Sharjah’s realty sector blooms despite COVID-19 pandemic

Inayat-ur-Rahman, Deputy Business Editor

The pandemic has proven that the real estate sector in Sharjah and the UAE is strong and flourishing. in 2020, the industry recorded 5.1% growth compared to 2019 and saw real estate transactions increase to  Dhs15.9 billion.

This was stated by Issa Ataya, CEO of Sharjah-based Alef Group, during an exclusive interview with Gulf Today, adding the stimulus packages and incentives launched by the UAE leaders, which saw the reduction of fees on the sale value from 4% to 2% for non-GCC purchasers, played an enormous part in the real estate sector prospering and growing.

He noted that the COVID-19 pandemic has affected many industries and sectors, Alef Group continued to grow and flourish despite the circumstances.

“In the first half of 2020, we reported a 34 per cent increase in sales for our Al Mamsha project. That shows the strength and durability of the real estate sector in the Emirate of Sharjah and of the endless dedication our team showed during unprecedented times. Alef Group’s management team executed a successful crisis management plan, and the results were remarkably positive in doing so.

Elaborating the concept behind Alef Group Ataya mentioned that Alef Group is a private lifestyle experience provided, founded by the late Sheikh Khalid Bin Sultan Al Qasimi in 2013. Headquartered in Sharjah, Alef Group is a pioneer in developing premier lifestyle communities, destinations, and experiences through investment and strategic joint ventures.

“Our mission and vision are closely intertwined, with our aim to develop premier integrated lifestyle communities in Sharjah and beyond and to be an inspirational lifestyle experience provider that enriches people’s way of life” he added

Answering to a question about new projects Ataya mentioned that there were several exciting projects and developments in the pipeline as Alef Group continues to grow and expand.

“We will announce and launch several projects in due course and will continue to deliver and meet the expectations of our stakeholders, investors, and all individuals,” he added.

“Due to the success that we have seen in 2020 and 2021, we will not be needing to implement any cost-cutting throughout the company. Our customers can rest assured that we will continue to deliver our projects to the high standard they know and expect.

“We strive to address quality projects with world-class designs, state-of-the-art amenities and facilities, and high-quality finishes and do not sacrifice the quality of our developments at any given point.” He added.

 Ataya disclosed that the 06 Mall is one of the most important shopping and entertainment destination in the Emirate of Sharjah, which includes a selection of retail stores, restaurants and cafes, world-class entertainment facilities, and various activities and events the mall hosts, contributes to creating an integrated shopping experience that suits all tastes and catering to the needs of the modern-day consumer in the emirate. The mall saw increased footfall in 2021, attracting more brands to our portfolio and offering customers even more services of the highest calibre.

“All eyes will be on the UAE for Expo 2020, and we are pleased to be a part of the world’s most important exhibition. It is a perfect platform for bringing investment opportunities into the country and will undoubtedly boost the country’s economy in all sectors. When Dubai successfully won the bid for Expo, there was a 4% increase in the Emirates stock index.

“The event has and will continue to create thousands of new jobs and increase demand for not only the real estate industry but also hospitality, tourism, retail, education, technology, and healthcare.” Ataya concluded.

Meanwhile, according to the report issued by the Real Estate Registration Department in Sharjah last month, the emirate real estate sector achieved a volume of transactions amounting to Dhs 6.7 billion during the first quarter of 2021, with a growth rate of 84.9% compared to the first quarter of 2020. Furthermore, the total number of transactions executed in the past three months reached 20,448 transactions, with an increase of 10.3% compared to the same period last year. In addition, the total traded area in the emirate reached 60.3 million square feet.

In this context, Abdulaziz Ahmed Al-Shamsi, Director General of the Real Estate Registration Department in Sharjah, stated that the outcome of the real estate transactions in the emirate during the first quarter of 2021, is an evidence of the sector’s gradual recovery. In addition, investors’ confidence was restored through the benefits of the set of incentives, facilities, and exemptions that was presented in November by Sharjah government, represented by the Executive Council of the emirate.


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