SHARJAH, 31st October, 2024 (WAM) — The volume of real estate transactions in Sharjah has increased by 47 percent during the first nine months of 2024, compared to the same period last year. The value of these transactions reached AED 28 billion, with a total number of 69,078 transactions, increasing by 16.5 percent 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 AED 13.7 billion, with 22,908 properties, while the investment of non-Emirati GCC citizens amounted to AED 1.7 billion, with 1,166 properties.
Regarding the investment of other Arab citizens, it amounted to AED 5.1 billion, with 4,651 properties, while the investment of citizens of other countries amounted to AED 7.5 billion, with 4,587 properties.
The report, issued by Sharjah Real Estate Registration Department, 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 AED 7.5 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 H.H. Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, in addition to the continuous follow-up by H.H. 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 its holistic development.
He 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 AED 10.3 billion, led by “Muwailih Commercial” as the highest area in terms of the number of sales transactions and trading volume, which amounted to AED 2.2 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 percent compared to the same period last year. Commercial properties came next, with 758 transactions, and with an increase rate of 8.2 percent, followed by industrial properties with 653 transactions, an increase rate of 7.1 percent, then agricultural properties with 148 transactions and an increase rate of 1.6 percent.
