Sharjah’s property sector gains pace as realty deals reach Dhs1.9b

Staff Reporter, Gulf Today

The results of the June report, issued by the Sharjah Real Estate Registration Department (SRERD), revealed that real estate deals were concluded with a total value of cash transactions amounting to Dhs1.9 billion.

This was achieved through 747 sales transactions in 106 areas spread over various regions of the emirate, with a total area exceeding 6 million square feet. The figures include 358 mortgage transactions worth Dhs764 million.

Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, said: “Despite being impacted by the global economic conditions since last February, the sector has maintained an upward momentum in growth and a positive recovery pace. It has benefited from the increased appetite of investors to conduct real estate transactions. Companies and individuals seek to invest in real estate as it is a safe haven for capital and an ideal way to achieve a decent lifestyle.”

 Director General of the Sharjah Real Estate Registration Department continued:” SRERD is committed to complete transparency. It contributes to developing the quality of real estate services by enhancing opportunities and areas to attract investment to the sector. It boosts the acceleration of economic growth towards wider areas of success and stimulates housing, building and construction activities, and major development projects.”

 Abdul Aziz Ahmed Al Shamsi added: “These results are in line with the strategic vision of the Emirate of Sharjah in the areas of economic and social development, enhancing financial sustainability, stimulating the macroeconomy, and providing adequate housing for citizens and residents alike, something that embodies what was recently confirmed by His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, when he said that housing has a special value, as it is part of the Sharjah Emirate programme, which includes five main items, including housing, employment or source of income.”

The total transactions executed by the department during the past month amounted to 2,521, including 747 selling transactions, representing 29.6% of the total. Mortgage transactions amounted to 358, or 14.2%, while the rest of the transactions represented 56.2%, or 1,416.

The June real estate transactions in the emirate covered more than 6 million square feet and included residential, commercial, industrial, and agricultural lands.

According to the type of property, vacant land transactions amounted to 239 (32%). In comparison, built lands amounted to 177 transactions (23.7%), while the separated towers represented 331 transactions (44.3%).

The department’s statistics showed that Muwailih Commercial, Al Khan, Hoshi, and Rodhat Al Qrt areas topped the areas of Sharjah city regarding the number of traded properties. At the same time, Muwailih Commercial acquired the largest share of the cash trading volume in the city.

 As for the central region, trading was concentrated in Khedira 2, Al Taiba 2, Saih Al-Sadah, and Suhaila 3, while the Al Maashi area led the trading volume.

Al Bardi 2, Al Qadisiyah, Al Lu’luiyah, and Al Mudaifi areas witnessed the highest number of trades in the city of Khorfakkan, and Al Mudaifi topped the city’s areas in terms of the trading volume.

Most of the real estate transactions in the city of Kalba came in the industrial and commercial areas of Sur Kalba, Suhaila 31, and Industrial Kalba, and the Industrial Area topped in terms of cash trading volume.

Meanwhile, Ahmed Obaid Al Qaseer, Acting Chief Executive Officer of Sharjah Investment and Development Authority (Shurooq),  recently revealed details of the authority’s exciting adventure project coming up in the Eastern area of Khorfakkan, overlooking the serene Luluyah Beach.

Shurooq’s Acting CEO unveiled the details of the adventure project, which is being developed adjacent to the spectacular Soueifa mountain in Khorfakkan, during a live phone call to the Al Khat Al Mubasher radio show on Wednesday (July 13).

Featuring a host of adventure activities and sports, the upcoming project comprises a zipline, giant swing, a dry-slide track, hiking tracks, mountain bike tracks, and varied amenities for visitors and tourists from the eastern region and across the UAE. The project also includes an observation deck and a restaurant on the mountain top that offers breathtaking views of the landscape and the adventure track routes.

The project is set for completion in fourth quarter of 2023, said Ahmed Obaid Al Qaseer, adding that it aligns with the directives of His Highness  Dr Sheikh Sultan Bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, to redefine the leisure and travel landscape of Khorfakkan and bolster the emirate’s position as one of the most appealing tourist destinations in the region.

Al Qaseer remarked that the project enriches the expansive portfolio of integrated projects developed by (Shurooq) and offers comprehensive solutions to the ever-growing demand for tourism and leisure experiences in the East Coast. He pointed out that the project’s unique location, overlooking the serene Luluyah Beach, brings together entertainment, sports, leisure, and adventure at one destination.