Sharjah’s property sector zooms as realty transactions hit Dhs6.3 billion

Staff Reporter, Gulf Today

The Sharjah Real Estate Registration Department revealed the quarterly performance report for the real estate sector in Sharjah.  The total real estate transactions executed reached 21,615 during the first quarter of 2022, with a total value of cash circulation amounting to Dhs6.3 billion.

Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, said: “The first three months of this year witnessed a remarkable growth in the performance of the real estate sector in the emirate in terms of monetary value, number of real estate transactions, and the total number of real estate transactions carried out by the various branches across Sharjah.”

Abdul Aziz Ahmed Al Shamsi added that the results reflect the return of investment opportunities to grow and escalate the emirate’s real estate market. In particular, the results indicate the sector’s recovery from the exceptional circumstances brought about by Coronavirus and the restoration of sustainability in growth at the beginning of 2022.

The success is primarily driven by the escalating economic momentum based on continuing government support measures and indicative of a positive increase in economic growth in the UAE by 3.8% during 2022, according to the Central Bank of the Emirates. It is expected the country’s growth domestic product will grow by 4% during 2022, according to a forecast by the Arab Monetary Fund.

The Director General of the Sharjah Real Estate Registration Department indicated that these results align with the strategic vision of the Emirate of Sharjah in economic and social development, enhancing financial sustainability and stimulating the overall economy.   The results translate the objectives of the general budget of the Emirate of Sharjah for 2022, which was approved by His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah. Expenditures amounting to approximately Dhs34.4 billion, with a budget based on enhancing capabilities to meet various economic challenges, achieving the competitive advantage of the emirate, serving community members, ensuring stability and economic well-being and providing them with adequate housing opportunities by promoting investment in the infrastructure services and facilities sector. Accounting for 44% of the total budget, which confirms the location of the Sharjah’s.

Al Shamsi explained that the main branch of the Real Estate Registration Department in the city of Sharjah accounted for 97% of the total value of these trades at 6.1 billion dirhams, while the transactions of the Central Region branch amounted to Dhs69.7 million . The Khorfakkan city branch recorded transactions worth 57.5 million dirhams, and Kalba city branch witnessed real estate transactions worth Dhs54.9 million, while the Dibba Al-Hisn city branch made deals worth Dhs6.5 million.

He pointed out that March witnessed the highest value of trades, with a total of Dhs2.7 billion, recording an increase by 32.3% compared to February, in which the value of trades amounted to Dhs1.9 billion.

The total real estate transactions executed in the Emirate of Sharjah during the first quarter of this year amounted to 21,615 transactions, and the property certificates came at the forefront of these transactions with a number of 12,707 transactions, followed by transactions of title deeds with a total of 6,062 transactions, while the three types of mortgage transactions came (mortgage, mortgage increase and (mortgage, mortgage increase and redemption) with a total of 1,641 mortgage transactions, and the total value of mortgages amounted to Dhs3.3 billion, while transactions of initial sales contracts amounted to 869 transactions, and real estate valuation transactions amounted to 336 transactions.

Looking at the sale transactions within the title deeds transactions for the first quarter of 2022 compared to the same period last year, we note an increase of 21.9%, reaching 1,697 transactions compared to 1,392 transactions and a difference of 305 transactions. These transactions were distributed according to the department’s branches to 1,512 transactions in the main branch in the city of Sharjah, representing 89% of the total transactions. The remaining transactions were distributed among other branches, with 62 transactions in each of the Kalba and Central Region branches, 52 transactions in the city of Khorfakkan, and 9 transactions in the city of Dibba Al-Hisn. These real estate transactions covered a total trading area of 15.8 million square feet.

Sale transactions in Sharjah came in 88 regions, with a total trading value exceeding 2 billion dirhams. Muwailih Commercial District acquired the largest share in terms of number and value, with 301 sales transactions, representing 19.9% of the total sales transactions in the city, with a total trading value exceeding 400 million dirhams. Al-Khan followed by 247 sales transactions worth 230 million dirhams, while the rest of the transactions were distributed mainly in the areas of Hoshi, Al Majaz 3, Al Raqiba, Al Saja’a Industrial, Al Majaz 2, Al Nahda, Rodhat Al Qrt, and Al Tai Gharb, followed by 78 other areas.

As for the central region of the emirate, the total sales transactions exceeded the value of 46 million dirhams and the number of 62 transactions in 19 regions.