Sharjah realty transactions hit Dhs3.6 billion in first quarter

Inayat-ur-Rahman

Sharjah has recorded up to 18,537 restate transactions, worth Dhs 3.6 billion, in the first quarter of 2020, as per the latest report of the Sharjah Real Estate Registration Department (SRERD).

The said transactions were recorded in 129 areas covering 8.9 million square feet, according to Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department.

“This proves that the real estate sector in Sharjah is founded on strong bases thanks to the directives of His Highness Sheikh Dr Sultan Bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, and the follow-up of  Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of the Executive Council of Sharjah.”

His Highness has always been so keen to build up a real estate sector capable of overcoming tough situations and challenges, including the ongoing Coronavirus (COVID-19) outbreak, he added. “This confirms the Emirate’s position as a central hub for real estate investors.”

Al Shamsi paid tributes to the incentives and decisions recently approved by the Government of Sharjah in support to government and private institutions, business sectors and individuals.

“These included a three-month exemption from annual fees for economic establishments,” he said. “The decisions covered all aspects of institutional and community work.”

“This also underscores the position of Sharjah as an attractive and supportive environment for business, foreign and direct investments, as well as local, regional and global investors.”

Al Shamsi said up to 3,204 title deeds transactions were recorded, in comparison to 883 initial sale contracts transactions, 750 transactions mortgage deals, and 234 assessments transactions.

Up to 729 sales transactions were registered across the Emirate in the first quarter of the year. Most of these were recorded in Sharjah city with 632 transactions valued at AED 967,402,709. These covered 75 regions, led by Al Khan, Al Nahda, and Al Tai, where most apartments were registered.

The Central Region recorded 20 sales transactions, worth Dhs 11,630,311, across 19 areas, as compared to 32 transactions, worth Dhs 26,180,557, across 13 areas in Khor Fakkan, 40 transactions, worth Dhs 15,830,000, across 18 areas in Kalba city, and 5 sales transactions, worth Dhs 3,623,500, across (4) areas in Dibba Al Hisn. Residential properties ranked first in the sales transactions in the first quarter of the year with 507 transactions, that constituted 69.5% of the total transactions. These were followed by the industrial properties with 101 transactions, or 13.9%, the commercial properties with 97 transactions, or 13.3%, and finally the agricultural properties with 24 transactions, or 3.3% of the total transactions.

Up to 750 mortgage transactions, worth Dhs 1.9 billion, were recorded in Sharjah in the first quarter of the year. Investors from 37 nationalities worldwide were involved in the reported real estate transactions in the Emirate of Sharjah in the first three months of the year 2020.

These included 2,896 GCC investors who traded 3,614 properties, worth Dhs 3.1 billion, and 500 foreign investors who traded 473 properties, worth Dhs 500 million.

Meanwhile, 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 68% of construction on the first phase of the multi-use project “Al Mamsha” has been completed.