Staff Report
Dubai, UAE
Sharjah real estate recorded a 47 percent jump in transaction volume during the first nine months of 2024 from the same period last year. According to a report by Sharjah Real Estate Registration Department, a total of 69,078 transactions took place in this period, valued at Dh28 billion, exhibiting 16.5 percent growth in value compared to the same period last year.
The total number of sales transactions, sale of usufruct, and preliminary contracts reached 17,000, compared to 11,000 transactions for the same period in 2023. As for the value of real estate mortgages, it amounted to Dh7.5 billion, with 3,229 transactions.
The market attracted 114 nationalities during this period. The investment of UAE citizens amounted to Dh13.7 billion, with 22,908 properties, while the investment of non-Emirati GCC citizens reached to Dh1.7 billion, with 1,166 properties. With regards to the investment of other Arab citizens, it amounted to Dh5.1 billion, with 4,651 properties, while the investment of citizens of other countries amounted to Dh7.5 billion, with 4,587 properties.
Abdul Aziz Ahmed Al-Shamsi, Director General of Sharjah Real Estate Registration Department, attributed the growth to procedures and initiatives which continuously support the development of the real estate and enhance its results. Additionally, he indicated that the constant increase in real estate transactions reflects the confidence of investors in Sharjah’s real estate market and their admiration of its holistic development. He further mentioned that the direct incentives for this increase are the abundance of development projects and the decision to allow non-citizens and Gulf nationals to own in Sharjah.
The emirate registered eight projects in the first nine months of 2024, distributed between towers and commercial residential complexes.
The number of sales transactions in various areas of the emirate reached 9,216 transactions, while the total area traded in sales transactions amounted to 88.2 million square feet, and the total number of traded areas was 220 areas during the first nine months of this year.
Sharjah city accounted for the largest share, with 8,311 transactions in 120 areas and with a trading volume of Dh10.3 billion, led by Muwailih Commercial as the highest area in terms of the number of sales transactions and trading volume. It amounted to Dh2.2 billion through 1,980 transactions, followed by Rawdat Al-Qart with 839 transactions, Tilal with 676, and Al-Khan with 615 transactions.
In terms of classifying sales transactions according to property type, residential properties accounted for the largest share with 7,657 transactions, an increase of 83.1 percent compared to the same period last year. Commercial properties witnessed 8.2 percent increase with 758 transactions, followed by industrial properties with 653 transactions and an increase rate of 7.1%. Agricultural properties recorded 1.6 percent growth with 148 transactions.
Ends
Also read: Sharjah real estate sees 22% rise in expat investment from 100 nationalities
