Realty transactions in Sharjah during the past 9 months valued at Dhs19b

According to the report on the performance of the real estate sector in Sharjah, which was recently issued by Sharjah Real Estate Registration Department, the value of transactions in the real estate sector in the emirate during the past nine months of 2023 amounted to more than Dhs19 billion, with 59,258 transactions.

These transactions recorded a growth rate of 14.6 per cent compared to the same period last year. In addition, the value of mortgages amounted to Dhs4.4 billion.

Abdulaziz Ahmed Al-Shamsi, Director General of the Sharjah Real Estate Registration Department, said: “The strong and rising positive results in this sector in Sharjah indicate a promising future for real estate investment that meets the requirements of the next stage, and accommodates the needs of urban development in the emirate, especially with the population growth and the continued launch of major real estate projects in various cities and regions of Sharjah, which are projects that combine sustainability elements to meet the preferences of investors and owners alike”.

He also pointed out that “the elements of real estate attraction in Sharjah are witnessing an integrated diversity, led by the distinguished strategic location of Sharjah and the diversity of its regions, having coastal, land, and mountainous elements, as well as the strength and durability of the legislative structure guaranteeing the rights of investors, owners, brokers, and developers, in an environment supported by pioneering and advanced real estate registration services.

Moreover, the strategic visions and objectives pursued by the department translates the directives of the Sharjah Government under the leadership of Sheikh Dr Sultan Bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, may God protect him, and the follow-up of Sheikh Sultan Bin Muhammad Bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah, and Chairman of the Executive Council of Sharjah, and their great keenness on the prosperity of this pivotal sector of the emirate’s economy.”

Al-Shamsi also added, “the diversity of the nationalities of investors in the real estate sector in the emirate has reached 97 nationalities. This diversity would enhance positive competitiveness in this sector, and thus provide more options in the real estate products offered to those interested in investing, owning, and trading in apartments and villas of various sizes and locations, in addition to lands and other types of real estate”.

Sales transactions covering more than 59 million square feet The number of sales transactions in various regions of the emirate during the same period reached 6,342 transactions, with a value of Dhs7.9 billion, and a growth rate of 18.9 per cent, while the total area traded in sales transactions reached 59.4 million square feet. The city of Sharjah accounted for the largest share, with 5,734 transactions taking place in 114 areas with a total value of Dhs7.5 billion. Out of these areas, Muwailih Commercial area topped the list, as it witnessed 1,164 transactions with a total value amounting to more than Dhs 1.5 billion, followed by other areas such as Muzaira’a, Al Khan, and Hoshi.

As for usufruct Sale transactions, they reached 549 transactions with a total value of Dhs736 million. Moreover, Tilal area recorded the highest number of transactions with 183 transactions and a trading value of Dhs136.5 million. In addition, Muwailih Commercial area also received the largest share in terms of trading value, with Dhs258.6 million through 146 transactions.

In terms of initial sales contract transactions carried out by real estate development companies in the emirate, the total reached 4,200 transactions during the same period, with a growth rate of 34.3 per cent, compared to the same period last year. Residential areas transactions top the list By classifying sales transactions according to property type, residential properties accounted for the largest share, with 4,968 properties, representing 78.3 per cent of the total number of transactions.

Moreover, industrial properties came second with 653 transactions, representing 10.3 per cent of the total number of transactions, commercial properties with 618 transactions, representing 9.8 per cent, followed by agricultural properties which ranked fourth with 103 transactions, representing 1.6 per cent of the total number of transactions. Finally, the total number of properties traded in Sharjah reached 6,342 properties, topped by residential lands with a total of 1,988 properties, followed by residential apartments with 1,944, then residential built-in lands with 714 properties.

Investors from 97 nationalities On the level of investors, 97 nationalities from all over the world invested in Sharjah during the aforementioned period. The investment of citizens of the United Arab Emirates reached Dhs 11.1 billion, with 15,857 properties. In addition, the investment of citizens of the Gulf Cooperation Council (GCC) countries (excluding Emiratis) reached Dhs 1.1 billion with 952 properties.