Although the sales trend remained on the lower side owing to the global pandemic, Arada, a UAE-based developer, recently announced that it recorded a 10% increase in the number of sales during H1, 2020. With the company’s project located in Sharjah, it has attributed this feat i.e. increase in sales to the flexibility and resilience of the Sharjah real estate market.
The fact that COVID-19 has impacted the UAE real estate market can certainly not be denied. Due to this factor and oversupply in the market, the first half of 2020 didn’t live up to the mark as far as the property market is concerned. You can have a detailed look here at how Dubai real estate market fared in H1, 2020.
Sharjah property market has shown resilience in previous years. In 2019, the value of transactions rose by 7% as compared to those of last year. Arada too, reported an increase of 33% in its sales in contrast to the previous year.
Developed by Arada, Aljada, a mixed-use community worth $6.5bn, witnessed a 6% increase in the sales during the first half as compared to the same duration in 2019. Similarly, another notable development helmed by the company, Nasma Residence, also experienced a hike. This $740 m project featuring 1,000 units has grown by 21% in this duration. The project is nearing its completion.
Another remarkable feat achieved by the company is selling an apartment block featuring 153 units within a week in the month of June.
As per Arada’s representatives, the sales figure was mainly triggered due to the completion of Aljada’s first part. The quick completion helped the project gain more attention from Emirati buyers and investors seeking property for sale in Sharjah. Mr Sheikh Sultan bin Ahmed Al Qasimi, Arada’s chairman, is of the view that the results they have accomplished testify that there is a demand for quality real estate residences in Sharjah. As Arada offers well-designed residences laced with modern facilities, the demand for their projects have grown in recent years. He also believes that the property market in this region has remained on the stable side during the last decade.
As per Prince Khaled bin Al Waleed Talal, vice chairman of Arada, the company is looking forward to launching more projects, partnerships, and handing over completed projects in the 2nd half. He believes that it will help the developer to cement its position as one of the “most active and resilient developers” in Sharjah.
The CEO of Arada, Mr Ahmed Alkhoshaibi, believes that the last six months were challenging yet immensely rewarding. With the completion of Aljada’s first part in February, buyers were able to visit the site and get a real feel of the project along with knowledge of the completion status. This reflected in the number of sales as they have grown in the recent times.