Sharjah realty market growing

Business Bureau, Gulf Today

The investment landscape in Sharjah is flourishing and wooing investors from inside and outside the country thanks to the directives of His Highness Dr Sheikh Sultan Bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, which are aimed at establishing an investment-conducive real estate ecosystem underpinned by stimulating, supportive and rewarding laws and facilities that drive economic growth, said Issa Ataya, Managing Director, Alef Group.

The Sharjah-based developer Alef Group - a pioneer in developing premier lifestyle communities, destinations and experiences through investment and strategic joint ventures - has announced that the first phase of Al Mamsha, Sharjah’s first fully walkable community project, is set for delivery by the end of December 2020.

The Dhs3 billion Al Mamsha project is strategically located beside 88 shops and an extensive range of residential and active retail and leisure districts.

Up to 62% of the flagship project’s Phase I has been completed, while 41% of Phase II, which consists of 927 housing units, has been accomplished and the handover is projected to start by the beginning of June 2021. Ataya added: “The Emirate of Sharjah has fully realised the importance of the real estate sector and its direct and indirect impact on the rest of economic sectors and platforms, driving prosperity and development, and ultimately ensuring decent life for Emiratis and residents alike. Therefore, resilient laws and legislation have been introduced to guarantee and protect the rights of foreign and local investors.”

Ataya believes that the real estate boom now witnessed in the emirate is the result of the synergy and concerted efforts made by various government departments and agencies concerned, to establish an integrated business environment where diverse real estate products are being launched in a way that caters for the divergent needs of Arab and foreign investors.