(MENAFN- Khaleej Times) Sharjah recorded Dh10 billion worth of property transactions in the first quarter of 2024, an increase of 67.1 per cent over the same period last year as demand continues to grow after emirates allowed non-GCC nationals to buy property, said Sharjah Real Estate Registration Department.
In terms of volume, Emiratis topped the list with 7,628 properties, followed by Indians at 683, Syrians at 484, Pakistanis at 275, and Jordanians at 227 properties.
In terms of value, investments by UAE citizens reached Dh4.4 billion while investments of GCC citizens reached Dh625.5 million. Investments of Arab citizens amounted to Dh2.1 billion.
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In total, 94 nationalities invested in Sharjah during the first quarter of 2024.
According to data released by Sharjah Real Estate Registration Department, the total number of transactions reached 23,478, with a growth rate of 9.3 per cent compared to the same period last year. While the total area traded reached 28.3 million square feet.
Abdul Aziz Ahmed Al-Shamsi, director-general of the Sharjah Real Estate Registration Department, said the 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.
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), 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 revitalising the market.”
The city of Sharjah accounted for the largest share, with 2,514 transactions taking place in 94 areas, with a total value of Dh3.3 billion. Muwaileh Commercial area ranked the highest in terms of sales transactions with a total of 481 transactions and a value of more than Dh725.5 million, followed by Rawdat Al-Qart, Al-Mazairah, and Al-Khan.
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 per cent compared to the same period last year, and a value of Dh2.2 billion.
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