Sharjah property sector zooms, realty deals hit Dhs15.9 billion - GulfToday

Sharjah property sector zooms, realty deals hit Dhs15.9 billion

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The real estate sector in the Emirate of Sharjah has recorded a 5.1% growth in the total real estate transactions concluded over the year 2020, as compared to 2019. Figures show that a vast amount of 64,459 real estate transactions, worth Dhs 15.9 billion, were sealed last year, 2020.

Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, stated that the real estate sector in the Emirate of Sharjah has seen quantum leaps due to the incessant support of His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, May Allah protect him, and the follow-up of  Sheikh Sultan Bin Mohammed Bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, Chairman of the Executive Council of Sharjah.

“This is apart from the supportive efforts of the Government that has adopted a series of stimulating decisions that helped the real estate sector not only overcome the Covid-19 pandemic crisis but rather prosper and grow.”

Al Shamsi added that the premium real estate projects launched in 2020 have helped revive the real estate transactions despite the pandemic. “Various commercial and industrial projects were launched, though,” he said, urging the real estate developers to study the realty market, and identify the needs of the investors to come up with appropriate, competitive and valuable real estate products for both parties.”

Reducing the fees on the sale value from 4% to 2% for non-GCC purchasers has led to a significant increase of 32.5% in the number of the sales sealed last year by non-GCC investors, Al Shamsi revealed. “This major decision, along with the latest stimulus package, have boosted the economy of the Emirate, and attracted direct foreign investments to the real estate sector.”

Paying tributes to the Department employees, Al Shamsi declared that his teams spared no effort to process all transactions and perfectly provide all the services needed, while strictly observing all health, safety and security protocols.

“Many of the Department services were offered through electronic means; while an advance-appointment system was activated for the transactions that require personal attendance. Full attention was paid to sanitization and social distancing that the workflow went uninterrupted despite the Covid-19 pandemic. The investors, developers and all the different real estate parties were satisfied.”

 The real estate dealings recorded across the Emirate of Sharjah last year included 12,248 ownership deeds, 4,644 initial sale transactions, 2,745 mortgage transactions, 39,444 ownership certificate transactions, 765 valuation transactions, and 4,613 other transactions.

Mortgage transactions recorded 2,745, worth 7.3 billion in Sharjah last year.

Up to 3,773 sales transactions were recorded across the Emirate of Sharjah last year, 2020, in comparison to 3,328 sales transactions registered in 2019; constituting a growth of 13.4%. These covered a total area of 56 million square feet. Most of these sales transactions were recorded in Sharjah city with 3,292 transactions that value Dhs4.6 billion. The transactions covered 100 areas, led by Hoshi and Al Khan that constituted 38.5% of the total sales transactions sealed in Sharjah city.

The areas of Hoshi, Al Khan, Al Nahda, Al Tai, and Al Majaz-3 recorded highest sales, constituting 60.4% of the total sales transactions registered in Sharjah city. Most real estate projects were launched in Muwaileh, Hoshi, and Al Tai areas, whereas most residential apartments were recorded in Al Khan, Al Nahda and Al Majaz-3. However, Al Khan area recorded the highest value transaction worth Dhs 531 million.

The Central Region recorded 125 sales transactions, worth Dhs 108 million, across 40 areas. The highest sales transactions in the Central Region were at Al Malha and Al Taiba-2 areas with 35 transactions. These constituted 28% of the total sales transactions sealed in the Central Region. The remaining sales transactions, exactly 90 dealings, were concluded in 38 areas of the Central Region.

Meanwhile, Khor Fakkan city recorded 127 transactions, worth Dhs 88 million, in 15 areas. The highest sales transactions recorded in Khor Fakkan city were at Al Harrai Commercial and Al Midifi areas, with 41 transactions. These constituted 32.3% of the total sales transactions sealed in Khor Fakkan city. The remaining sales transactions in the city, exactly 86 dealings, were concluded in 13 areas of Khor Fakkan city.

Dibba Al Hisn recorded 36 sales transactions, worth Dhs 27 million. These were sealed at 5 areas of Dibba Al Hisn, led by Al Shamali District with 13 transactions. These constituted 36.1% of the sales transactions concluded in Dibba Al Hisn city.

 

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