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Sharjah real estate growth driven by regulatory amendments, stable market

Arada CEO sees strong prospects in addressing the gap in the Emirate’s market for integrated communities, provides update on Nasma Residences project

| | Aug 18, 2019 | 12:12 pm
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Ahmed Alkhoshaibi

SHARJAH, UAE, 18 August 2019: While other markets around the Gulf have seen large price swings over the course of the last decade, Sharjah’s market has remained relatively stable, said Ahmed Alkhoshaibi, CEO, Arada. “Couple that with the demand brought on by the regulatory changes, and it’s easy to see why companies like Arada have continued to sell at such a strong pace,” he said. “We have now sold nearly 4,000 units since our first project was launched a little over two years ago, and 2019 has seen no let-up in investor demand. In fact, despite market conditions that you might see elsewhere in the region, our two highest-selling months have both come this year, in March and June.”

Alkhoshaibi said that Sharjah has proved to be a great market for Arada. “The change in legislation to allow all nationalities to purchase in Sharjah occurred only relatively recently, in 2014, while another change to allow everyone to buy property without residency was completed only last year,” he said. “These regulatory amendments have resulted in significant demand in Sharjah property, not only from expatriates who had been living in the Emirate for many years but also from outside investors, attracted by a fast-growing economy that is complemented by rising tourism numbers, a flourishing education sector and significant cultural assets.”

Nasma Residences

Alkhoshaibi added that the company has chosen Sharjah to launch its business, because the Emirate gives an opportunity for a developers with ambition and scope to take advantage of an existing market gap for integrated communities. “Our Chairman and Vice Chairman, H.E. Sheikh Sultan bin Ahmed Al Qasimi and H.R.H. Prince Khaled bin Alwaleed bin Talal, could see that there were at the time of Arada’s launch no integrated communities in Sharjah,” he said. “By this, I mean that there was a lack of the kind of community, where residents could live, work and play all in the same place.”

Alkhoshaibi explained that Arada’s projects focus on design, amenities and price. He added that the first project, Nasma Residences, was launched in March 2017 and rapidly became Sharjah’s fastest-selling community, when its first phase sold out in less than a month. Alkhoshaibi said that the Nasma Residences is located over a five-million-square-foot area in the Al Tay suburb of Sharjah and that while it is primarily a residential community, featuring more than 900 villas and townhouses, it also includes Nasma Square, a 70,000-square-foot shopping centre, and Nasma Central, a 54,000-square-foot community centre, three parks, a mosque and a GEMS international school. “We are currently in the process of handing over our first homes in the first phase of the project, with construction ongoing in the other four phases,” he said, adding Arada anticipates the entire community will be completed by the end of Q2 2020.

 

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Hannah Jo Uy is Assistant Editor at Climate Control Middle East magazine. She may be contacted at hannah@cpi-industry.com


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