(MENAFN- Al Madar Communications) Sharjah, April 2024
During the first quarter of this year, the real estate sector in Sharjah succeeded in achieving a trading value of AED 10 billion, with an increase rate of 67.1% compared to the same period last year. This is due to the increase in sales transactions of various types, including sales, usufruct sales, and initial contracts, as their total amounted to 6,146, compared to 3,011 transactions for the same period last year.
Moreover, and according to the “Quarterly report on the real estate sector performance” issued by Sharjah Real Estate Registration Department, the total number of transactions reached 23,478, with a growth rate of 9.3% compared to last year. While the total area traded reached 28.3 million square feet.
In this context, His Excellency Abdul Aziz Ahmed Al-Shamsi, Director General of Sharjah Real Estate Registration Department, explained, “Thanks to the directives of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and thanks to the follow-up of His Highness Sheikh Sultan Bin Mohammed Bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah, and Chairman of Sharjah Executive Council, Sharjah Government has always been the first to provide all forms of support and assistance to the real estate sector in the emirate, and has been keen to strengthen its position as a distinguished investment destination.” Pointing out that “this increase in trading activity reflects people’s aspirations to own property and invest in Sharjah, especially since the emirate is witnessing all types of development, which has been reflected positively on the real estate market.” H.E added, “Among the direct incentives for this increase are also the profusion of development projects, and the ownership facilities for non-citizens and GCC nationals to own real estate in Sharjah.”
Al-Shamsi also stated, "The success of Sharjah real estate in attracting investors from 94 nationalities from all over the world, with investments amounted to about AED 10 billion, indicates the effectiveness and impact of the procedures and wise decisions taken by the Sharjah Government over the past years, and the flexibility of legal legislation that motivates investors.”
Moreover, Al-Shamsi pointed out that “the diversity of real estate projects launched by the government in various regions of the emirate, in addition to its establishment, sponsorship, and participation in many events and exhibitions, such as Sharjah Real Estate Exhibition (ACRES), which is organized yearly, have all contributed to highlighting the many investment opportunities that Sharjah abounds, enhancing confidence in the real estate field in the emirate, succeeding in attracting foreign direct investments, new developers, and continuously revitalizing the market.”
23,478 transactions during Q1
In addition, Al-Shamsi indicated that the total number of transactions reached 23,478. The ownership certificate transations topped the list reaching 10,602, followed by ownership deeds with 8,271 transactions, Initial Sales Contract with 3,222 transactions, Mortgage transactions with 976, and finally Valuation with 407 transactions.
Traded area covering 28.3 million square feet
H.E also said that the number of sales transactions in various regions of the emirate during the same period reached 2,771 transactions with a total area of 28.3 million square feet, which represents a growth rate of 47.9% with a value of AED 3.5 billion. The city of Sharjah accounted for the largest share, with 2,514 transactions taking place in 94 areas, with a total value of AED 3.3 billion. “Muwaileh Commercial”area ranked the highest in terms of sales transaction with a total of 481 transactions and a value of more than AED 725.5 million, followed by the areas of (Rawdat Al-Qart, Al-Mazairah, and Al-Khan).
199 Usufruct Sale transactions
As for Usufruct Sale transactions, Al-Shamsi explained that it reached 199 with a total value of AED 255.6 million. “Muwaileh Commercial” area also topped the list with 73 transactions, and a trading value of about AED 67 million. While “Um Fannain” area had the highest share in terms of trading value with AED 74.5 million through 44 transactions.
3,176 Initial Sales Contracts
Regarding the initial sales contract transactions carried out by real estate development companies in the emirate, Al-Shamsi reported that the total amounted to 3,176 transactions during the first quarter of the current year, with a trading value of about AED 4 billion.
976 Mortgage transactions, a growth of 13.1%
Al-Shamsi explained that the total mortgage transactions in the various regions of Sharjah during the first quarter of this year amounted to 976, with an increase of 13.1% compared to the same period last year, and a value of AED 2.2 billion.
Residential transactions continue to lead
By classifying sales transactions according to the type of property, Al-Shamsi confirmed that residential transactions accounted for the largest share with 2,242 transactions, representing 80.9%, followed by commercial transactions with 254 representing 9.1%, industrial transactions with 237 at a rate of 8.6% of the total transactions. Lastly, agricultural transactions with 38 representing 1.4% of the total transactions.
Moreover, the total number of properties traded in the emirate reached 2,771, topped by residential lands with 1,052 properties, followed by residential apartments of 700, then residential built-in lands with 397, and finally industrial lands with 160 properties.
Five new real estate projects
In addition, Al-Shamsi mentioned that the number of real estate projects registered in the emirate reached five projects, including 4 new real estate projects and a new phase of one of the major existing projects. The new projects varied between residential and commercial projects, including 3 complexes and two towers.
Investors from 94 nationalities
Regarding the investors, Al-Shamsi pointed out that 94 nationalities from different countries invested in Sharjah during the first quarter of 2024. The total investment of the UAE citizens reached AED 4.4 billion with 7,628 properties, while the total investment of GCC citizens excluding Emiratis reached AED 625.5 million with 347 properties. As for the investment of Arab citizens, it amounted to AED 2.1 billion with 1,762 properties. The total investment of other countries’ citizens amounted to AED 2.8 billion with 1,739 properties.
As for the highest ranked five nationalities in terms of investment in Sharjah, they are, respectively: Emiratis with 7,628 properties, Indians with 683, Syrians with 484, Pakistanis with 275, and Jordanians with 227 properties.
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