(MENAFN- Emirates News Agency (WAM))
SHARJAH, 8th November, 2021 (WAM) -- The real estate sector has shown significant growth during Q3 of 2021, with 16,781 transactions worth AED5.7 billion by the end of September, according to a report issued by Sharjah Real Estate Registration Department.
These numbers marked a growth rate of 22.7 percent compared to the same period last year, while the volume of area circulated in sales transactions amounted to about 16.5 million square feet.
Abdulaziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Department, stated, "The real estate sector in the emirate has returned to its pre-pandemic situation, thanks to the support received from H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the series of measures and incentives taken by our wise government to encourage investment. The Emirate of Sharjah has become, thanks to this generous sponsorship, an attractive environment for investors from inside and outside the country, as this report explains."
Al Shamsi also explained, "Life is returning to normal in Sharjah after recovering from the COVID-19 pandemic and the damage it has caused to various economic sectors in the world."
He noted, "the great growth that has been achieved in the real estate sector in Sharjah reflects this recovery and proves the confidence of investors in the real estate market, especially after the series of economic incentives and facilities launched by the Executive Council in November of 2020, which contributed to the increase in the volume of real estate transactions as compared to the previous year."
Main branch accounts for 94.7 percent of monetary value of real estate transactions
The main branch accounted for 94.7 percent of the total monetary value of real estate transactions recorded in the emirate. In comparison, the monetary value in other branches accounted for 5.3 percent of the total monetary value. The Central Region branch achieved a monetary value rate of 3.6 percent, while the monetary value rate in the Khor Fakkan branch amounted to 0.5 percent. The Dibba Al-Hisn branch recorded 0.2 percent, and the Kalba branch, accounted for one percent of the total monetary value.
There is a remarkable increase in the department's total transactions, compared to the same period last year, which indicates the withdrawal of the COVID-19 crisis, where the increase in total transactions reached 12.9 percent.
The ownership deed transactions increased by 34.4 percent and sales transactions increased by 52.5 percent, compared to the same period last year, indicating investors' interest in the emirate.
The ownership certificates transactions topped all others with 9,629, followed by ownership deed transactions with 4,758 transactions. Then came 1,160 transactions of initial sales contracts and 990 mortgage transactions, while there were 244 valuation transactions.
The total number of mortgage transactions amounted to 990, at AED2.4 billion.
There were 1.662 sales transactions, an increase of 52.5 percent, compared to the same period last year. Most sales transactions took place in Sharjah, with 1,542 transactions in 93 different areas, amounting for AED2.2 billion. In addition, 64 percent of sales transactions were confined to five areas: Al Khan, Muwailih Commercial, Al Rigaibah, Al Saja'a Industrial and Hoshi, all through 987 transactions, while the remaining 36 percent of sales transactions were distributed over 88 districts.
The number of Usufruct sale transactions reached 80, worth AED105 million, led by Al Khan area at 40, valued at AED37.9 million.
When classifying sales transactions by the type of property, residential transactions accounted for the largest share, with 1,262, and a rate of 76 percent. Industrial transactions came in second with 206 at 12.4 percent, followed by 152 commercial transactions at a rate of 9.1 percent. Agricultural transactions went at the end with 42, accounting for 2.5 percent.
Persons from 50 nationalities invested in Sharjah. The investments of Gulf Cooperation Council citizens, including Emiratis, amounted to 4,874 properties worth nearly AED4.5 billion. Furthermore, citizens of other countries, including Arab nations, invested in 1042 properties worth AED1.2 billion.
MENAFN08112021000061011009ID1103123450
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.