Alef Group surpasses Dhs2.4 billion in 2024 sales, with 30% YoY growth
- 7 hours ago
Alef Group, a leading real estate developer in Sharjah, announced its remarkable accomplishments in 2024.
With sales exceeding Dhs2.4 billion, the company experienced a 30 per cent year-on-year (YoY) growth, securing over 25 per cent of the Sharjah real estate market.
These achievements underscore Alef Group’s position as a market leader and its commitment to delivering quality and excellence.
Commenting on these milestones, Issa Ataya, CEO of Alef Group, said, “2024 has been a transformative year for Alef Group. Our strategic vision and commitment to excellence have propelled us to new heights. We are excited to continue this momentum, with new developments and initiatives on the horizon that will further enhance our position as a leader in the real estate industry.”
Meanwhile as revealed by Abdulaziz Ahmed Al-Shamsi, Director General of the Sharjah Real Estate Registration Department, the Sharjah real estate has succeeded in achieving exceptional and unprecedented growth during 2024, with a transactions volume amounting to Dhs40 billion, and a growth rate of 48 per cent compared to 2023.
Al-Shamsi commented: “This is the highest trading volume achieved by Sharjah’s real estate since 2008, and this significant growth reflects the increasing number of investors of various nationalities and their demand to purchase different types of real estate, benefiting from the emirate’s attractive investment environment and stable economic climate. The sector has also succeeded in attracting investors from 120 nationalities from different parts of the world”.
Sharjah government support for the sector With regards to the nurturing conditions of this exceptional growth, he stated that the Sharjah real estate enjoys a continuous support from His Highness Dr Sheikh Sultan Bin Muhammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, and a great follow-up by Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Chairman of Sharjah’s Executive Council, which is evident in the positive results of the sector.
Al-Shamsi also pointed out that there are great developments and procedures supporting the growth of Sharjah’s real estate and enhancing its results, indicating that the transactions’ continuous increase reflects investors’ confidence in Sharjah’s real estate market and their determination to own and invest in the emirate. Additionally, H.E stated that there is an increase in the demand for all transactions, including title deeds transactions, sales transactions, and sorting real estate project units’ transactions. The initial contract transactions also increased due to the public’s interest in development project units, which herald further growth in Sharjah real estate transactions in the future.
Population growth and increased demand Al-Shamsi also commented on the role of population growth, saying: “Sharjah has witnessed an increase in demand for real estate as a result of population growth and urban expansion. This demand coincided with large investments in infrastructure projects, such as the development of roads and public facilities, which made Sharjah’s real estate more attractive for housing and investment.”
Furthermore, Sharjah had witnessed a significant increase in the number of investing nationalities, reflecting the growing demand for investment and ownership in the emirate. The number of these nationalities increased to 120 during 2024, compared to 103 nationalities in 2023, which reflects the positive growth that Sharjah’s real estate has been witnessing for several years.
Moreover, the number of properties traded by investors of various nationalities also increased last year to reach 45,676 properties, compared to 31,229 in 2023. This increase is due to several factors, most notably the strength of the infrastructure, the diversity and availability of real estate products, and the decision to allow non-citizens and Gulf nationals to own real estate in Sharjah.
Emiratis at the top of real estate activities In terms of trading volume by nationality, investments by Emirati citizens amounted to about Dhs19.2 billion, which represented 48 per cent of the total. The investments by the rest of the Gulf citizens amounted to Dhs2.3 billion, and represented 5.7 per cent, while investments by Arab citizens rose to Dhs7 billion, which constituted 17.5 per cent of the total. Similarly, investments by citizens of other countries achieved a record increase, which reached about Dhs11.5 billion, and represented 28.8 per cent of the total value of investments.
As for the number of properties traded by nationality, Emirati investors traded 30,638 properties, followed by investors from India with 2,698 properties, Syrian investors with 1,761, Iraqi investors with 1,012, Egyptian investors with 957, and Pakistani investors with 865 properties.
