During the first quarter of this year, the real estate sector in the Emirate of Sharjah succeeded in achieving a trading volume of 10 Billion Dirhams, with a growth rate of 67.1% compared to the same period last year. This is due to the increase in sales transactions of all kinds, including sales, utility sales, and contracts. Initial, with a total of 6,146 transactions compared to 3,011 transactions for the same period last year.
The total number of transactions reached 23,478 transactions during the first quarter of this year, with a growth rate of 9.3% compared to the same period last year. While the total area traded in sales transactions reached 28.3 Million square feet, according to the “Quarterly Report on Real Estate Trade Movement” issued by the Sharjah Real Estate Registration Department.
Abdul Aziz Ahmed Al Shamsi, Director General of the Real Estate Registration Department in the Emirate of Sharjah, explained, “The increase in trading indicates the desire to own property and invest in Sharjah, especially since the emirate is witnessing development at all levels, which has been reflected positively on the real estate market.”
Al Shamsi stressed, “The success of the real estate sector in the emirate in attracting investors from 94 nationalities from all over the world, as their investments amounted to about 10 Billion Dirhams, an increase of more than 67.1% compared to the same time period last year, and this indicates the effectiveness and impact of the procedures and wise decisions that were taken.” “It has been taken by the Sharjah government over the past years, and the flexibility of legal legislation stimulates investors.”
23,478 Transactions
In addition, Al Shamsi indicated that the total number of transactions reached 23,478 transactions during the first quarter of this year. While property affidavit transactions topped the rest of the transactions, with their number reaching 10,602 transactions, followed by title deeds transactions with 8,271 transactions, then initial sales contract transactions with 3,222 transactions, followed by mortgage transactions with 976 transactions, and finally valuation transactions with 407 transactions.
Sales Transactions
Al Shamsi said that the number of sales transactions in various regions of the emirate during the same period reached 2,771 transactions, a growth rate of 47.9%, and a value of 3.5 Billion Dirhams. With a total area of 28.3 Million square feet, the city of Sharjah accounted for the largest share of it, with 2,514 transactions taking place in 94 areas with a total value of 3.3 Billion Dirhams, topped by the Muwaileh commercial area, which witnessed 481 transactions with a total value of more than 725.5 Million Dirhams, in addition to areas (Rawdat Al-Qart, Maziraa, and Al-Khan).
199 Benefit Sale Transactions
As for benefit Sale transactions, Al Shamsi explained that their number reached 199 transactions with a total value of 255.6 Million Dirhams during the aforementioned period of the current year 2024. The Muwaileh commercial area topped them with 73 transactions with a trading value of about 67 Million Dirhams, and the Umm Fannin area also got the share. The largest in terms of trading value, with 74.5 Million Dirhams, occurred through 44 transactions.
Initial Sale
Regarding initial sales contract transactions carried out by real estate development companies in the emirate, Al Shamsi reported that the total of these transactions amounted to 3,176 transactions during the first three months of this year, with a trading value of about 4 Billion Dirhams.