Sharjah records Dhs2b in realty deals

Gulf Today, Staff Reporter

According to the monthly report issued by Sharjah Real Estate Registration Department, the real estate sector in Sharjah achieved a trading volume of Dhs 2 billion carried out through 3,264 transactions during August 2023. In addition, the volume of the area traded in sales transactions reached 5.1 million square feet.

The sector is witnessing great growth every month thanks to the continuous patronage of is Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the follow-up of Sheikh Sultan Bin Mohammed Bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Chairman of the Executive Council of Sharjah, and the non-stop efforts made by Sharjah government to support the real estate sector.

Moreover, the Department always seeks to enhance the competitive business environment, in order to achieve a number of goals aimed at encouraging investment in Sharjah, attracting more new investors from different countries, and hence, revitalizing the local economy, pushing the wheel of economic development, and establishing a strong position for Sharjah on the local, regional, and global investment map.

The Department’s statistics showed that the total number of transactions executed during August reached 3,264 transactions, with the number of sales transactions reaching 781 transactions, comprising 24% of the total number of transactions. Additionally, the number of mortgage transactions reaching 308, representing 9.4% of the total transactions, with a total value reaching Dhs 349 million. The remaining for other kinds of transactions amounted to 2,175 transactions, representing 66.6%.

Sales transactions took place across 105 areas distributed over various cities and regions of the emirate. The total area of real estate traded in the sale transactions amounted to 5.1 million square feet. These properties included residential, commercial, industrial and agricultural lands.

Regarding the type of real estate traded, 262 were vacant lands transactions, and built-in land transactions reached 228 transactions, while the number of subdivided towers totalled 291 transactions.

The report also revealed that “Muwailih Commercial” area topped the list of areas with the highest number of sales transactions in Sharjah, achieving 168 transactions. It was followed by the “Al-Khan” area with 75 transactions, “Al-Mazairah” area with 73 transactions, and then the “Tilal” area with 61 sales transactions.

As for the most active areas in terms of cash trading volume, “Muwailih Commercial” area also topped the list with a trading volume of Dhs 156.5 million, followed by “Al-Ruqa Al-Hamra” area with a trading volume of Dhs 76.5 million, “Al-Saja’a Industrial” area achieving a trading volume of Dhs 56 million, followed by “Tilal” area with Dhs 53.6 million.

The transactions carried out in the Central Region were concentrated in “Al-Madina Al-Qasimia” area, with 14 transactions, and “Blida” with 6 transactions. In terms of trading value, “Blida” region witnessed the highest volume amounting to Dhs 11.9 million, followed by “AL-Medina Al-Qasimia” with a trading volume of Dhs 8.8 million.