Arada sets $2.7bn sales target on UAE market optimism

Arada

UAE real estate developer Arada expects sales to hit AED10 billion ($2.72 billion) in 2024, a 42.5 percent increase from AED7.02 billion achieved last year.

The higher sales will be driven by continued global interest in the UAE real estate sector.

The developer sold 2,824 homes in 2023, a 25 percent gain year on year, as buyers bought larger and higher-value villas and apartments.

• Abu Dhabi property service charges cut by 6% in 2023
• Arada’s $163m land plot to house 50-floor residential tower
• Dubai mortgage surge as tenants flee rent rises

Masaar, a high-end forested community in the Al Suyoh district of Sharjah, topped the sales list by closing AED3.64 billion deals.

Demand for property in Aljada, Sharjah’s mixed-use project, remained high, with sales reaching AED1.53 billion.

Jouri Hills at Jumeirah Golf Estates, Dubai, reported sales of AED1.88 billion.

“We continue to monitor locations across the UAE, and will be launching another two luxury projects in the first half of this year,” Ahmed Alkhoshaibi, group CEO of Arada, said.

Prince Khaled bin Alwaleed bin Talal, vice chairman of Arada, added that 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.

Property sales in Sharjah rose 14.6 percent year on year in the first nine months of 2023 to AED19 billion, according to the Sharjah Real Estate Registration Department.

Meanwhile, Dubai real estate sales reached a 10-year high at 112,000 in 2023, compared to 92,000 a year ago.

Arada has sold more than 13,000 units with a combined value of AED16.3 billion since its foundation in 2017.