Central and Eastern regions of Sharjah register Dhs839m of real estate deals

Gulf Today, Staff Reporter

In a report issued by Sharjah Real Estate Registration Department about the real estate transactions in the regions and areas of the emirate, it was revealed that the volume of cash transactions in the Central and Eastern regions reached Dhs839 million. These transactions were carried out through the Department’s four branches; the Central region branch, Khor Fakkan, Dibba Al-Hisn, and Kalba branch, with a total number of 19,658 transactions and 20 million square feet of area traded in sales transactions.

Omar Al-Mansouri, Director of Branches Department at the Sharjah Real Estate Registration Department, stated that the real estate sector in the Central and Eastern regions continues to grow at an upward pace, while constituting a major attraction factor for Arab and foreign investors. This success comes in light of the availability of advanced infrastructure and legislation, the economic stability that characterizes the emirate, in addition to its prominent strategic location, all of which enhance the emirate’s position as a leading global destination for real estate investment.

Moreover, the issued report confirms the importance of the competitive advantages offered by the Sharjah government to investors, in line with the sustainable development plans set within the framework of the economic diversification policy adopted by the wise government in order to build the economy of tomorrow”. the regions and cities of Sharjah have become a preferred destination for settlement and tourism in the region, thanks to the directives of His Highness Sheikh Dr Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, may God protect him, and the follow-up of Sheikh Sultan Bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah, and Chairman of the Executive Council of Sharjah, and their great keenness to consolidate the emirate’s distinguished position as a destination for living and working for families and people seeking to combine authenticity and modernity in their lifestyles”.

In detail, Al-Mansouri stated that the trading volume in the four branches constituted 4.4% of the total trading volume in the real estate sector in the emirate. The total cash trading volume in the Central region reached Dhs 376.3 million, representing 2% of the total trading volume, while it reached Dhs 274.8 million in the city of Khor Fakkan, at a rate of 1.4%. Moreover, in the city of Kalba, the total trading volume reached Dhs 172.3 million, at a rate of 0.9%, while it reached about Dhs 15.6 million in the city of Dibba Al-Hisn, at a rate of 0.1% of the total trading volume.

According to the report, Al-Mansouri explained that the Department’s branches carried out 423 mortgage transactions, and with a value of Dhs 365 million.

Al-Mansouri said that the number of sales transactions in the Central region during the same period has reached 300 transactions which took place in 39 different regions, and with a total value of Dhs 260.5 million. Al-Qasimia City accounted for the largest share of these transactions, with 120 transactions, which represented 40% of the total sales transactions, followed by the Blida region with 28, the Tawi Hamdah region with 16, and then the Thumama region with 15 transactions.

In addition, the number of transactions in the city of Khor Fakkan reached 132 transactions, which took place in 29 areas, and with a total value amounting to Dhs 98.8 million. Al-Harai Commercial and Industrial areas recorded 15 transactions each, out of the total sales transactions in the city, followed by Al-Mudaifi area with 13, and finally Al-Bardi 2 area with 12 transactions.

As for the city of Kalba, the transactions reached 156 in 32 areas of the city, with a value of AED 80.4 million. 18.6% of these transactions were in Kalba Industrial area with 29 transactions, followed by the Industrial area with 24 transactions, then Al-Saf area with 15 transactions, and finally Sur Kalba Commercial area with 14 transactions.

In conclusion, Al-Mansouri revealed that sales transactions in the city of Dibba Al-Hisn were distributed among 4 areas, with a total of 20 transactions amounting to AED 11.9 million. 65% of Dibba Al-Hisn transactions took place in Al-Shamali which recorded 13 transactions.

Meanwhile, 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 AED 19 billion, with 59,258 transactions. These transactions recorded a growth rate of 14.6% compared to the same period last year. In addition, the value of mortgages amounted to AED 4.4 billion.