Sharjah real estate transactions reach Dhs1.9b during July 2023

According to the monthly report issued by Sharjah Real Estate Registration Department, Sharjah has recorded real estate transactions amounting to a total of Dhs1.9 billion during July 2023. The total transactions executed by the department during the past month amounted to 2,783 which of 684 were sales transactions across 96 areas, distributed over the various regions of the emirate, and with more than 6 million square feet of traded area.

Such growth and development in the real estate market in Sharjah throughout the years, is due to the strategy of the Sharjah government to diversify sources of income, making it an important tributary of the economy in the emirate. It also indicates the strength of this market and its attractiveness to local, Arab, and foreign investors alike.

In addition, it is expected that the real estate market in Sharjah will witness further growth during the coming months, because of the many investment opportunities offered by the emirate, especially with the introduction of more new projects that are planned and implemented in accordance with the highest international standards. Such projects aim to build integrated services communities, with a strong infrastructure which contributes to enhancing and raising the quality of life in Sharjah.

Executing 2,783 transactions The Department’s statistics showed that the total number of transactions executed during July reached 2,783 transactions, as the number of sales transactions amounted to 684 transactions, or 24.6% of the total number of transactions. Moreover, the number of mortgage transactions amounted to 447 transactions, which is 16.1% of the total number of transactions, with a value of Dhs420.1 million. Other transactions accounted for 59.3%, with 1,652 different transactions.

Real estate transactions in 96 areas of the emirate The sales transactions took place in 96 areas distributed over the various cities and regions of the emirate of Sharjah. These properties included residential, commercial, industrial, and agricultural lands. With regard to the type of areas traded, 180 lands were traded. The built-in land amounted to 256 transactions, while the number of subdivided towers reached 248 transactions out of the total number of transactions.

Muwaileh Commercial has the highest volume of cash trading The report also showed that “Mezair’ah” topped the list of areas with the highest number of sales transactions in Sharjah with 132 transactions, followed by “Muwaileh Commercial” area with 102 transactions, then “Al-Khan” area with 78 transactions, and “Al-Majaz 3” area with 36 transactions.

As for the areas with the highest volume in terms of monetary value, “Muwaileh Commercial” area topped the list with a value of Dhs 82.8 million, followed by “Al-Sajaa Industrial” area with a value of Dhs 57.8 million, then “Al-Rigaibah” area with Dhs 42.8 million, and “Al-Khan” area with Dhs 38.6 million.

As for the transactions executed in the central region, it was mostly focused in “Al-Qasimia” and “Al-Blida” areas with 8 transactions each, while the highest area in monetary value was “Al-Blida” with a value of Dhs 15.5 million.

In Khor Fakkan, the “Al-Haray industrial” and “Al-Haray Residential” areas recorded 3 transactions each, while “Al-Mudaifi” was highest area in terms of monetary value with Dhs 1.4 million.

Finally, in the city of Kalba, the commercial areas of “Sur Kalba”, Sur Kalba and “Al-Saf” recorded 3 transactions each, while “Al-Saf” area had the highest monetary value, which amounted to Dhs 5.7 million.

The real estate sector in Sharjah achieved a trading value of Dhs13.4 billion during the first half of 2023, with an increase of 19.2 percent compared to the same period last year.

According to the semi-annual report issued by the Sharjah Real Estate Registration Department on the real estate in 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.

Ajman realty growth: Omar Bin Omair Al Muhairi, Director-General of the Department of Lands and Real Estate Regulation in Ajman, said that real estate transactions during July 2023 recorded a growth of 52 per cent compared to the same period in 2022.

July witnessed the registration of 948 real estate transactions with a total value of Dhs1.4 billion, while the total trading volume was estimated at Dhs1.03 billion, and “Al Nakhil 2” recorded the highest sales value at Dhs136 million, he added.

Al Muhairi stressed that the real estate market in Ajman continued its upward trajectory, recording exceptional figures due to its ideal investment advantages and its attractive and encouraging business environment for investors.

The real estate boom reflects the overall boom witnessed by the emirate in various vital sectors due to the leadership’s insightful vision and its supportive decisions, which significantly contributed to enhancing Ajman’s attractiveness and ensuring its success in attracting more foreign investments, he further added.