Meeting explores new ways to promote Sharjah’s realty sector

The Real Estates Sector Business Group, operating under the Sharjah Chamber of Commerce and Industry (SCCI), has discussed with the Sharjah FDI Office (Invest in Sharjah) ways to promote lucrative real estate investment projects in Sharjah and invigorate the local real estate sector.

The discussions were held during a coordination meeting attended by notable figures, including Saeed Ghanem Al Suwaidi, Chairman of the Representative Committee of the Real Estate Sector Business Group,Saif Mohammed Salem Al Suwaidi, Director of the Investment Support Department at the Sharjah FDI Office; Marwan Saleh Alichla, Director of the Sharjah Investors Services Centre; and other committee members.

The meeting looked into ways to benefit from the Sharjah FDI Office’s expertise to promote real estate ventures in the emirate. It also stressed the need to provide high-quality services to real estate entities through the Sharjah Investors Services centre.

The SCCI emphasised that Sharjah’s real estate sector has seen remarkable growth and development. Acting as a backbone to Sharjah’s economic prosperity, the sector draws investors due to the emirate’s multifaceted economy, comprehensive legislative and regulatory frameworks, and government amenities. Moreover, the countless investment opportunities available within the real estate sphere enhances its allure.

During the meeting, the representative committee of the Business Group showcased its leading initiatives to upgrade the real estate sector. They highlighted the committee’s strategies to draw real estate investments to Sharjah, foster ties with both investors and government entities, and effectively represent the vast community of real estate professionals within the emirate.

According to the recent semi-annual report issued by Sharjah Real Estate Registration Department on the real estate in the regions and cities of the emirate, there were 40,843 transactions in the first half of 2023, and the value of real estate mortgages amounted to Dhs4.1 billion.

Abdulaziz Ahmed Al Shamsi, Director General of Sharjah dex Estate Registration Department, said: “The real estate sector in Sharjah continues to be one of the most important economic pillars in the emirate and it continues to accumulate achievements and overcome challenges thanks to the great support of our wise government led by His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, may God protect him, and the follow-up of His Highness Sheikh Sultan Bin Muhammad Bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Executive Council of Sharjah, and their keenness to support the growth of this vital sector, and ensure its ability to overcome all circumstances.”

In the same context, he pointed to “the success of the real estate sector in Sharjah in attracting investors from 88 different nationalities during the first half of this year, thanks to the incentives and facilities adopted by the government during the last period, which are a continuation of a long series of decisions aimed at supporting investment in the emirate.”

The total area traded in Sales transactions during the first half of this year was 43 million square feet. Moreover, the number of Sales transactions in the various regions of the emirate during the first half of 2023 reached 4,187 transactions, with a value of Dhs5.7 billion. The city of Sharjah accounted for the largest share of the transactions, with 3,794 transactions which took place in 106 areas, and with a total value of Dhs5.4 billion.

Muwaileh Commercial area, Mezair’ah, Al-Khan, and Hoshi areas topped the list in Sharjah city. As for the Benefit Sale transactions, they reached 355, with a total value of Dhs497 million.

By classifying sales transactions according to the type of property, residential real estate transactions acquired the largest share, with 3,332 transactions, representing 79.6 per cent of the total number of transactions.

Next, industrial real estate recorded 410 transactions, representing 9.8 per cent, followed by commercial real estate with 373 transactions, representing 8.9 per cent, while agricultural real estate ranked fourth with 72 transactions, representing 1.7 per cent of the total number of transactions.

In terms of the number of traded properties, the total number of properties traded in Sharjah reached 4,187 properties. The Residential Lands topped with 1,327 properties, followed by the Residential Apartments with 1,293 properties, then by the Residential Built-in Lands with 498 properties.

In terms of investors, 88 nationalities from all over the world invested in Sharjah during the first half of 2023. The number of Emirati investors reached 7,033 investors, and the number of Gulf countries’ investors reached 525. Moreover, the number of Arab investors reached 1,824, and the number of investors from other countries reached 1,278.

The total investment of Emirati investors amounted to Dhs8.8 billion with 10,877 properties, and the total investment of GCC investors excluding Emiratis reached Dhs697.9 million with 672 properties. As for the investment of Arabs, it amounted to Dhs2 billion with 2,023 properties, while the total investment of investors from other countries was Dhs2 billion, with 1,181 properties.