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The Sharjah real estate sector is gradually on the rise despite the escalating occurrences in terms of the number of transactions and value up to the end of September 2024. In this sector, the volume of transactions in the first nine months increased to 47% above the similar period of 2023. Regarding the value of transactions, the property tycoon hit AED 28 billion ($7.6 billion) in 69,078 total actual or virtual transactions, an increase of 16.5%.
The growing market has continued to attract an investor base from a diverse pool, reflected in the 114 nationalities participating in its growth. Emiratis accounted for the lion’s share of investors, with AED 13.7 billion ($3.7 billion) invested in 22,908 properties. Non-Emirates GCC nationals had AED1.7 billion ($463 million) for 1,166 properties, while other Arab nationals accounted for AED5.1 billion ($1.4 billion) in 4,651 properties. Meanwhile, investors from various countries contributed AED7.5 billion ($2 billion) over 4,587 properties.
The Sharjah Real Estate Registration Department’s report highlighted significant positive trends. Sales transactions, usufruct sales, and preliminary contracts reached 17,000, marking a notable increase from 11,000 in the same period last year. Real estate mortgages also saw considerable activity, totaling AED7.5 billion ($2 billion) through 3,229 transactions.
Abdul Aziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Department, credited various supportive measures and initiatives for bolstering the sector’s continuous development. He emphasized that the consistent rise in real estate transactions underscores investor confidence in Sharjah’s market and their appreciation for its comprehensive growth. He also pointed to development projects and regulations enabling non-citizens and Gulf nationals to own property in Sharjah as key drivers of this momentum.
Furthermore, Al Shamsi noted an uptick in demand for various transactions, including title deeds, real estate subdivisions, and sales. The public’s keen interest in development projects has fueled a rise in initial contract transactions, contributing to overall market growth.
During the first nine months of 2024, Sharjah registered eight new real estate projects comprising towers and commercial residential complexes. Sales transactions spanned 9,216 activities across different areas, covering a total traded area of 88.2 million square feet across 220 locations.
Sharjah City emerged as the focal point, with 8,311 transactions across 120 areas, amassing a trading volume of AED10.3 billion ($2.8 billion). The “Muwailih Commercial” area led with the highest sales transactions and trading volume, totaling AED2.2 billion ($599 million) from 1,980 deals. It was followed by “Rawdat Al-Qart” with 839 transactions, Tilal with 676, and Al-Khan with 615.
Residential properties dominated sales, representing 7,657 transactions and an 83.1% increase compared to last year. Commercial properties followed with 758 transactions, reflecting an 8.2% rise, while industrial properties recorded 653 transactions, a 7.1% increase. Agricultural properties rounded out the activity with 148 transactions, showing a modest 1.6% growth.
This dynamic growth positions Sharjah’s real estate market for further expansion and prosperity, driven by strategic initiatives and robust investor confidence.