(MENAFN- Khaleej Times) Sharjah recorded 18,537 real estate transactions worth Dh3.6 billion ($1 billion) in the first-quarter of 2020 as compared to 13,195 transactions worth Dh5.2 billion in the same period last year.

The transactions were recorded in 129 areas covering 8.9 million square feet.

Around 729 sales transactions were registered and most of them were recorded in the emirate's main city such as Al Khan, Al Nahda, and Al Tai, where most of the apartments were registered.

Residential properties ranked first in the sales transactions with 507 transactions, accounting for 69.5 per cent of the total. These were followed by the industrial properties with 101 transactions, or 13.9 per cent, the commercial properties with 97 transactions, or 13.3 per cent, and finally the agricultural properties with 24 transactions, or 3.3 per cent of the total transactions.

Al Shamsi said up to 3,204 title deeds transactions were recorded, in comparison to 883 initial sale contracts transactions, 750 transactions mortgage deals, and 234 assessments transactions.

Up to 750 mortgage transactions, worth Dh1.9 billion, were recorded in Sharjah in the first quarter of the year.

Investors from 37 nationalities worldwide were involved in the reported real estate transactions in Sharjah in the first three months of the year 2020.

These included 2,896 GCC investors who traded 3,614 properties, worth Dh3.1 billion, and 500 foreign investors who traded 473 properties, worth Dh500 million.

Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, said the real estate sector in Sharjah is founded on strong bases.-

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