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SHARJAH/WAM
The value of real estate trade in the Emirate of Sharjah increased during the first half of 2024 by 35.6 percent, compared to the same period in 2023, with over AED18.2 billion. This is mainly due to the increase in sales transactions, recording 10,809 transactions compared to 6,592 recorded during the same period last year.
According to the semi-annual report on the real estate sector issued by Sharjah Real Estate Registration Department, the real estate trade in H1 this year is the highest compared to similar periods since 2012 due to the leaps of development that the emirate has witnessed in recent years attracting the interest of investors and buyers and enhancing their confidence in the emirate’s property market, in addition to the various advantages that are unique to Sharjah.
The semi-annual report issued by the Sharjah Real Estate Registration Department reveals a number of positive indicators and shows that real estate transactions in the emirate this year have surged by 13.8 percent.
The total number of transactions executed during H1 2024 is 46,524, compared to 40,876 in H1 2023.
The various real estate transactions recorded by the department include ownership certificate transactions, initial sales contracts, ownership deeds, mortgages and valuations.
Abdulaziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, emphasized that the remarkable qualitative developments recorded by the real estate sector are an essential part of the comprehensive and continuous economic growth scene in the emirate, and they also clearly reflect the success of the strategic plans that lead the various economic and investment sectors.
Al Shamsi noted that Sharjah is moving confidently towards consolidating its economic position locally, regionally and globally, through its diversified economy based on providing an attractive investment environment, establishing a solid legislative framework that protects rights and enhances investor confidence, in addition to launching sustainable development projects, and escalating urban development projects in various residential, commercial, industrial and agricultural fields.
According to the half-yearly report issued by the Sharjah Real Estate Registration Department, various regions of the emirate recorded 5,426 real estate sales transactions, covering 55.1 million square feet and involving 192 areas of the emirate.
Sharjah city accounted for the largest number of sales with 4,932 transactions carried out across 109 areas. Muwailih Commercial Area recorded the highest number of sales transactions and trading value in the emirate. Residential properties and lands topped these sales transactions.
According to the classification of properties traded in sales transactions, residential lands topped the list with a total of 1,994 properties, followed by residential apartments at 1,454, followed by residential built-in lands at788 properties.
The report showed that the main branch of Sharjah Real Estate Registration Department accounted for 96.5 percent of the total trading value, while the remaining branches accounted for 3.5 percent during H1 2024.
The first half of this year recorded 7 new real estate projects in the Emirate of Sharjah, which includes residential complexes and residential and commercial towers with a total area of 16.2 million square meters. These include two projects licensed for sale under the ownership system for expatriates and Gulf nationals, namely: Anantara Sharjah Residences project in Al Raffa area, and Faradis Tower project in Al Mamzar area.
According to the report issued by the Real Estate Registration Department, the number of nationalities who have invested in the emirate reached 106 nationalities from around the world during H1 2024.
The investment by UAE citizens in 17,390 properties, amounted to AED8.8 billion, while the investment by GCC citizens amounted to AED1.1 billion in 620 properties. Arab citizens invested AED3.5 billion, in 3,021 properties whereas the investment by citizens of other countries amounted to AED4.8 billion, in 2,893 properties.
The top 6 nationalities investing in the emirate in terms of the number of properties are the UAE citizens with 17,390 properties, Indian citizens with 1,138 properties, Syrians with 785 properties, Iraqis with 491 properties, Egyptians with 411 properties, and Jordanians with 394 properties.