Sharjah Records Dh6.3 Billion Real Estate Deals In Q1| MENAFN.COM

Monday, 04 July 2022 09:24 GMT

Sharjah Records Dh6.3 Billion Real Estate Deals In Q1

(MENAFN- Khaleej Times)

Published: Thu 28 Apr 2022, 5:45 PM

The Sharjah Real Estate Registration Department (SRERD) on Thursday reported that it recorded Dh6.3 billion transactions during the first quarter of 2022.

In a statement, the department said it executed 21,615 real estate transactions during the January-March quarter of 2022.

Abdul Aziz Ahmed Al Shamsi, director-general of SRERD, said the first three months of this year witnessed a remarkable growth in the performance of the real estate sector in the emirate in terms of monetary value, number of real estate transactions, and the total number of real estate transactions carried out by the various branches across Sharjah.

Al Shamsi added that the results reflect the return of investment opportunities to grow and escalate the emirate's real estate market. In particular, the results indicate the sector's recovery from the exceptional circumstances brought about by Covid-19 and the restoration of sustainability in growth at the beginning of 2022.

The results translate the objectives of the general budget of the Emirate of Sharjah for 2022, which was approved by His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah.

Expenditures amount to approximately Dh34.4 billion, with a budget based on enhancing capabilities to meet various economic challenges, achieving the competitive advantage of the emirate, serving community members, ensuring stability and economic well-being and providing them with adequate housing opportunities.

Al Shamsi explained that the main branch of the SRERD in the city of Sharjah accounted for 97 per cent of the total value of these trades at Dh6.1 billion, while the transactions of the Central Region branch amounted to Dh69.7 million. The Khorfakkan city branch recorded transactions worth Dh57.5 million, and Kalba city branch witnessed real estate transactions worth Dh54.9 million, while the Dibba Al Hisn city branch made deals worth Dh6.5 million.

He pointed out that March witnessed the highest value of trades, with a total of Dh2.7 billion, recording an increase by 32.3 per cent compared to February, in which the value of trades amounted to Dh1.9 billion.

The total real estate transactions executed in the Emirate of Sharjah during the first quarter of this year amounted to 21,615 transactions, and the property certificates came at the forefront of these transactions with a number of 12,707 transactions, followed by transactions of title deeds with a total of 6,062 transactions, while the three types of mortgage transactions came (mortgage, mortgage increase and (mortgage, mortgage increase and redemption) with a total of 1,641 mortgage transactions, and the total value of mortgages amounted to Dh3.3 billion, while transactions of initial sales contracts amounted to 869 transactions, and real estate valuation transactions amounted to 336 transactions.

Looking at the sale transactions within the title deeds transactions for the first quarter of 2022 compared to the same period last year, an increase of 21.9 per cent, reaching 1,697 transactions compared to 1,392 transactions and a difference of 305 transactions was noted. These transactions were distributed according to the department's branches to 1,512 transactions in the main branch in the city of Sharjah, representing 89 per cent of the total transactions. The remaining transactions were distributed among other branches, with 62 transactions in each of the Kalba and Central Region branches, 52 transactions in the city of Khorfakkan, and nine transactions in the city of Dibba Al-Hisn. These real estate transactions covered a total trading area of 15.8 million square feet.

Sale transactions in 88 regions

According to the report, sale transactions in Sharjah came in 88 regions, with a total trading value exceeding Dh2 billion. Muwailih Commercial District acquired the largest share in terms of number and value, with 301 sales transactions, representing 19.9 per cent of the total sales transactions in the city, with a total trading value exceeding Dh400 million. Al-Khan followed by 247 sales transactions worth AED230 million, while the rest of the transactions were distributed mainly in the areas of Hoshi, Al Majaz 3, Al Raqiba, Al Saja'a Industrial, Al Majaz 2, Al Nahda, Rodhat Al Qrt, and Al Tai Gharb, followed by 78 other areas.

As for the central region of the emirate, the total sales transactions exceeded the value of Dh46 million and the number of 62 transactions in 19 regions. These were concentrated in Al Taibah 2 and Al Malha, and by 25 transactions, which constitutes 40.3 percent of the sales transactions in the region, while the rest of the sales transactions were distributed 37 transactions in 17 other areas.

In the city of Khorfakkan, which witnessed sale transactions in the first quarter of 2022 reaching Dh40.8 million, Al Harai Industrial and Al Mudifi areas accounted for 38.5 per cent of the total trading through 20 transactions, while 12 other areas witnessed 32 real estate transactions.

While sales transactions were distributed in Dibba Al-Hisn city in four regions with nine transactions, and the highest turnover was in the Northern District with 4 transactions, constituting 44.4 per cent of transactions in the city, which witnessed transactions worth Dh5.7 million.

The industrial and commercial areas of Sur Kalba, Al Saf and Al Turaif came at the forefront of the areas in Kalba City in terms of the number of sales transactions with 35 transactions, representing 56.5 per cent of the total transactions in the city. The rest of the sales transactions were distributed among 12 regions, with 27 transactions, the total value of trading in the city amounted to Dh33.3 million.

The total number of interest-sale transactions in the Emirate of Sharjah during the first quarter of this year reached 80 transactions. These came from specific areas in Sharjah, namely Muwailih Commercial, Al Khan, Al Saja'a Industrial, Tilal, Al Nahda and Al Raqiba, with a total trading value of Dh163.3 million. As for the return-of-benefit transactions, they were limited to Al Nahda and Muwailih commercial areas, with three transactions in each area, with a total trading value of Dh8.1 million.

By sector, residential properties topped the list of properties sold in the Emirate of Sharjah in the first quarter of this year with 1,225 properties, which represents 72.1 per cent of the total properties sold, and witnessed an increase of 17.3 per cent compared to the number of residential properties sold in the same period last year, which witnessed a number of 1,044 transactions, and these residential properties were distributed mainly to vacant lands and built lands, in addition to residential lands under construction, apartments, studios and parking lots.

While commercial lands came with a total of 227 properties or 13.4 per cent of the total properties sold in the first quarter of 2022, and in turn witnessed an increase of 45.5 per cent compared to the same period last year, and were distributed to vacant commercial land and others built and under construction, shops, offices and stores.

While 183 vacant and built properties were traded in the industrial sector, representing 10.8 per cent of the total real estate, recording an increase of 16.6 per cent compared to the same period in 2021.

Total agricultural properties sold came to 62 properties, and a total of 3.7 per cent of properties traded, and also recorded a significant increase from the first quarter of last year by 77.1 per cent.

In terms of area, agricultural lands were traded with a total area of 5.3 million square feet, followed by industrial real estate with a total of 5.1 million square feet, then residential properties with a total area of 4.3 million square feet, while the total area of commercial real estate traded was about 1 million square feet.

The real estate sector investors in the emirate distributed during the first quarter of 2022 to 56 different nationalities. The investment of citizens of the UAE and the Gulf Cooperation Council countries amounted to nearly Dh5 billion, while the investment of citizens of other countries amounted to Dh1.3 billion.

The report concluded that total number of real estate investors from the GCC, including Emiratis, during the first quarter of 2022 in the Emirate of Sharjah amounted to 3,464 traders, who made deals on 5,968 properties. Non-Gulf investors amounted to 735 investors, and the number of properties they traded reached 790 properties. The number of real estates traded through the sale of the benefit reached 190 real estate and 226 investors trading.


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