Sharjah real estate transactions valued at Dhs16.6b in Jan-Sept

Sharjah Real Estate Registration Department (SRERD) issued a report on the results of real estate transactions for the period ending 30th September, 2022, revealing that cash trading volumes of the emirate’s real estate transactions amounted to Dhs16.6 billion.

65,314 total transactions were carried out, distributed among the various cities and regions of Sharjah, including 5,335 sales transactions in 184 areas, with a total area of more than 42.6 million square feet.

The report showed that 79 different nationalities traded on 20,280 properties, and the value of Gulf nationality investments amounted to Dhs12.2 billion; investments of other nationalities amounted to Dhs4.4 billion, while the value of mortgages reached close to Dhs6.6 billion.

Abdul Aziz Ahmed Al Shamsi, Director-General of SRERD, said, “The real estate market in the Emirate of Sharjah has achieved an upward recovery and positive growth in sales transactions during the first three quarters of 2022, in addition to the launch of new real estate projects. Despite the continued volatility of international oil prices and its impact on the business sector, real estate remains a steady economic component, capable of self-sustaining business activities, vitality, and attractiveness by businessmen and investors.”

Recent developments include Law No. (2) of 2022 AD, recently issued by His Highness Dr Sheikh Sultan Bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, regarding the amendment of Law No. (5) of 2010 that deals with real estate registration in the Emirate of Sharjah, and is part of a set of decisions issued by the Executive Council of the Emirate, to help regulate ownership laws of real estate in the Emirates. The amendment also grants the right of absolute ownership to non-Gulf citizens in a number of cases.

Al Shamsi explained that this amendment will reflect positively during the coming period in achieving more activity and growth in the real estate sector in Sharjah, and will help to enhance the pace of attracting investors and businessmen, in order to expand urban migration and population.

Results of the first nine months of the year recorded the highest value in trading volumes, at Dhs2.7 billion, followed by August with Dhs2 billion, and June with Dhs1.97 billion.

By distributing the monetary value of real estate transactions during the reporting period throughout the SRERD’s branches, the report found that 96.5 per cent of the total trading value was witnessed by the main branch in Sharjah, with an amount of Dhs16 billion. The remainder of the 3.5 percent of the total trading value, amounting to nearly Dhs600 million, were distributed across the four branches - Central Region, Khorfakkan, Dibba Al Hisn, and Kalba.

Categorising the total transactions by city, 38,902 transactions were carried out in Sharjah, 8,635 transactions were conducted in Khorfakkan, 7,563 transactions were conducted in Kalba, 5,560 transactions were executed in Dibba Al Hisn, and 4,654 transactions were conducted in the Central Region.

Sales transactions in the Emirate of Sharjah witnessed a qualitative increase of 17.9 per cent during the first nine months of this year, with a difference of 808 transactions, with a total of 5,335 transactions compared to 4,527 transactions during the same period last year.

The total sales transactions executed during the first nine months of 2022 in the city of Sharjah amounted to 4,881 sales in total, across various residential, commercial, industrial, and agricultural categories.

The total trading value was determined at nearly Dhs6 billion. Muwailih Commercial ranked first with 28.1 per cent of the total transactions, amounting to 1,370 transactions, with a trading value of Dhs1.3 billion. Al Khan area witnessed 707 transactions, amounting to Dhs621.9 million, and the remaining 2,804 transactions were distributed among 104 other areas. It was noted that 75.6 per cent of sales transactions were across 10 areas of the city, namely Muwailih Commercial, Al Khan, Hoshi, Al Raqiba, Al Saja’a Industrial, Al Majaz 3, Mezaira’a, Rawdat Al Qirt, Al Nahda, and Al Majaz 2 through 3,688 transactions.

In the city of Kalba, 25 areas witnessed 151 sales transactions worth Dhs97.2 million. 36 of these were in the Industrial Area, representing 23.9 per cent of the total transactions.

In the Central Region, 149 sales transactions were carried out, distributed over 32 areas, with a total of Dhs119 million, and 15.4 percent of these transactions came in Al Taybeh 2, with 23 transactions. In Khorfakkan, 139 transactions were conducted across 17 areas worth Dhs101 million and Al Harai Industrial Area accounted for 18 percent of transactions, recording 25 transactions, while 15 transactions were executed in 4 areas in Dibba Al Hisn city, with a total trading value of Dhs9.9 million.

During the January - September 2022 period, 241 usufruct sale and resale transactions were carried out with a value of approximately Dhs379 million.