Sharjah registers 21,486 real estate deals worth Dhs5.9b in first quarter

Gulf Today, Staff Reporter

Sharjah Real Estate Registration Department (SRERD) has revealed in its quarterly performance report the remarkable activity in the real estate sector. The report shows that the total number of real estate transactions executed in the emirate during the first quarter of 2023 has reached 21,486 transactions, with a total value of Dhs 5.9 billion, while the total value of real estate mortgages amounted to Dhs 1.7 billion.

Abdulaziz Ahmed Al Shamsi, Director General of Sharjah Real Estate Registration Department, said that the first quarter of this year has witnessed a remarkable growth in the performance of the real estate sector in the emirate, whether in terms of monetary value, or the total number of real estate transactions.”. He also added saying that “the new real estate projects, in addition to the previous projects that have been completed or are currently being completed, have contributed to the growth of the real estate sector in the smiling emirate, and have created more great investment opportunities for Local, Arab, and Foreign investors.”.

Al Shamsi also stated: “The real estate sector in the emirate has a strong foundation thanks to the directives of His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, and the follow-up of Sheikh Sultan Bin Mohammad Bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Chairman of Sharjah Executive Council, who were keen to establish a real estate sector which is capable of overcoming various circumstances and challenges. Their support confirms the emirate’s important position in the region, and makes it at the top of the list of the most attractive destinations for real estate investments.”

In addition, he expressed his confidence in the future of the real estate sector in Sharjah, due to the transparent policies and studied strategic plans implemented in the emirate, which reflect the wise vision of our great leadership in protecting the interests of all entities, escalating the emirate’s real estate market, and supporting all existing and future projects and investments.

The report indicated that sales transactions increased by 12.5%, covering a total trading area of 17.8 million square feet, and with a number of transactions reaching 2,005 transactions compared to 1,738 transactions in 2022.

The report also showed that the sale transactions in Sharjah came in 88 areas with 1,693 transactions, and a total trading value of Dhs 2.5 billion. Muwailih commercial area acquired the largest share in terms of number and value, with 400 sales transactions representing 23.6% of the total sales transactions in the city, and a turnover of Dhs 649.5 million. Al-Khan area came next at a value of Dhs 373 million through 189 sale transactions, then Al-Rigaibah area with 141 transactions at a value of Dhs 184 million.

In the central region of the emirate, the total value of sales transactions amounted to Dhs 62.5 million, and took place through 84 transactions. These transactions were concentrated in the Al-Qasimia and Al-Thumama areas, where the both areas accounted for 42.9% of the total sales transactions, and through 36 transactions. Moreover, the remaining 48 sales transactions were distributed among 20 other areas.

The city of Khor Fakkan recorded 47 sale transactions, with a total value of AED 37 million. Al-Harai Industrial and Al-Mudifi areas accounted for 38.3% of the total transactions through 18 transactions, while the remaining 29 sales transactions were distributed among 12 areas.

As for Dibba Al-Hisn, the sale transactions were distributed among three areas. Al-Shamali district topped the list with 4 transactions, constituting 57.2% of the total number of sales transactions in the city, and with a total value of Dhs 5.8 million.

In Kalba, sales transactions were 42 transactions concentrated in Kalba Industrial and Al-Saf areas, as they constituted 35.7% of the total sales transactions in the city, with 15 transactions. As for the remaining 27 sale transactions, they were distributed among 15 other areas.

The report also showed that the total number of interest-sale transactions reached 132 in Sharjah during the first quarter of this year, all of which came in the city of Sharjah in Muwailih commercial, Um Fannain, Tilal, Al-Sajaa Industrial, Al-Khan, Al-Rigaibah, and Al-Nahda, with a total value of Dhs 221.9 million.

The residential properties topped the list of real estate sold in Sharjah during the first quarter of this year with 1,495 properties, representing 79.8% of the total real estate sold, and with an increase of 22% compared to the number of residential properties sold in the same period last year, which was 1,225 transactions. These residential properties were distributed mainly on vacant lands and built-in lands, in addition to residential lands under construction, apartments, studios, and parking lots.

Moreover, 164 vacant and built-in properties in the industrial sector were traded, representing 8.8% of the total sold real estate, while the total number of sold commercial properties reached 157, or 8.4% of the total real estate traded in the emirate.

57 agricultural lands were traded, representing 3% of the total real estate.

Initial sale contracts transactions increased by 17.5%

The number of initial sale contracts transactions increased during the first quarter of this year compared to the first quarter of last year by 17.5%, as it reached 1,021 transactions this year compared to 869 transactions last year.

The report concluded that total number of real estate investors in Sharjah were distributed to 62 different nationalities, as the investment value of the country’s citizens amounted to AED 3,8 billion. In addition, the investment value of non-Emirati citizens of the GCC countries amounted to AED 449 million, while the investment value of citizens of Arab countries amounted to AED 1 billion. Finally, the volume of investment for citizens of other countries amounted to AED 710.5 million.

The number of Emirati investors reached 3,621, who made deals on 5,974 different properties. While the number of non-Emirati GCC investors reached 253, and the number of properties they traded was 302. Moreover, the number of Arab investors reached 942 investors who traded 946 properties, while the number of investors from other nationalities reached 476 investors who made deals on 426 properties.