SHARJAH, 24th October, 2023 (WAM) — According to the report on the performance of the real estate sector in Sharjah, which was recently issued by Sharjah Real Estate Registration Department, the value of transactions in the real estate sector in the emirate during the past nine months of 2023 amounted to more than AED19 billion, with 59,258 transactions. These transactions recorded a growth rate of 14.6% compared to the same period last year. In addition, the value of mortgages amounted to AED4.4 billion.
Abdulaziz Ahmed Al-Shamsi, Director General of the Sharjah Real Estate Registration Department, said: “The strong and rising positive results in this sector in Sharjah indicate a promising future for real estate investment that meets the requirements of the next stage, and accommodates the needs of urban development in the emirate, especially with the population growth and the continued launch of major real estate projects in various cities and regions of Sharjah, which are projects that combine sustainability elements to meet the preferences of investors and owners alike”.
He also pointed out that “the elements of real estate attraction in Sharjah are witnessing an integrated diversity, led by the distinguished strategic location of Sharjah and the diversity of its regions, having coastal, land, and mountainous elements , as well as the strength and durability of the legislative structure guaranteeing the rights of investors, owners, brokers, and developers, in an environment supported by pioneering and advanced real estate registration services. Moreover, the strategic visions and objectives pursued by the department translates the directives of the Sharjah Government under the leadership of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, may God protect him, and the follow-up of H.H. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah, and Chairman of the Executive Council of Sharjah, and their great keenness on the prosperity of this pivotal sector of the emirate’s economy.”
Al-Shamsi also added, “the diversity of the nationalities of investors in the real estate sector in the emirate has reached 97 nationalities. This diversity would enhance positive competitiveness in this sector, and thus provide more options in the real estate products offered to those interested in investing, owning, and trading in apartments and villas of various sizes and locations, in addition to lands and other types of real estate”.
The number of sales transactions in various regions of the emirate during the same period reached 6,342 transactions, with a value of AED 7.9 billion, and a growth rate of 18.9%, while the total area traded in sales transactions reached 59.4 million square feet. The city of Sharjah accounted for the largest share, with 5,734 transactions taking place in 114 areas with a total value of AED 7.5 billion. Out of these areas, Muwailih Commercial area topped the list, as it witnessed 1,164 transactions with a total value amounting to more than AED 1.5 billion, followed by other areas such as Muzaira’a, Al Khan, and Hoshi.
As for usufruct Sale transactions, they reached 549 transactions with a total value of AED 736 million. Moreover, Tilal area recorded the highest number of transactions with 183 transactions and a trading value of AED 136.5 million. In addition, Muwailih Commercial area also received the largest share in terms of trading value, with AED 258.6 million through 146 transactions.
In terms of initial sales contract transactions carried out by real estate development companies in the emirate, the total reached 4,200 transactions during the same period, with a growth rate of 34.3%, compared to the same period last year.
By classifying sales transactions according to property type, residential properties accounted for the largest share, with 4,968 properties, representing 78.3% of the total number of transactions. Moreover, industrial properties came second with 653 transactions, representing 10.3% of the total number of transactions, commercial properties with 618 transactions, representing 9.8%, followed by agricultural properties which ranked fourth with 103 transactions, representing 1.6% of the total number of transactions. Finally, the total number of properties traded in Sharjah reached 6,342 properties, topped by residential lands with a total of 1,988 properties, followed by residential apartments with 1,944, then residential built-in lands with 714 properties.
On the level of investors, 97 nationalities from all over the world invested in Sharjah during the aforementioned period. The investment of citizens of the United Arab Emirates reached AED 11.1 billion, with 15,857 properties. In addition, the investment of citizens of the Gulf Cooperation Council (GCC) countries (excluding Emiratis) reached AED 1.1 billion with 952 properties. As for the investment of the citizens of Arab countries amounted to AED3 billion, represented in 3,166 properties, and the investment of citizens of other countries represented AED 3.8 billion with 2,290 properties.
As for the top nationalities which traded in Sharjah, they are, respectively: the UAE with 15,857 properties, followed by Syria with 955 properties, India with 922, Iraq with 410, Jordan with 398, Saudi Arabia with 390, Egypt with 388, and Kuwait with 345 properties.