Sharjah Real Estate Booming, with $5.2bn of Transactions in 2023

Sharjah’s real estate market is about to set records with the recent boom. In 9 months of 2023, Sharjah recorded 19 billion dirhams ($5.2 billion).

The Sharjah Department for Registration and Real Estate Recourses disclosed 59,258 transactions for the first year. This is a 14.6% growth over the same period in 2022. In fact, mortgages kept growing, reaching 4.4 billion dirhams or $1.2 billion.

The boom came as major development and infrastructure projects progressed in Sharjah. Population and job growth are surging too. This lifts demand for homes and commercial space.

In sales deals alone, Sharjah saw 6,342 transactions worth 7.9 billion dirhams ($2.2 billion). Sales activity jumped 18.9%. Total traded space reached 59.4 million square feet.

The city of Sharjah accounted for most of the activity. It recorded 5,734 deals across 114 areas, totaling 7.5 billion dirhams ($2 billion).

Top zones included the Muwailih Commercial district with 1,164 sales at 1.5 billion dirhams ($408 million). Muzaira’a, Al Khan, and Hoshi districts also saw heavy deal volume.

Breaking down property types:

Residential made up 4,968 units or 78%
Industrial was 653 units or 10%
Commercial was 618 units or 9.8%
Agricultural: 103 properties, at 1.6%

UAE investors plugged 11.1 billion dirhams in buyer nationality across 15,857 units. GCC outside the UAE added 1.1 billion dirhams through 952 deals.

Other key sources were Arab nations at 3 billion dirhams and other countries at 3.8 billion dirhams.

The diverse buyer base of 97 nationalities signals a healthy, competitive market. It gives developers insights into global demand when launching new projects.

Sharjah offers stability and Ownership rights protections that appeal to investors. Its central UAE location, coastal access, and improving infrastructure add to the draw.

Officials forecast continued strong growth given supportive demographics and government policy tailwinds. This rising tide should lift Sharjah’s entire real estate ecosystem.