Sharjah reports a 13.1% surge in realty transaction volume in 2023

The Sharjah Real Estate Registration Department has reported a significant 13.1 per cent surge in transaction volume, reaching a substantial Dhs27.1 billion in 2023—the highest recorded since 2017.

The diversity of investing nationalities expanded to an impressive 103, marking a remarkable 21.2 per cent growth compared to 2022.

Non-Arab foreign investors experienced an astounding 165 per cent increase in trading volume and a substantial 131.7 per cent rise in the number of properties traded, while mortgage transactions reached a notable value of Dhs7.5 billion.

The report highlights a significant 7.5 per cent increase in property deed transactions, totaling 24,842, while sales transactions surged to 8,731 across 232 diverse areas, encompassing over 89 million square feet. Utility sale transactions reached 691, amounting to Dhs947.2 million. Initial sales contract transactions exhibited remarkable growth, with a 38.4 per cent increase over 2022, totaling 6,442 and reaching a value of Dhs7.5 billion.

Abdulaziz Ahmed Al-Shamsi, Director General of Sharjah Real Estate Registration Department, highlights the robust growth in Sharjah’s real estate sector in 2023, citing strength and versatility as key drivers. This positive trend, reflective of the emirate’s comprehensive economic development, is supported by the guidance of His Highness Sheikh Dr Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah and close oversight from the Executive Council led by Sheikh Sultan Bin Mohammed Bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah.

The results, based on precise data, indicate sustained expansion in the real estate market in terms of size, transactions, area, and investor engagement. This momentum is further propelled by the launch of significant and diverse real estate and urban projects across commercial, industrial, and residential sectors.

The Director General of Sharjah Real Estate Registration Department emphasized that Sharjah’s real estate landscape, fueled by its burgeoning momentum and dynamic activities, has evolved into a secure and rewarding haven.

Guided by insightful leadership, the emirate’s real estate sector now attracts capitalists, businessmen, and elite investors in pursuit of the perfect property, offering substantial returns in both short and long-term scenarios.

Additionally, it caters to the diverse needs of those seeking properties that enhance a dignified and integrated lifestyle, aligning seamlessly with economic well-being aspirations. The Director highlighted the sector’s robust legislative framework and strategic distribution of trading areas across varied locations, citing these factors as integral components contributing to the emirate’s competitive economic prowess.

The city of Sharjah dominates real estate trades, capturing an impressive 90 per cent of transactions. Specifically, 7,859 transactions took place in the city, while the remaining 10 per cent were distributed among the central region (434), Kalba (224), Khor Fakkan (193), and Dibba Al-Hisn (21) transactions.

At the forefront of real estate activity is the Muwaileh Commercial area, boasting 1,586 transactions and a trading volume of Dhs2.1 billion. Renowned for its real estate development projects, the area’s transactions predominantly focus on residential properties and lands, with a significant emphasis on spacious properties.

Examining the statistics for 2023, the emirate welcomed five new real estate projects, comprising four compounds and one tower. The total area of these projects reached 157,493 square meters, with 14,713 properties traded in real estate development projects throughout the year.

Over the past year, in response to the surging demand for real estate units in Sharjah, the Committee for Approving Real Estate Development Projects in the emirate has undertaken the approval of 17 diverse real estate projects. These projects, spanning complexes and towers designed for various residential, commercial, and industrial purposes, are now licensed for ownership by both citizens and Gulf nationals.