Sharjah / WAM
Sharjah Investment and Development Authority (Shurooq) highlighted growth of Sharjah’s Real Estate Sector at Middle East Investment Summit (MEIS) 2016, which concluded on Tuesday at Dubai International Financial Centre.
Among the statistics being highlighted by Shurooq at MEIS 2016 were 2014 figures that revealed a 20 percent growth in Sharjah’s real estate market transactions when compared to 2013, with total revenue from the market growing 57 percent over the same period. It was also revealed that Sharjah’s real estate sector had successfully developed approximately 84.5 million square metres in land space, leading to the establishment of than 60 unique real-estate projects and more than 46 real estate brokers.
Shurooq’s CEO, Marwan Bin Jassim Al Sarkal, explained how the strong performance of the sector was the result of Sharjah’s inherent attractive attributes for real estate investment and the efforts made by both itself and other Sharjah government bodies to improve the property development landscape in the emirate.
He highlighted the array of diversified tourism projects it operates, many of which are centrally located in residential and commercial areas. He cited Al Majaz Waterfront, Al Noor Island, Heart of Sharjah and Al Qasba as being major driving forces behind the development of the sector, mentioning that Al Majaz receives more than 800 applications a year for new projects.
Al Sarkal also drew attention to Shurooq’s diversified tourism projects, which include Sir Bu Nuair Island, Al Jabal Resort, The Chebi Khorfakkan, Kalba Eco-tourism project and Mleiha Archaeological and Eco-tourism project. Among the forthcoming developments that he said would continue driving the sector forward are Madinat Al Bedaie with an estimated budget of AED 6.5 Billion, Al Mamzar Peninsula at AED 2.85 Billion and Maryam Island at AED 2.8 Billion.