The real estate market in Sharjah continues its strong growth in 2024. According to a report on the “Real Estate Transactions” issued by Sharjah Real Estate Registration Department the realty market in Sharjah continues its strong growth in 2024.
According to the report, October witnessed the highest real estate transaction volume from the beginning of the year, reaching Dhs4.4 billion across 4,883 transactions, with a total of 14 million square feet.
Sharjah real estate is considered one of fastest-growing sectors in the United Arab Emirates, playing a major role in strengthening the local economy and meeting the growing needs of the population. It has flourished significantly in recent years thanks to government policies that encourages foreign investment and supports new residential, commercial, and industrial projects.
The Sharjah government is also working to provide an attractive investment environment through freehold laws for foreigners in specific projects, which had contributed to attracting capital and investors from both within and outside the UAE.
In detail, the report’s statistics revealed that the total number of transactions reached 4,883, with sales transactions accounting for 1,415, representing 29 per cent of the total number of transactions.
As for mortgage transactions, they reached 443, representing 9.1 per cent of the total transactions, with a value of Dhs1.3 billion.
Lastly, the number of other transactions reached 3,025, representing 61.9 per cent of the total number of transactions.
The sales transactions occurred across 126 areas distributed across the various cities and regions of Sharjah, and these properties included residential, commercial, industrial, and agricultural lands. In terms of the type of traded property, there were 693 transactions for lands, 450 for units sold in towers and 272 for the built-in lands’ transactions.
“Al-Mamzar” recorded the highest deals
“Al-Mamzar” area recorded the highest real estate deal on a land valued at Dhs62 million.
The area also recorded the highest mortgage transaction during the same month on a vacant land valued at Dhs386 million.
“Muwailih Commercial” is the most active
The total number of sales transactions reached 1,145, and “Muwailih Commercial” area continued lead the list of areas with the highest number of sales transactions, recording 257 transactions, followed by “Al-Khan” area with 106, “Muzeirah” area with 92, and “Tilal” area with 81 transactions.
As for the areas with the highest trading volume, “Muwailih Commercial” area also topped the list with a trading volume of Dhs258.6 million, followed by “Tilal” area with Dhs161.6 million, “Al-Sajaa Industrial” area with Dhs130.5 million, and “Al-Khan” area with Dhs83.2 million.
In the Central Region, the total sales transactions reached 226 with the majority in “Al-Qasimia City” with 193 transactions, which was also the highest area in terms of trading volume, amounting to Dhs133.6 million.
As for “Khorfakkan”, it recorded 23 sales transactions, with “Al-Harai Industrial District” and “Al-Harai Commercial District” leading the list with 5 transactions each. The highest area in terms of trading volume was “Hay Al-Zubara” area which recorded Dhs2 million.
Finally, and in “Kalba” city, 19 sales transactions took place, led by the areas of “Sur Kalba Commercial” and “Al-Tarif 5” with 3 transactions each, while “Al-Tarif 1” area was the highest area in terms of trading volume, which amounted to Dhs4.1 million.
Meanwhile Sharjah real estate (realty) is continuously flourishing, as the volume of real estate transactions has increased by 47 per cent during the first nine months of 2024, compared to the same period last year.
The value of these transactions reached Dhs28 billion, with a total number of 69,078 transactions, increasing by 16.5 per cent compared to the same period last year.
The Sharjah real estate continues to appeal to investors from different nationalities, attracting 114 nationalities during the same period.
The investment of UAE citizens amounted to Dhs13.7 billion, with 22,908 properties, while the investment of non-Emirati GCC citizens amounted to Dhs1.7 billion, with 1,166 properties. With regards to the investment of other Arab citizens, it amounted to Dhs5.1 billion, with 4,651 properties, while the investment of citizens of other countries amounted to Dhs7.5 billion, with 4,587 properties.
The report, issued by Sharjah Real Estate Registration Department (Sharjah RERD), has showed many positive indicators.
The total number of sales transactions, sale of usufruct, and preliminary contracts reached 17,000, compared to 11,000 transactions for the same period last year.
As for the value of real estate mortgages, it amounted to Dhs7.5 billion, with 3,229 transactions.
WAM