(MENAFN- Editorial) Real estate transactions have recorded 14.7 billion AED in the Emirate of Sharjah in the first half of this year (2019), as per the latest report revealed by the Sharjah Real Estate Registration Directorate (SRERD).
Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Directorate in Sharjah, said the Emirate recorded 27,588 total transactions that covered 24 million feet in area.
“Most of the real estate dealings recorded in the Emirate of Sharjah over first six months of the year were in May with dealings worth over 6 billion AED.”
Elements of Attraction
The real estate sector in the Emirate has become a main reason of attraction for local, Arab and foreign investors, he added.
“The advanced infrastructure, proactive legislations, economic stability, and strategic location are further elements of attraction that promote the image of Sharjah as a leading global investment destination in the real estate sector.”
Sharjah City on the top
According to the Half-1 report, up to 1,893 "Sales" transactions and 1,588 "Initial Sale Contracts" transactions were recorded in the first six months of the year.
Most of the real estate transactions were recorded in Sharjah city with 1,704 "Sales" transactions in Sharjah city alone in the first half of the year 2019.
The "Sales" transactions in Sharjah city covered 91 areas, led by Muwaileh Commercial Area, followed by Al Khan, and Al Nahda which ranked third. However, the Muwaileh Commercial Area ranked first in the city of Sharjah in terms of the amount of dealings.
Residential properties on the top
Residential properties ranked first in terms of sales transactions, constituting 69.7% of the total transactions recorded. These were followed by commercial properties (17.8%), industrial properties (10%), and agricultural properties (2.5%).
Investors from 37 nationalities
Investors from 37 nationalities worldwide have invested in the real estate sector of the emirate of Sharjah in the first six months of 2019.
“GCC nationals’ real estate investments in the Emirate of Sharjah exceeded 11.8 billion AED, while the real estate investments of other nationalities were valued at over 2.8 billion AED.”
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