Sharjah property sector on solid track, records Dhs3.9 billion in realty deals

Gulf Today, Staff Reporter

According to a monthly report on the “Real Estate and Mortgages movement” issued by Sharjah Real Estate Registration Department, it was revealed that the real estate sector in Sharjah has recorded a significant growth during January 2024, as the volume of real estate transactions in the emirate reached Dhs 3.9 billion.

This rate constitutes a huge increase compared to January 2023, where the volume of real estate transactions reached only Dhs2 billion. Consequently, the number of transactions carried out during January 2024 witnessed a significant increase compared to last year, as it reached 5,412 during January 2024, while its number in January 2023 reached only 2,999 transactions.

These impressive results promise a prosperous year full of success and achievements for the real estate sector in the emirate, as it has become an important destination for investors, exhibitors, and real estate developers in the UAE, the region, and the world. It also shows that the emirate continues to succeed in consolidating its position as a leading regional destination for investment in real estate, in light of the economic stability and diversity, legislation and organized laws, and the unprecedented facilities and incentives offered by the Sharjah Government. In addition, the emirate offers a dynamic real estate market that demonstrated its ability to provide everything new in the field of real estate investment, and contributed to opening broader horizons to revive, develop, and grow this sector, while highlighting the major urban renaissance witnessed by the emirate and the country.

The department’s statistics show that the total transactions implemented last January have reached 5,412, as the number of sales transactions reached 879, representing 16.3% of the total number of transactions. As for the number of mortgage transactions, it reached 288, which represented 5.3% of the total transactions, and a total value of Dhs 548.1 million. The other remaining transactions amounted to 4,245, and represented 78.4% of the total number of transactions.

Sales transactions took place in 106 areas distributed across various cities and regions of the emirate, and they included residential, commercial, industrial, and agricultural lands. As for the type of traded real estate, 358 lands were traded, built-in land transactions amounted to 282, and the number of units sold in tower transactions reached 239 out of the total number of transactions.

The report also showed that “Muwailih Commercial” topped the list of the highest areas in the number of sales transactions in Sharjah, recording 122 transactions, followed by “Al-Mazairah” area with 114 transactions, “Al-Khan” area with 61 transactions, and “Hoshi” area with 43 transactions.

As for the most active areas in terms of trading volume, “Muwailih Commercial” area came first, with a trading volume of Dhs 164.1 million, followed by “Al-Sajaa Industrial” area with Dhs 152.5 million, “Al-Khan” area with Dhs 79.2 million, and “Al -Mamzar” area with Dhs 71.7 million.

In the central region, the transactions were concentrated in “Al-Madina Al-Qasimia”, with 46 transactions, which also recorded the highest numbers in terms of trading volume, reaching Dhs 32 million.

In Khor Fakkan, “Hay Al-Haray Industrial” area came first, with 7 transactions, while “Hayawa 4” district recorded the highest numbers of trading volume, which reached Dhs 3.2 million.

Finally, and in the city of Kalba, “Al-Tarif 5” topped with 4 transactions, and was also the highest area in Kalba in terms of trading volume, which reached Dhs 1.5 million.

Meanwhile, The Sharjah Chamber of Commerce and Industry (SCCI) has explored with an Indian delegation avenues for bolstering investment and fostering partnerships between the business communities of Sharjah and India.

During the “Sharjah-India Business Forum,” held at the SCCI headquarters, the Chamber urged Indian companies to leverage Sharjah’s attractive investment climate and the opportunities it presents across several key sectors.

The business forum shed light on the comprehensive economic partnership agreement between the UAE and India, which aims to expand cooperation, increase investments, and boost trade exchange volumes between the two nations.

Present at the meeting were HE Abdullah Sultan Al Owais, Chairman of the SCCI; Sudarsan Swamy, President of the Vizagapatam Chamber of Commerce and Industry and leader of the Indian delegation; HE Halima Humaid Ali Al Owais, SCCI Board Member; HE Mohammad Ahmed Amin Al Awadi, SCCI Director General; Abdul Aziz Al Shamsi, Assistant Director General for Communication and Business Sector; and Jamal Saeed Buzangal, Director of the Media Department at the SCCI.

Also present were Lalo Samuel, Representative Committee Group Chairman for the industrial sector, as well as a crowd of businessmen from leading Emirati and Indian companies.

HE Abdullah Sultan Al Owais stressed that the economic and trade relations between India and the UAE, particularly with Sharjah, are strong and growing, with both sides continuously seeking to expand cooperation and build sustainable partnerships. These efforts aim to enhance bilateral trade volume and mutual investments, moving towards broader horizons to serve common interests.