Sharjah’s property deals hit Dhs11.2b in H1

Staff Reporter, Gulf Today

The semi-annual report issued by the Sharjah Real Estate Registration Department (SRERD) revealed that the value of real estate trading during the first six months of 2022 amounted to Dhs11.2 billion.

The total number of sales transactions amounted to 3,327, with a total value of Dhs4.1 billion, of which Dhs3.9 billion were in the city of Sharjah alone. The sale of usufruct transactions amounted to 141 worth Dhs243 million, while mortgages recorded a value of Dhs5.3 billion. Investors from 75 different nationalities executed real estate deals during this period.

Abdulaziz Rashid Al Saleh, Director of the Sharjah Real Estate Registration Department, said:” The real estate sector in Sharjah continues to improve at an accelerating pace, taking advantage of the competitive opportunities enjoyed by investors despite any challenges, mainly due to the increase in the volume and number of transactions in the residential sector, as well as the launch of a number of major real estate development projects, which motivates investors to expand the transactions and conduct real estate deals, considering real estate the safest and most appropriate haven for their investments in light of the relative increase in inflation rates.”

Reflecting on the first half of the year, His Excellency Abdulaziz Rashid Al Saleh pointed out that the increase in the total number of transactions executed by the (SRERD) at its headquarters and branches confirms that the sector is heading towards future growth.

Many investment opportunities coupled with a growing population are of particular interest to beneficiaries of all categories of owners, investors, brokers, and developers. This is in line with the visions of the wise leadership and the directives of His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, towards comprehensively promoting and harnessing the economic and social development witnessed by the emirate of Sharjah to serve citizens and residents and provide them with the best standards of living.

He highlighted the importance of providing all services and infrastructure to attain this lofty government goal and pointed out that during the first half of the year, four major development real estate projects were registered, including three residential and one commercial project.

In detail, the report showed that March led the first half of 2022 in terms of trading volume with a total of Dhs2.7 billion, followed by June with a total of Dhs2 billion, and February with a total of Dhs1.9 billion. As for the department’s branches, the Sharjah branch accounted for 96.9% of the total trading volume, with a value of Dhs10.9 billion. The four branches of the department witnessed a trading volume of Dhs346 million.

The department’s transactions in the first half of 2022 amounted to 44,485, with an increase of 10.4% compared to the same period in 2021, which amounted to 40,294 transactions, with most of these transactions increasing in the current year at varying rates.

At the forefront came the ownership certificates of 26,729 transactions, representing 60% of the total, while the increase in ownership deeds transactions amounted to 12,614, representing 28.3% of the total, was driven by the rise in sales and sorting transactions. Similarly, valuation transactions increased by 551, and Mortgage transactions of different types with an amount of 2,560.

Initial sale contracts amounted to 2,031 transactions, with 1,624 transactions for the purpose of ownership representing nearly 80% of the total amount of contracts.

Sales transactions during the first half of this year increased by 16.2% compared to last year, recording 3,327 transactions.  This includes 3,020 transactions in the city of Sharjah, which represents 90.8% of the total; Kalba recorded 108 transactions; the central region had 100 transactions; 89 transactions were recorded in the city of Khorfakkan; while the city of Dibba Al Hisn had ten sales transactions.

According to the distribution of sales transactions in Sharjah, there is a wide diversity in trading in the city’s areas, with a total of 100 areas. Most notably, Muwaileh Commercial area witnessed sales transactions worth 736 million dirhams, with a number of 716 transactions accounting for 23.7% of the total sales transactions in the city. This was followed by Al-Khan and Hoshi areas, where transactions amounted to 1,429, representing 47.3% of total transactions in the city.

In addition, sales transactions were more noticeable in 10 areas which are: Muwaileh Commercial, Al-Khan, Hoshi, Al Majaz 3, AlRigaibah, Al Sajaa Industrial, Rodhat Al Qrt, Al Majaz 2, Al Nahda, and Muzaira’a representing 75.6% of the total sales transactions with a number of 2,282 transactions.