Sharjah property segment defies pandemic, makes sound progress

Sajjad Ahmad, Deputy Business Editor

Sharjah’s real estate market has witnessed strong growth in 2021 despite the COVID-19 challenges and the market is on right track for record growth in the current year. The UAE Government initiatives of Golden visa, full foreign ownership law and the upcoming Expo 2020 Dubai are playing big role in attracting investors to property sector.

This  was revealed by Jamal Shawish, Director - Head of Leasing and Sales at Alef Group during a press event in Sharjah on Tuesday.

Alef Group, a pioneer in developing the first fully walkable lifestyle destination in Sharjah, unveiled the details of the Suroor 2 building located in Al Mamsha Seerah within its pioneering project Al Mamsha, a prime mixed-use development in the Emirate of Sharjah.

Suroor 2 boasts modern residential units that appeal to those looking for an exclusive lifestyle within a premium community development.

The details were revealed at a launch event at Al Mamsha Sales Center in 06 Mall in Sharjah, in the presence of Alef Group’s senior officials and executives as well as a group of investors and key influencers.

Issa Ataya, CEO of Alef Group, stressed the continued robustness of the real estate market in Sharjah and the UAE, given the current business landscape, which inspires Alef Group to continue working on its projects and pursue its expansion plans to meet the growing demand for developments that offer distinctive lifestyle experiences.

Alef Group’s CEO pointed out that Suroor 2, which leverages the unique features of Al Mamsha Seerah, consists of 211 residential units, distributed over 24 studios, 129 one-bedroom apartments as well as 42 two-bedroom units, and 16 three-bedroom apartments.”

He said: “The building has been designed in a manner that takes into account the aspirations of individuals and families who wish to have a balanced lifestyle, especially as it allows its residents to access many vital facilities that are a few steps away from it. In addition, it features extended green spaces and water pools, thus providing an environment that is free from pollution and conducive to healthy living. It also has underground parking and many other exceptional features.”

In addition, Suroor 2 is strategically located within Al Mamsha Seerah district and incorporates natural lighting in the design to reduce energy consumption and reduce air temperature. All units were designed to be able residents to install smart home automation systems and feature large storage areas, taking into account the needs of families, as well as provide ample spaces for work or other uses to meet a wide range of residents’ needs.

Suroor 2 residents will be able to enjoy access to swimming pools, gardens, and leisure zones with a wide range of facilities such as a football pitch, multi-purpose courts (ideal for basketball and volleyball), tennis and cricket fields, as well as open green spaces, in addition to retail stores, a health club, and gym, walking paths, children’s play areas, and an entertainment center for the entire family, among many other features.

Jamal Shawish, Director - Head of Leasing and Sales at Alef Group said, “ our sale maximised in unbelievable way in the COVID-19 pandemic which show the strength of the Sharjah real estate market. We have witnessed a strong demand for our properties in recent month and that is the reason we are launching our new building today.”

He said, “ the various measures announced by the wise leadership of the UAE are playing a significant role in the growth of property market in the country.”

He concluded, “ Alef Group is always taking care of its loyal customers by introducing various incentive and offers. The payment plan we offer is only 10 per cent down payment and 20 per cent into the next 36 months and remaining 70 per cent will be collected on handover.”

Residential market: The Grade A residential market in Sharjah has remained strong over the first half of 2021, Savills, the leading global real estate advisors reported on Tuesday. According to Savills latest ‘Market in Minutes’ research, despite the downturn that occurred at the onset of the pandemic in 2020, activity levels have bounced back with robust demand recorded across the emirate since H2 2020. This trend has continued throughout H1 2021.

 The Sharjah real estate registration department recorded approximately Dhs12.2 billion in property sales in H1 2021, a 40.5% year on year increase, with residential transactions accounting for nearly 50% of demand.

According to research, Sharjah currently has approximately nine master planned neighborhoods under construction, several of which are partially completed and have experienced an increase in occupancy levels over the last 12 to 18 months. Low-interest rates, affordable ticket prices, flexible payment plans, service charge exemptions, and higher-quality projects have benefited investors and end-users, further stimulating demand. During H1 2021, more than 2,200 units were completed across master planned communities, including Al Jada, Al Mamsha, and Maryam Island.