Sharjah realty sector witnesses significant growth in 3rd quarter

According to the issued report of Sharjah Real Estate Registration Department about the statistics of real estate (realty) transactions in the areas of Sharjah, the real estate sector has shown a significant growth during Q3 of 2021, as the monetary value of real estate transactions amounted to Dhs 5.7 billion by the end of September, through 16,781 transactions.

These numbers marked a growth rate of 22.7 per cent compared to the same period last year, while the volume of area circulated in sales transactions amounted to about 16.5 million square feet.

Abdulaziz Ahmed Al Shamsi, Director General of Sharjah Real Estate Registration Department, stated that “The real estate sector in the emirate has returned to its previous situation before the pandemic, thanks to the great support received from His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the follow-up of Sheikh Sultan Bin Muhammad Bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah, Chairman of the Executive Council of Sharjah, in addition to the series of measures and incentives taken by our wise government aimed at encouraging investment, as the Emirate of Sharjah has become, thanks to this generous sponsorship, an attractive environment for investors from inside and outside the country as this report explains.”

Al Shamsi also explained that “life is returning to normalcy in Sharjah after recovering from COVID-19 pandemic and the damage it has caused to various economic sectors in the world,” noting that “the great growth that has been achieved in the real estate sector in Sharjah reflects this recovery and proves the confidence of investors in the real estate market, especially after the series of economic incentives and facilities launched by the Executive Council in November of 2020, which contributed to the continuation of the increase in the volume of real estate transactions compared to the previous year.”

The main branch accounted for 94.7 per cent of the total monetary value of real estate transactions recorded in the emirate, while the monetary value in other branches accounted for 5.3 per cent of the total monetary value during Q3 of 2021.

The Central Region branch achieved a monetary value rate of 3.6 per cent, while the monetary value rate in Khorfakkan branch amounted to 0.5 per cent. Moreover, Dibba Al-Hisn branch recorded 0.2 per cent, and as for Kalba branch, it accounted for 1 per cent of the total monetary value.

There is a remarkable increase in the department’s total transactions during Q-3 of 2021, compared to the same period last year, which indicates the withdrawal of the COVID-19 crisis, where the increase in total transactions reached 12.9 per cent.

The ownership deed transactions increased by 34.4 per cent compared to the same period last year, and sales transactions increased as well with 52.5 per cent compared to the same period last year, which indicates investors’ interest for investment in the emirate.

The ownership certificates transactions topped all other transactions, amounting to 9,629 transactions, followed by ownership deed transactions with 4,758 transactions, then comes the transactions of initial sales contracts with 1,160 transactions, and mortgage transactions with 990 transactions, while the valuation transactions came in last place with 244 transactions.

The total number of mortgage transactions in the various areas of Sharjah during Q3 of 2021 amounted to 990 transactions, with a value of Dhs2.4 billion.