(MENAFN - Khaleej Times) The value of real estate transactions in Sharjah in the first half of 2019 was recorded at Dh14.7 billion, driven by GCC nationals and their interest in residential properties.
According to the latest report issued by the Sharjah Real Estate Registration Directorate (SRERD), the emirate witnessed a total of 27,588 transactions that covered an area of 24 million sqft.
The report also revealed that residential properties ranked first in terms of sales transactions, constituting 69.7 per cent of the total transactions recorded. These were followed by commercial properties at 17.8 per cent, industrial properties at 10 per cent and agricultural properties at 2.5 per cent.
Abdul Aziz Ahmed Al Shamsi, director-general of theSRERD, said that most of the real estate dealings recorded in Sharjah over the first six months of the year were in May with dealings worth over Dh6 billion.
Sultan Al Shakrah, CEO of Ajmal Makan, noted that a firm focus on affordability and sustainability in projects will continue to woo serious real estate investors and buyers towards Sharjah.
"Like in H1, the emirate's mixed-use developments and attractive payment plans are expected to keep the interest of investors and buyers intact. The emirate's growing appeal as a safe haven for local and foreign investors can be noticed from the almost 200 per cent surge in the transaction value of properties in the second quarter over first one."
Issa Ataya, managing director of Alef Group, explained that freehold projects are helping to drive Sharjah's popularity, not only in the region, but among foreign investors and end-users as well.
"Sharjah's real estate is likely to continue leading the economic growth of the emirate in the second half of the year as property prices here favour both buyers and tenants alike," he said.
The SRERD report also revealed that investors from 37 nationalities worldwide have invested in Sharjah's real estate sector in the first six months of 2019. GCC nationals' real estate investments in the emirate exceeded Dh11.8 billion, while the real estate investments of other nationalities were valued at over Dh2.8 billion.
Most of the real estate transactions were recorded in Sharjah city, with the 1,704 sales transactions happening across 91 areas including Muwaileh Commercial Area, Al Khan and Al Nahda.
"Transactions, which were valued at Dh5.2 billion in first three months of 2019, rose to Dh14.7 billion in first half of the year," said Khalifa Al Shaibani, director-general of Tilal Properties.
"The latest figures released by the Sharjah Real Estate Registration Directorate are enough to suggest that there is a lot of good faith and trust in the emirate's real estate market. The market indicators hint that Sharjah's real estate sector will continue to enjoy the steady growth and momentum throughout the year."
Shadi Al Azzeh, Al Zahia project head at Majid Al Futtaim Properties, said that with its strategic location, advanced infrastructure, safety, diversified economy and many incentives - including permanent residency - for investors, Sharjah will continue to be the ideal destination for global real estate investment.
"Investors from around the world are interested in Sharjah's real estate sector. Based on our indicators and research, we expect the strong appetite for homes at Al Zahia to continue to grow, especially among investors who value quality in terms of design and construction and trusted, leading developers," he added.
I am a reporter and sub-editor on the Business desk at Khaleej Times. I mainly cover and write articles on the UAE's retail, hospitality, travel, and tourism sectors.Originally from Lahore, I have been living in the UAE for more than 20 years. I graduated with a BA in Mass Communication, with a concentration in Journalism, and a double minor in History and International Studies from the American University of Sharjah.If you see me out and about on assignment in Dubai, feel free to stop me, say hello, and we can chat about the latest kitten videos on YouTube.