Sharjah achieves Dhs13.4b value of realty transactions in first half
- 18 Jul 2023
The real estate sector in Sharjah achieved a trading value amounted to Dhs13.4 billion during the first half of 2023, with an increase of 19.2 per cent compared to the same period last year.
According to the semi-annual report issued by Sharjah Real Estate Registration Department on the real estate in the regions and cities of the emirate, there were 40,843 transactions in the first half of 2023, and the value of real estate mortgages amounted to Dhs4.1 billion.
Abdulaziz Ahmed Al Shamsi, Director General of Sharjah dex Estate Registration Department, said: “The real estate sector in Sharjah continues to be one of the most important economic pillars in the emirate and it continues to accumulate achievements and overcome challenges thanks to the great support of our wise government led by His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, may God protect him, and the follow-up of His Highness Sheikh Sultan Bin Muhammad Bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Executive Council of Sharjah, and their keenness to support the growth of this vital sector, and ensure its ability to overcome all circumstances.”
Al Shamsi also stated: “The government, thanks to the directives of our wise leadership, has always been proactive in providing all forms of support for the real estate sector in Sharjah. It has also been keen to enhance the emirate’s position as a distinguished investment destination by providing economic diversity, regulated legislation and laws, government facilities, and promising investment opportunities, which makes it a perfect destination for investors.”
In the same context, he pointed to “the success of the real estate sector in Sharjah in attracting investors from 88 different nationalities during the first half of this year, thanks to the incentives and facilities adopted by the government during the last period, which are a continuation of a long series of decisions aimed at supporting investment in the emirate.”
The total area traded in Sales transactions during the first half of this year was 43 million square feet. Moreover, the number of Sales transactions in the various regions of the emirate during the first half of 2023 reached 4,187 transactions, with a value of Dhs5.7 billion. The city of Sharjah accounted for the largest share of the transactions, with 3,794 transactions which took place in 106 areas, and with a total value of Dhs5.4 billion.
Muwaileh Commercial area, Mezair’ah, Al-Khan, and Hoshi areas topped the list in Sharjah city. As for the Benefit Sale transactions, they reached 355, with a total value of Dhs497 million.
By classifying sales transactions according to the type of property, residential real estate transactions acquired the largest share, with 3,332 transactions, representing 79.6 per cent of the total number of transactions.
Next, industrial real estate recorded 410 transactions, representing 9.8 per cent, followed by commercial real estate with 373 transactions, representing 8.9 per cent, while agricultural real estate ranked fourth with 72 transactions, representing 1.7 per cent of the total number of transactions.
In terms of the number of traded properties, the total number of properties traded in Sharjah reached 4,187 properties.
The Residential Lands topped with 1,327 properties, followed by the Residential Apartments with 1,293 properties, then by the Residential Built-in Lands with 498 properties.
In terms of investors, 88 nationalities from all over the world invested in Sharjah during the first half of 2023. The number of Emirati investors reached 7,033 investors, and the number of Gulf countries’ investors reached 525. Moreover, the number of Arab investors reached 1,824, and the number of investors from other countries reached 1,278.
The total investment of Emirati investors amounted to Dhs8.8 billion with 10,877 properties, and the total investment of GCC investors excluding Emiratis reached Dhs697.9 million with 672 properties. As for the investment of Arabs, it amounted to Dhs2 billion with 2,023 properties, while the total investment of investors from other countries was Dhs2 billion, with 1,181 properties.
As for the highest nationalities which traded in Sharjah, they were, respectively: UAE nationals with 10,877 properties, Syria with 633, India with 473, Saudi Arabia with 302, Jordan with 282, and Iraq with 248 Real Estate.
Meanwhile, Ajman registered real estate transactions of Dhs1.2 billion during June 2023. Omar Bin Omair Al Muhairi, Director-General of the Department of Lands and Real Estate Regulation, confirmed that the real estate market had witnessed 1,101 real estate transactions during June worth Dhs1.2 billion, while the trading volume reached Dhs791 million.
Al Muhairi noted that the highest sale value of Dhs37 million was recorded in “Al Yasmeen” neighbourhood.
Al Muhairi indicated that the increased activity in the real estate market was expected because of the high volume of investments. This was due to the supportive incentives and exceptional facilities offered by the Emirate of Ajman to investors, making the real estate sector one of the fastest-growing sectors and the most important pillars upon which the local economy is based. It is a major contributor to the activity of the rest of the vital sectors.
