Staff Report,
Dubai, UAE
Sharjah’s real estate sector recorded a trading value of Dh10 billion in the first quarter of 2024, demonstrating an increase of 67.1 percent compared to the same period last year. The growth is attributed to the transaction count which reached 23,478, with a growth rate of 9.3 percent compared to last year, as per the “Quarterly report on the real estate sector performance” issued by Sharjah Real Estate Registration Department. Sales transactions made up 2,771 of the total and spanned an area of 28.3 million square feet valued at Dh3.5 billion.
Abdul Aziz Ahmed Al-Shamsi, Director General of Sharjah Real Estate Registration Department, said, “This increase in trading activity reflects people’s aspirations to own property and invest in Sharjah, especially since the emirate is witnessing all types of development, which has been reflected positively on the real estate market.”
He also stated, “The success of Sharjah real estate in attracting investors from 94 nationalities from all over the world, with investments amounted to about AED 10 billion, indicates the effectiveness and impact of the procedures and wise decisions taken by the Sharjah Government over the past years, and the flexibility of legal legislation that motivates investors.”
Moreover, Al-Shamsi pointed out that “the diversity of real estate projects launched by the government in various regions of the emirate, in addition to its establishment, sponsorship, and participation in many events and exhibitions, such as Sharjah Real Estate Exhibition (ACRES), which is organized yearly, have all contributed to highlighting the many investment opportunities that Sharjah abounds, enhancing confidence in the real estate field in the emirate, succeeding in attracting foreign direct investments, new developers, and continuously revitalizing the market.”
Residential transactions made up 80.9 percent of the sales transactions. Muwaileh Commercial ranked the highest in terms of sales transaction with a total of 481 transactions and a value of more than Dh725.5 million.
The total number of properties traded in the emirate reached 2,771, topped by residential lands with 1,052 properties, followed by residential apartments of 700, residential built-in lands with 397, and industrial lands with 160 properties.
Five new projects have been registered in the emirate, including four new real estate projects and a new phase of one of the major existing projects. The new projects varied between residential and commercial projects, including three complexes and two towers.
As many as 94 nationalities from different countries invested in Sharjah during the first quarter of 2024. UAE citizens invested Dh4.4 billion in 7,628 properties while the rest of the GCC citizens invested Dh625.5 million in 347 properties. The investment of Arab citizens amounted to Dh2.1 billion with 1,762 properties and other countries’ citizens spent Dh2.8 billion on 1,739 properties. Emiratis topped the list for purchasing the highest number of properties, standing at 7,628. Indians, Syrians, Pakistanis, and Jordanians followed with 683, 484, 275, and 227 properties, respectively.
Ends
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