," he added.-TradeArabia News Service