(MENAFN- Emirates News Agency (WAM)) SHARJAH, 8th February, 2023 (WAM) – Sharjah has recorded 2,999 real estate transactions worth AED2 billion during January 2023, according to the monthly report published by Sharjah Real Estate Registration Department (SRERD).
The Real estate sector in Sharjah continues to grow and prosper under the continuous support of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the follow-up of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Chairman of Sharjah Executive Council (SEC), and their continuous directives to facilitate the work of real estate developers, and to consolidate Sharjah's position as an attractive environment for real estate investors.
Transactions Classification
The department's statistics showed that the number of sale transactions reached 673 in January, which accounted for 22.5 percent of the total number of transactions. Regarding mortgages, 250 transactions represented 8.3 percent of the total transactions with a total value of AED510 million. In addition, there were 2,076 other transactions that constituted 69.2 percent of the total transactions.
The sales took place in 93 areas across the various cities and regions of Sharjah, while the total area of traded real estate reached 4.3 million square feet, including residential, commercial, industrial, and agricultural lands.
The types of traded real estate included 162 lands, and 245 lands with constructions. In addition, the number of units sold in towers reached 266.
Areas with the highest number of sales
The report showed that Muwaileh Commercial topped the list of areas with the highest number of real estate sales with 136 transactions, followed by Al Rigaibah with 84, Al Khan with 60, then Hoshi area with 49.
As for the highest traded areas in terms of monetary value, Al Khan topped the list with a turnover of AED266.2 million, followed by Al Rigaibah and Muwaileh commercial areas, both with the same total trading value of AED106.4 million, followed by Al Sajaa industrial area with AED69.6 million.
In the central region, the sales transactions were concentrated in Al Thumama with six transactions, and Al Qasimia area with five. In terms of trading value, Al-Thumama region transactions value amounted to AED7.9 million, followed by A-l Taybeh 1 area valued at AED2.6 million.
While in Khorfakkan, Al Mudaifi was the highest trading area with seven transactions amounting to AED5.7 million.
As for the city of Kalba, Kalba industrial area took the lead with six sales transactions, while Suhaila 31 area recorded AED1.6 million worth transactions, the highest in terms of trading volume.