Staff Report
Dubai, UAE
The Sharjah real estate sector recorded transactions worth Dh7 billion in January, exhibiting 79 percent year-on-year (Y-o-Y) growth from Dh3.9 billion transaction volume in January 2023. As many as 11,116 transactions were recorded last month, compared to 5,412 in January 2023, and the total area traded in sales transactions reached 10.4 million square feet.
According to the monthly statistical data issued by the Sharjah Real Estate Registration Department, the number of sales transactions reached 1,246, representing 11.2 percent of the total. As many as 677 mortgage transactions worth Dh1.1 billion were recorded, accounting for 6.1 percent of the total transactions. Additionally, the number of initial contract transactions reached 2,817, representing 25.3 percent, while the number of property certificate transactions reached 4,177, representing 37.6 percent. The number of title deeds transactions reached 2,199, representing 19.8 percent of the total number of transactions.
Sales transactions included residential, commercial, industrial, and agricultural lands and properties across 114 areas of Sharjah. In terms of the type of traded real estate, they were 651 transactions for vacant lands, 332 for sub-divided towers, and 263 transactions for built-in lands.
Muwailih Commercial recorded the highest real estate deal worth Dh46.5 million. The area continued to lead with the highest number of sales transactions, which reached 179, followed by Hay Hoshi with 98 transactions, Al-Khan with 91, and Um Fanain with 76 transactions.
In terms of cash trading volume, Muwailih Commercial also topped the list with Dh239.4 million, followed by Al-Sajaa Industrial with Dh187.9 million, Um Fanain with Dh141.3 million, and Hay Hoshi with Dh109.7 million.
In the Central Region, the total sales transactions reached 77, most of which were concentrated in the Industrial Area 1. The area also recorded the highest trading volume with Dh19.9 million.
In Khorfakkan, 23 sales transactions took place, with Al-Harai Industrial and Hayawa 4 having the highest number of transactions. Meanwhile, Al-Gharb recorded the highest cash trading volume, which reached Dh8.7 million.
Kalba saw 13 sales transactions, most of which were recorded in Al-Tarif 5. Al-Tarif 4 posted Dh2 million in terms of cash trading volume, the highest in Kalba.
Sharjah’s real estate sector has witnessed remarkable development in recent years, including luxury residential units, integrated commercial complexes, and upscale tourism projects, providing a wide range of options that meet the needs of investors and residents alike. Moreover, the emirate has initiated sustainable and environment-friendly projects to grow into a futuristic city. With its diversified developments, the sector has proved to be a fundamental pillar in promoting Sharjah’s economic growth, improving the quality of life, and a point of attraction for investors from all over the world.
Ends
Also read: Sharjah real estate transactions jump 95% to Dh3.9 bn in January ‘24
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