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SHARJAH / WAM
The Sharjah Real Estate Registration Department (SRERD) has reported that the emirate’s real estate sector has performed exceptionally well during the first quarter of 2023. According to the SRERD’s quarterly performance report, the total number of real estate transactions reached 21,486, with a total value of AED 5.9 billion.
The report also revealed that real estate mortgages amounted to AED 1.7 billion, indicating that Sharjah’s real estate sector is flourishing.
Abdulaziz Ahmed Al Shamsi, Director-General of SRERD, credited the strong foundation of Sharjah’s real estate sector to the guidance of HH Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and HH Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah.
The report showed that sales transactions increased by 12.5%, covering a total trading area of 17.8 million square feet, with 2,005 transactions compared to 1,738 transactions in 2022.
Sales transactions in Sharjah took place in 88 areas, with the Muwailih commercial area accounting for the largest share in terms of number and value, followed by Al-Khan and Al-Rigaibah areas.
In the central region of the emirate, the Al-Qasimia and Al-Thumama areas accounted for 42.9% of the total sales transactions, while Khor Fakkan recorded 47 sale transactions, and Dibba Al Hisn recorded 4 transactions.
During the first quarter of this year, the total number of interest-sale transactions reached 132 in Sharjah, with a total value of AED 221.9 million.
The report showed that residential properties were the most traded, accounting for 79.8% of the total real estate sold. Moreover, the number of initial sale contracts transactions increased during the first quarter of this year by 17.5%.
The report also revealed that the number of real estate investors in Sharjah were distributed to 62 different nationalities, with the investment value of the country’s citizens amounting to AED 3.8 billion. The investment value of non-Emirati GCC citizens amounted to AED 449 million, while the investment value of Arab citizens amounted to AED 1 billion. Finally, the volume of investment for citizens of other countries amounted to AED 710.5 million.