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AED839 million of real estate transactions in Central and Eastern regions of Sharjah

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AED839 million of real estate transactions in Central and Eastern regions of Sharjah
AED839 million of real estate transactions in Central and Eastern regions of Sharjah

SHARJAH, 31st October, 2023 (WAM) — Sharjah Real Estate Registration Department revealed that the volume of cash transactions in the Central and Eastern regions reached AED839 million.

In a report issued on Tuesday, the Sharjah Real Estate Registration Department stated that these transactions were carried out through the Department’s four branches: the Central region branch, Khor Fakkan, Dibba Al-Hisn, and Kalba branch, with a total number of 19,658 transactions and 20 million square feet of area traded in sales transactions.

Omar Al-Mansouri, Director of Branches Department at the Sharjah Real Estate Registration Department, stated, “The real estate sector in the Central and Eastern regions continues to grow at an upward pace, while constituting a major attraction factor for Arab and foreign investors. This success comes in light of the availability of advanced infrastructure and legislation, the economic stability characterising the emirate, and its prominent strategic location.”

Moreover, the report affirmed the importance of the competitive advantages offered by the Sharjah government to investors, in line with the sustainable development plans set within the framework of the economic diversification policy adopted by the wise government to build the economy of tomorrow”.

In detail, Al-Mansouri stated that the trading volume in the four branches constituted 4.4% of the total trading volume in the real estate sector in the emirate. The total cash trading volume in the Central region reached AED376.3 million, representing 2% of the total trading volume, while it reached AED274.8 million in Khor Fakkan at a rate of 1.4%.

Moreover, in Kalba, the total trading volume reached AED172.3 million, at a rate of 0.9%, while it reached about AED15.6 million in Dibba Al-Hisn at 0.1% of the total trading volume.

Al-Mansouri explained that the Department’s branches carried out 423 mortgage transactions and with a value of AED365 million.

Al-Mansouri said that the number of sales transactions in the Central region during the same period had reached 300 transactions, which took place in 39 different regions, with a total value of AED260.5 million.

Al-Qasimia City accounted for the largest share of these transactions, with 120 transactions, which represented 40% of the total sales transactions, followed by the Blida region with 28, the Tawi Hamdah region with 16, and then the Thumama region with 15 transactions.

In addition, the number of transactions in Khor Fakkan reached 132 transactions, which took place in 29 areas, with a total value of AED98.8 million. Al-Harai Commercial and Industrial areas recorded 15 transactions each out of the total sales transactions in the city, followed by Al-Mudaifi area with 13, and finally Al-Bardi 2 area with 12 transactions.

As for Kalba, the transactions reached 156 in 32 city areas, valued at AED80.4 million. 18.6% of these transactions were in Kalba Industrial area with 29 transactions, followed by the Industrial area with 24 transactions, then Al-Saf area with 15 transactions, and finally Sur Kalba Commercial area with 14 transactions.

Al-Mansouri revealed that sales transactions in Dibba Al-Hisn were distributed among four areas, totalling 20 transactions amounting to AED11.9 million. 65% of Dibba Al-Hisn transactions took place in Al-Shamali, which recorded 13 transactions.

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