Arada has reported exceptional year-to-date sales, despite a quieter period for the UAE property market, during the run-up to the Middle East’s largest real estate showcase, Cityscape Global. In the year until August, the developer said that the value of its sales had grew by 30% on the same period in 2018, with 1,801 units sold, up by 86%. In total, Arada has now sold 4,200 units across both its Sharjah-based communities.
Arada 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, which takes place between 25-27 September at the Dubai World Trade Centre. Visitors to Arada’s stand in Hall 4 will be greeted with special prices and payment plans. 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’s 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. 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. This figure is already 65% of the total value of transactions for the whole of 2018.
HE 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. We have achieved those results by listening to our buyers, tailoring our products to the needs of our consumers and providing real estate investment opportunities that we don’t believe can be found anywhere else in the Gulf.”
Aljada is a master-planned destination with a sales value of AED24 billion that is set to transform the future of Sharjah, which was unveiled in 2017 by HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah.
Sharjah’s largest ever mixed-use community, Aljada is ideally situated on the last major plot of undeveloped land in the heart of the city. The 24 million square foot megaproject has exceptional connectivity to surrounding areas, and is an all-encompassing district that comprises considerable retail, leisure and entertainment options, in addition to a wide range of residential and commercial offerings.
Construction on Aljada is well under way, with the first homes scheduled to be handed over in the first quarter of 2020. The first phase of the Central Hub, the UAE’s newest leisure and entertainment destination, which has been designed by Zaha Hadid Architects, will be opened before the end of this year.
Arada’s first project, Nasma Residences, was launched in March 2017. Featuring landscaped parks, two retail centres, a GEMS international school, plenty of sports facilities and a mosque, Nasma Residences sets a new standard for Sharjah communities. Construction on Nasma Residences began last year, and Arada is currently in the process of handing over homes in Phase 2 of the project. The entire community will be completed by June 2020.