Khaleej Times: Why investing in Sharjah property is a no-brainer
News: 16 January 2018
The emirate offers good price points and promising yields, says developer
Khaleej Times: 16 January 2018
The Sharjah real estate market did not get its due until the government relaxed rules and opened investment to expatriate buyers on 100-year leases in 2014. This decision resulted in a handful of developers launching large, master-planned communities to tap Arab as well as non-Arab investors and end-users. Arada was the new kid on the block in 2017, having launched two master communities – Nasma Residences and Aljada – in Sharjah.
It wasn’t our intention to launch two massive master developments in the same year. Arada has a charter to focus on creating prime and quality communities. We had our eyes on Dubai, Sharjah, Saudi Arabia and other international markets such as Italy, London and Sydney. But, the UAE is our focus point. Sharjah is a hidden gem. There is a 10 per cent transactional gap between Sharjah and Dubai. We wanted to be the first mover to capitalise on Sharjah’s untapped potential. No one has given it the merit it deserves,” said Ahmed AlKhoshaibi, Arada’s CEO.
According to Craig Plumb, head of research, JLL Mena: “The main attraction of projects in Sharjah is their lower cost than Dubai. While it clearly varies from project to project, JLL estimates that residential prices in Sharjah are currently 30 per cent to 40 per cent lower in Sharjah for product of similar quality.”
“Another attraction is the location of new projects such as Aljada. These projects are providing expatriate families with access to good quality family housing to purchase in Sharjah for the first time.”
The $6.5 billion (Dh24 billion) Aljada is a massive master community spanning 24 million sq ft and split into 10 phases, each including 1,000 residential units each. Phase one has already been released to the market and only a few hundred units remain to be sold. The developer plans to release phase two by the end of January and the entire community will be ready by 2025.
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