Sharjah’s real estate sector sees Q1 trading volume up by 19.2%

Staff Reporter, Gulf Today

The Sharjah Investment and Development Authority’s (Shurooq) pavilion at this year’s Sharjah Real Estate Exhibition (ACRES) 2024 has proven to be a big hit among attendees, offering a glimpse into the authority’s progressive and anticipated residential projects, most notably, the luxurious ‘Ajwan’ in Khorfakkan, the ‘Aysha Residence’ on Maryam Island, as well as details regarding limited units still available in their pioneering development, ‘Sharjah Sustainable City’.

Held at the Expo Centre Sharjah until January 20, ACRES 2024 serves as a vibrant platform for Shurooq to engage with a diverse audience of buyers, investors, and industry professionals. The exhibition underscores Shurooq’s strategic vision and robust contribution to the emirate’s thriving real estate sector.

During a panel discussion on the first day of the exhibition,   Ahmed Obaid Al Qaseer, CEO of Shurooq, expanded on the important role real estate and investment plays in shaping Sharjah’s economic and developmental landscape. He also revealed that the real estate sector in Sharjah saw an incredible 19.2% increase in trading volume in the first half of 2023, contributing significantly to the national economy.

Speaking on Shurooq’s participation he stated, “Shurooq is turning Sharjah’s vision into reality, making the city one of the most livable and sustainable. Our projects at ACRES 2024 showcase our dedication to creating vibrant communities that resonate with the emirate’s growth and development. Our specific focus at ACRES 2024 is on affordable luxury, and we aim to redefine waterfront luxury living, aligning the ever-growing market demand for waterfront options with Sharjah’s vision for sustainable growth and investor-friendly policies.”

The discussion highlighted Shurooq’s dedication to providing meaningful and sustainable investments and addressing potential challenges as opportunities for partnerships with investors. Al Qaseer underscored the role of real estate exhibitions, specifically ACRES 2024, in facilitating strong relationships, encouraging competition, and driving innovation in project design and customer service.

For a first-hand perspective and for more information, visit the Shurooq Pavilion at ACRES 2024, Expo Centre Sharjah, Hall 2.

In a strategic move accentuating affordability paired with luxury, Shurooq unveiled the prices and other details regarding their ‘Ajwan’, nestled in the serene setting of Khorfakkan. The project debuts with two iconic buildings: ‘Saahil’ and ‘Al Joon’, housing 79 exquisite units, with prices starting from AED 1.8 Million. These competitive prices mark the entry into a world-class living experience offering a spectrum of residential options, from 2-bedroom units to 4-bedroom duplexes, with the project earmarked to be completed in Q4 2026.

Representing Shurooq’s commitment to enhancing Khorfakkan’s allure and investment potential, ‘Ajwan’ spans an impressive 65,269 square metres, a visionary residential project that will comprise six buildings containing 185 apartments, a five star hotel managed by Marriott Autograph Collection,  two adult swimming pools, a kids pool, a picturesque waterfront, various amenities, as well as a wide range of dining and retail spaces. Making it even more unique, the development will also feature an incredible 15,000 square-metre water park, complete with an artificial wave pool, thrilling slides, and meandering water passages, adding to the coastal charm of Khorfakkan.

In its ongoing pursuit of delivering luxurious living experiences, Shurooq highlighted their ‘Aysha Residence’ development on Maryam Island. The project comprises 147 apartments, ranging from studios to three-bedroom units. With construction already underway, this high-end project offers a compelling investment prospect that includes diverse amenities, including a gym, playground, and pools catering to both children and adults, ensuring a versatile investment and a spectacular living environment for residents.

Strategically located with picturesque views of the Al Khan Lagoon, properties on Maryam Island not only provide a serene backdrop but also grant convenient access to the Maryam waterfront promenade. This prime location boasts an array of cafes and dining options, fitness clubs, swimming pools, as well as an indoor garden, adding an extra layer of convenience and enjoyment for residents. Upon completion, the island will feature 20 impressive residential buildings comprising over 3,500 units, establishing an inclusive community and offering a plethora of investment opportunities.

Maryam Island continues to evolve with recent milestones, including the completion of Maryam Gate Residences in December 2023, featuring 389 units. The project progresses with the upcoming handover of Rimal Residences in Q3 2024, comprising 203 units, and the Jawaher Residences 1 & 2, set for completion in Q4 2025, adding 198 units in the fourth phase. The fifth phase of the island development introduces the Crystal Residences with 234 units and 16 retail spaces, offering captivating waterfront views. Moving into Q1 2026, Shurooq will conclude its sixth and seventh phases with the completion of the 203 units at ‘Mesk Residences’ and finally Aysha Residences 1 & 2, solidifying Maryam Island’s position as a dynamic and comprehensive location due in Q3 2026.

In its fourth phase, Sharjah Sustainable City, a joint venture with Diamond Developers, is witnessing a surge in demand, with a limited number of units remaining from the 324 initially available in this phase. Aligned with the United Nations Sustainable Development Goals, the project spanning 7.2 million square feet in Al Rahmaniya, sets the standard for sustainable living and an icon for future cities. Its smart homes with rooftop solar panels and energy-efficient appliances reduce utility bills by up to 50%. The completion of phase 4 is anticipated in Q2 2025.