The Sharjah Real Estate Registration Department recently released a report on the performance of the real estate sector in the emirate. It states that over AED19 billion worth of transactions, or 59,258 transactions, were made in the real estate sector in the emirate during the past nine months of 2023. Compared to the same period last year, there was a 14.6% growth rate in these transactions. Furthermore, the total amount of mortgages was AED 4.4 billion.
According to Abdulaziz Ahmed Al-Shamsi, Director General of the Sharjah Real Estate Registration Department, “the strong and rising positive results in this sector in Sharjah indicate a promising future for real estate investment that meets the requirements of the next stage, and accommodates the needs of urban development in the emirate.” Since the start of significant real estate projects in a number of Sharjah cities and regions due to population increase
The unique strategic location of Sharjah and the diversity of its regions, which include coastal, land, and mountainous elements, as well as the strength and durability of the legislative structure protecting the rights of investors, owners, brokers, and developers, all contribute to the integrated diversity of the real estate attraction in Sharjah, he said. This is all supported by the innovative and cutting-edge real estate registration services.
Additionally, the department’s strategic visions and goals reflect the directives of the Sharjah Government, which is led by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, a member of the Supreme Council and the emirate’s ruler; may God protect him; and H.H. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, the Crown Prince, Deputy Ruler of Sharjah, and Chairman of the Executive Council of Sharjah, and their great desire for this important sector of the emirate’s economy to prosper.
Al-Shamsi went on to say, “There are now 97 different nationalities among investors in the emirate’s real estate market.” In addition to lands and other forms of real estate, this diversity would increase good competition in this industry and give more options in the real estate products supplied to individuals interested in investing, owning, and trading in flats and villas of different sizes and locations.
During the same period, there were 6,342 sales transactions throughout the emirate’s several regions, valued at AED 7.9 billion and growing at a rate of 18.9%. The total area exchanged in sales transactions was 59.4 million square feet. With 5,734 transactions totaling AED 7.5 billion across 114 locations, the city of Sharjah accounted for the highest portion. Among these neighborhoods, Muwailih Commercial Area was the most active, with 1,164 transactions totaling over AED 1.5 billion. Other neighborhoods that followed included Muzaira’a, Al Khan, and Hoshi.
There were 549 usufruct sale deals, totaling AED 736 million, in this category. Moreover, with 183 transactions and a trade value of AED 136.5 million, the Tilal area had the most transactions. Furthermore, it was observed that Muwailih Commercial area garnered the highest proportion of trading value, amounting to AED 258.6 million through 146 transactions.
When compared to the same period last year, the total number of first sales contract transactions completed by real estate development businesses in the emirate reached 4,200, representing a growth rate of 34.3%.
Residential properties made up the greatest portion of sales transactions when classified by property type, accounting for 4,968 properties and 78.3% of all transactions. Additionally, commercial properties accounted for 9.8% of the total number of transactions with 618 transactions, industrial properties came in second place with 653 transactions, and agricultural properties ranked fourth with 103 transactions, or 1.6% of the total number of transactions. In the end, 6,342 properties were exchanged in Sharjah, with residential lands accounting for the largest share with 1,988 properties, followed by residential apartments with 1,944 properties and residential built-in lands with 714 properties.
During the previously given time, investments in Sharjah were made by 97 different nationalities from throughout the globe. With 15,857 properties, United Arab Emirates citizens have invested AED 11.1 billion. Furthermore, 952 properties representing AED 1.1 billion in investments were made by inhabitants of the Gulf Cooperation Council (GCC) nations, excluding Emiratis. AED 3.8 billion, or 2,290 properties, was invested by citizens of other nations, whereas AED 3 billion was invested by citizens of Arab countries, which is represented by 3,166 properties.
The UAE accounted for 15,857 properties traded in Sharjah, with Syria coming in second with 955, India third with 922, Iraq fourth with 410, Jordan third with 398, Saudi Arabia third with 390, Egypt third with 388, and Kuwait third with 345 properties.
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