Sharjah realty transactions hit Dhs4.6b in Q3
- 15 Nov 2020
Inayat-ur-Rahman, Deputy Business Editor
The real estate sector in the emirate of Sharjah has recorded a (10%) growth in the real estate transactions concluded in the third quarter of 2020 as compared to the same period last year. Figures show that up to (14,854) real estate transactions, worth Dhs4.6 billion, were sealed over Q3 this year.
The sales transactions recorded in the third quarter covered (14.6) million square feet, as per the latest quarterly report of the areas and cities of the emirate issued by the Sharjah Real Estate Registration Department (SRERD).
Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, said the reported growth is mainly attributed to the series of stimulus decisions recently taken by the Government of Sharjah to contain the effects of the COVID-19 global pandemic.
“The support given to all government and private entities, business and individual sectors, included an extended three-month exemption of the annual licence renewal fees for economic establishments, a discount of (50%) on delayed fines and violations for economic establishments, and a discount of (50%) on the licence fees for industrial establishments to help boost the contribution of the industrial sector to the gross domestic product.”
A further discount was also granted on the insurance and supply fees of electricity, water and natural gas services for the owners of economic, commercial and industrial establishments who were permitted to pay due fees in instalments over two years to reduce their financial burden, Al Shamsi elaborated.
Al Shamsi said the decisions, covering all aspects of institutional and community work, proves that Sharjah is once again a stimulating and supportive environment for business and foreign direct investments. “This enhances the regional leadership and global position of the emirate which secures an appropriate environment for investors and customers locally and abroad.”
Reducing the fees on the sale value from (4%) to (2%) for non-GCC purchasers until March 31, 2020 was also a major decision, he underlined. “This new decision, along with the latest stimulus package, has led to a rapid recovery of the real estate sector here that continues to play a pivotal role in the progress and prosperity of the emirate.”
Completing previous projects and launching new ones, like the development projects recently accomplished in the Eastern Region, sent an important message to the investors about the stability of the economic situation in the emirate despite the pandemic, Al Shamsi said. “The emirate was not affected by the global crisis thanks to the insightful vision of the prudent leadership and its passion to keep work as per set plans.”
Al Shamsi said the main branch accounted for (95.7%) of the total real estate investments value recorded in the third quarter of 2020.