Sharjah’s realty transactions up by 47% in first 9 months of 2024

Sharjah real estate (realty) is continuously flourishing, as the volume of real estate transactions has increased by 47 per cent during the first nine months of 2024, compared to the same period last year. The value of these transactions reached Dhs28 billion, with a total number of 69,078 transactions, increasing by 16.5 per cent compared to the same period last year.

The Sharjah real estate continues to appeal to investors from different nationalities, attracting 114 nationalities during the same period.

The investment of UAE citizens amounted to Dhs13.7 billion, with 22,908 properties, while the investment of non-Emirati GCC citizens amounted to Dhs1.7 billion, with 1,166 properties. With regards to the investment of other Arab citizens, it amounted to Dhs5.1 billion, with 4,651 properties, while the investment of citizens of other countries amounted to Dhs7.5 billion, with 4,587 properties.

The report, issued by Sharjah Real Estate Registration Department (Sharjah RERD), has showed many positive indicators.

The total number of sales transactions, sale of usufruct, and preliminary contracts reached 17,000, compared to 11,000 transactions for the same period last year.

As for the value of real estate mortgages, it amounted to Dhs7.5 billion, with 3,229 transactions.

According to Abdul Aziz Ahmed Al-Shamsi, Director General of Sharjah Real Estate Registration Department, the emirate’s real estate enjoys a continuous support from His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, in addition to the continuous follow-up by His Highness Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince, Deputy Ruler, and Chairman of the Executive Council of Sharjah, which is reflected in the sector’s positive reports.

Al-Shamsi also praised the many procedures and initiatives which continuously support the development of the real estate and enhance its results. Additionally, he indicated that the constant increase in real estate transactions reflects the confidence of investors in Sharjah’s real estate market, and their admiration of the its holistic development. His Excellency indicated that the direct incentives for this increase are the abundance of development projects and the decision to allow non-citizens and Gulf nationals to own in Sharjah.

Furthermore, the Director General of Sharjah Real Estate Registration Department noted the increase in demand for all transactions, which included an increase in title deeds, real estate property unit subdivision, and sales transactions. In addition, the initial contract transactions increased due to the public’s interest in development project units. Such positive growth results witnessed by Sharjah’s real estate herald further growth in the future of real estate.

The number of real estate projects registered during the first nine months of this year amounted to 8 projects, distributed between towers and commercial residential complexes.

The number of sales transactions in various areas of the emirate reached 9,216 transactions, while the total area traded in sales transactions amounted to 88.2 million square feet, and the total number of traded areas was 220 areas during the first nine months of this year.

Sharjah city accounted for the largest share, with 8,311 transactions in 120 areas, and with a trading volume of Dhs10.3 billion, led by “Muwailih Commercial” as the highest area in terms of the number of sales transactions and trading volume, which amounted to Dhs2.2 billion through 1,980 transactions, followed by “Rawdat Al-Qart” area with 839 transactions, Tilal with 676, and Al-Khan with 615 transactions.

While classifying sales transactions according to property type, residential properties accounted for the largest share with 7,657 transactions, and with an increase rate of 83.1 per cent compared to the same period last year. Commercial properties came next, with 758 transactions, and with an increase rate of 8.2 per cent, followed by industrial properties with 653 transactions, an increase rate of 7.1 per cent, then agricultural properties with 148 transactions and an increase rate of 1.6 per cent.

Meanwhile Sharjah Economic Development Department (SEDD) confirmed that the emirate’s economic development indicators achieved remarkable growth in the third quarter of 2024, as the total number of issued and renewed licenses in Sharjah reached 17,981 ones, with a growth rate of 16 per cent during such period.

Hamad Ali Abdullah Al Mahmoud, Chairman of SEDD, said that the data issued by the Department confirms a noticeable increase in investment activity, which are indicators that point to sustainable growth in the economy of the emirate. He added that these figures reflect the confidence of business sectors in the investment opportunities available in Sharjah.

SEDD Chairman explained that the movement of business licenses during the third quarter confirms the strength of the local economy and the attractiveness of the investment environment, and these are indicators of sustainable growth in the economy of Sharjah.