The value of real estate trade in the emirate of Sharjah increased by 35.6 per cent during the first half of 2024, compared to the same period in 2023, data showed on Tuesday.
According to the semi-annual report on the real estate sector issued by Sharjah Real Estate Registration Department, the sector was valued at Dh18.2 billion. This is mainly due to the increase in sales transactions, recording 10,809 transactions compared to 6,592 recorded during the same period last year.
The real estate trade in H1 this year is the highest compared to similar periods since 2012 due to the leaps of development that the emirate has witnessed in recent years attracting the interest of investors and buyers and enhancing their confidence in the emirate’s property market, in addition to the various advantages that are unique to Sharjah.
The report reveals a number of positive indicators and shows that real estate transactions in the emirate this year have surged by 13.8 per cent. The total number of transactions executed during H1 2024 is 46,524, compared to 40,876 in H1 2023.
The various real estate transactions recorded by the department include ownership certificate transactions, initial sales contracts, ownership deeds, mortgages and valuations.
Abdulaziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Department, emphasised that the remarkable qualitative developments recorded by the real estate sector are an essential part of the comprehensive and continuous economic growth scene in the emirate, and they also clearly reflect the success of the strategic plans that lead the various economic and investment sectors.
Al Shamsi noted that Sharjah is moving towards consolidating its economic position through its diversified economy based on providing an attractive investment environment, establishing a solid legislative framework that protects rights and enhances investor confidence, in addition to launching sustainable development projects, and escalating urban development projects in various residential, commercial, industrial and agricultural fields.
The different regions of the emirate recorded 5,426 real estate sales transactions, covering 55.1 million square feet and involving 192 areas.
Sharjah city accounted for the largest number of sales with 4,932 transactions carried out across 109 areas. Muwailih Commercial Area recorded the highest number of sales transactions and trading value in the emirate. Residential properties and lands topped these sales transactions.
According to the classification of properties traded in sales transactions, residential lands topped the list with a total of 1,994 properties, followed by residential apartments at 1,454, followed by residential built-in lands at 788 properties.
The report showed that the main branch of Sharjah Real Estate Registration Department accounted for 96.5 per cent of the total trading value in H1 2024.
The first half of this year recorded seven new real estate projects in the emirate, which included residential complexes and residential and commercial towers with a total area of 16.2 million square metres. These include two projects licensed for sale under the ownership system for expatriates and Gulf nationals, namely: Anantara Sharjah Residences project in Al Raffa area, and Faradis Tower project in Al Mamzar area.
According to the report, the number of nationalities who have invested in the emirate reached 106 nationalities from around the world during H1 2024.
The investment by UAE citizens in 17,390 properties, amounted to Dh8.8 billion, while the investment by GCC citizens amounted to Dh1.1 billion in 620 properties. Arab citizens invested Dh3.5 billion, in 3,021 properties whereas the investment by citizens of other countries amounted to Dh4.8 billion, in 2,893 properties.
UAE citizens led the list of nationalities investing in the emirate with 17,390 properties, followed by Indians with 1,138 properties, Syrians with 785 properties, Iraqis with 491 properties, Egyptians with 411 properties, and Jordanians with 394 properties.