The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
SHARJAH / WAM
The real estate sector in the Emirate of Sharjah has seen a big boom with 54,125 transactions valued at AED22.5 billion ($6.13 billion) in 2018, as per the annual realty transactions report revealed by the Sharjah Real Estate Registration Directorate.
The real estate deals sealed last year covered over 52 million square feet, while the mortgages transactions amounted to AED14.9 billion, according to a top official here.
Abdul Aziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Directorate, attributed this exceptional growth to the big and diverse investment opportunities available in the emirate.
This is apart from irresistible financing facilities offered by banks and banking institutions operating in public and private sectors here, while the property prices have become more accessible to all types and levels of investors who joined the real estate market at ease.
The recent government decisions to offer long-term residence visas up to 10 years for investors, residents, retirees and those wishing to study in the academic institutions nationwide have had a significant impact in this regard, he added.
“Foreigners in the emirate have also been given the usufruct to enjoy all the advantages and uses in various real estate projects that include residential, commercial, and industrial,” he said.
As many as 3,459 mortgage transactions, worth over AED14.9 billion were recorded, Al Shamsi said. “These span 2,114 mortgage transactions, 824 mortgage releases and 521 mortgage add-ons.”
Most of the 3,254 sales transactions registered or 87.9 percent, were carried out in Sharjah city with 2,859 deals in 105 areas, he stated.
“These were led by the commercial areas in Al Khan, Al Nahda, Al Majaz-3 and Hushi that witnessed 1,431 transactions; most of which (509) were in Al Khan, while the highest transactions recorded were at the Muwailah Commercial Area which saw 152 deals worth AED 853,652, 212,” he added.
Up to 106 sales transactions were registered in 29 areas over the Central Region, led by Al Dhaid Agricultural Area, Sohaila Commercial Area, Al Dhaid Commercial Area and Al Madam Commercial Area, he explained.
“These four areas represent 40.6 per cent of the total deals sealed in the Central regions – exactly 43 transactions, while the remaining 63 deals were concluded in 25 areas,” he said. “The Central Region trading volume exceeded AED147 million last year, though,” he said.
Khor Fakkan and Dibba Al Hisn witnessed 134 transactions in 20 areas, led by Al Harrai Commercial Area with 28 transactions and Al Harrai Industrial Area with 21 transactions or 45 per cent of the total deals concluded in Khor Fakkan city.
Kalba city came next with 155 transactions in 26 areas, led by the Industrial Area, followed by Al Saf Area and Soor Kalba Commercial Area; representing 47.1 per cent of the city 73 sales deals, while the remaining 82 transactions spanned 23 areas.
Residential properties ranked first in terms of sales transactions, Al Shamsi pointed out. “They accounted for the largest share of the sales transactions by up to 67.7 percent of the total number of properties, followed by commercial properties which stood at 18.4 percent as compared to 11.4 percent for industrial properties, and 2.5 percent for agricultural properties.”
As for built properties dealings, residential apartments came first with 921, followed by residential lands with 535 properties, residential built lands with 462 properties, and commercial lands with 347 properties, he revealed.
Investors from 48 nationalities worldwide were involved in the reported real estate transactions in the Emirate of Sharjah in 2018. “However, GCC nationals top the list with realty investments worth over AED20 billion as compared to AED2.5 billion for investors from other nationalities,” Al Shamsi explained.