Property development company Arada has reported a 30 percent growth in the value of the property sold in the first six months of 2022.
The developer sold homes valued at AED1.49 billion ($405 million) at its two Sharjah megaprojects, Aljada and Masaar, thanks to ongoing demand for spacious, green integrated communities.
The first half results saw completion of the company’s first public financing deal, a $350 million sukuk issuance.
The results also come against the continuing strong performance of the Sharjah property market, which saw a 65 percent increase in the total value of property sold in 2021 to AED26.2 billion, compared to the previous year, according to data released by Sharjah Real Estate Registration Department.
Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said, “Our performance in the first half of the year is proof once again of both the resilience of the Sharjah market, which continues to see steady and sustainable growth, and of the interest in our product. In particular, Arada is witnessing exceptional demand for well-designed homes, with great facilities and competitive pricing.”
Ahmed Alkhoshaibi, Group CEO of Arada, said, “These strong results put us firmly on track for our overall sales target of AED3 billion in property sold by the end of this year. As we look ahead to the second half of 2022, we have a strong pipeline of new launches, including our first Dubai project, which will help consolidate our sales further and achieve the ambitious targets we set for ourselves earlier this year.