(MENAFN- Khaleej Times) Sharjah recorded real estate transactions valued at Dh5.2 billion in the first quarter, demonstrating the emirate's growing appeal as a safe haven for local and foreign investors.
The latest figures revealed by the Sharjah Real Estate Registration Directorate show that the emirate recorded 13,195 transactions, including 1,131 sales at 122 areas that covered 10 million square feet in the quarter.
Residential properties ranked first in the sales transactions, followed by commercial, industrial and agricultural properties.
Up to 996 mortgage transactions, worth Dh2.97 billion, were recorded in the first quarter while investors from 31 nationalities were involved in the transactions.
Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Directorate in Sharjah, said the emirate has become a safe environment for local and foreign investors.
"This is mainly due to the directives of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, to secure a nurturing environment for real estate investment," said Al Shamsi.
He said a series of federal and local laws and legislations aimed at encouraging investment has helped stabilise the real estate investment across the nation despite the ongoing challenges.
According to Saeed Ghanim Al Suwaidi, Chairman of the Real Estate Sector Business Groups at the Sharjah Chamber of Commerce & Industry, the real estate market in Sharjah is one of the most promising in the Middle East because it abounds in business opportunities, including attractive returns for investors.
A. Najeeb, a senior executive of M.S. International Real Estate, said investors and end-users are showing keen interest in Sharjah because of the maturity of the real estate market. "The property sector received a big boost through a series of reforms, including the long-terms residency rules, announced by the government. Moreover, a demand-supply balance in Sharjah's real estate sector is ensuring price stability."
Sharjah Real Estate Registration Directorate figures show that the main branch accounted for Dh4.9 billion or 95.3 per cent of total deals sealed in first quarter against 4.7 per cent, in other branches. The Central Region branch recorded 2.4 per cent of these deals compared to one per cent in Khor Fakkan branch and 1.3 per cent in Kalba branch.
Deals worth Dh2.2 billion were concluded in February against Dh1.7 billion in March and Dh1.3 billion in January.
In the first quarter, up to 1,131 sales transactions were registered across Sharjah. Most of these were recorded in the city. Locations included Muwailah Commercial area, Al Khan, Al Nahda, Hushi, as well as Al Majaz-3 where most apartments were registered.
In 2018, the value of real estate deals in Sharjah totalled Dh22.5 billion, with 54,125 transactions being completed. The deals last year covered over 52 million square feet, while the mortgages transactions amounted to Dh14.9 billion. Investors from 48 nationalities were involved in 2018 transactions, with GCC nationals topping the list with investments worth over Dh20 billion. Residential properties ranked first in terms of sales transactions (67.7 per cent of the total), followed by commercial properties (18.4 per cent, industrial properties (11.4 per cent), and agricultural properties (2.5 per cent).
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Issac John
Associate Business Editor of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.
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