Monday, May 6, 2024
Sharjah's real estate market reached a trading volume of Dh10 billion in the first quarter of 2024
Marking a 67.1% increase from the
same period last year. The sales transactions surged to 6,146, a significant
rise from 3,011 transactions recorded in the previous year, as per the
"Quarterly report on the real estate sector performance" by the
Sharjah Real Estate Registration Department. The total number of transactions
during this period was 23,478, showing a 9.3% growth year-over-year, with a
traded area of 28.3 million square feet.
Abdul Aziz Ahmed Al Shamsi, the Director General of
the Sharjah Real Estate Registration Department, highlighted the government's
commitment to supporting the real estate sector, emphasizing Sharjah's status
as a prime investment destination. He noted the contribution of numerous
development projects and the eased real estate ownership regulations for
non-citizens and GCC nationals.
In the mortgage sector, the first quarter saw 976
transactions, up 13.1% from last year, totaling Dh2.2 billion. Residential real
estate led the transaction volume with 2,242 transactions, accounting for 80.9%
of the total. This was followed by commercial transactions at 9.1% with 254
transactions, industrial transactions at 8.6% with 237, and agricultural
transactions at 1.4% with 38.
The total property transactions in Sharjah numbered
2,771, with residential lands leading at 1,052 properties, followed by
residential apartments at 700, residential built-in lands at 397, and
industrial lands at 160.
The real estate sector in Sharjah attracted investors
from 94 different nationalities during the quarter. UAE nationals were the
largest investors with a total of Dh4.4 billion spent on 7,628 properties. GCC
nationals, excluding Emiratis, invested Dh625.5 million across 347 properties.
Arab citizens invested Dh2.1 billion in 1,762 properties, while investors from
other countries spent Dh2.8 billion on 1,739 properties. The top investors by
nationality were Emiratis, Indians, Syrians, Pakistanis, and Jordanians, in
that order.
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