The real estate sector in the Emirate of Sharjah achieved the highest monthly trading value during October 2024, at AED 4.4 billion, thus continuing the strong performance that the real estate market in the emirate began with in 2024.
The total number of transactions reached 4,883 transactions, and the total area traded in sales transactions amounted to 14 million square feet, according to what was revealed by the “Real Estate Trading Movement Report” issued by the Sharjah Real Estate Registration Department.
The real estate sector in the Emirate of Sharjah is one of the fastest growing sectors in the United Arab Emirates, and plays a major role in strengthening the local economy and meeting the growing needs of the population. This sector has flourished significantly in recent years thanks to government policies that encourage foreign investment and support new residential, commercial and industrial projects. The Sharjah government is also working to provide an attractive investment environment through foreign ownership laws in specific projects, which has contributed to attracting capital and investors from within and outside the Emirates.
The total number of transactions executed last October reached 4,883 transactions, with the number of sales transactions reaching 1,415 transactions, representing 29% of the total number of transactions, while the number of mortgage transactions reached 443 transactions, representing 9.1% of the total transactions, with a value of AED 1.3 billion, while the number of other disposal transactions reached 3,025 transactions, representing 61.9% of the total number of transactions.
\The sales transactions took place in 126 areas distributed across the various cities and regions of the Emirate of Sharjah, and these properties included residential, commercial, industrial and agricultural lands. Regarding the type of property traded, 693 vacant lands were traded, while the number of transactions for separate towers reached 450 transactions, while the number of transactions for built-up lands reached 272 transactions.
The “Al Mamzar” area recorded the highest real estate deal concluded in Sharjah during the month of October, on vacant land worth AED 62 million. The Al Mamzar area also recorded the highest mortgage transaction recorded during the same month on vacant land, with a value of AED 386 million.
The total sales transactions in Sharjah city amounted to 1,145 transactions, and the Muwailih Commercial Area continued to top the list of areas with the highest number of sales transactions with 257 transactions, followed by the Al Khan area with 106 transactions, then the Muzayra area with 92 transactions, and the Tilal area with 81 transactions.
As for the areas with the highest trading volume in cash trading, the Muwailih Commercial Area topped the list with a trading value of AED 258.6 million, followed by the Tilal area with AED 161.6 million, then the Sajaa Industrial Area with AED 130.5 million, and the Al Khan area with AED 83.2 million.
In the Central Region, the total sales transactions amounted to 226 transactions, most of which were concentrated in Al Qasimia City with 193 transactions, which was also the highest area in terms of cash trading volume, which amounted to AED 133.6 million.
While 23 sales transactions took place in Khorfakkan city, where the “Al Harai Industrial District and Al Harai Commercial District” areas topped the list with 5 transactions each. In Kalba city, 19 sales transactions took place, led by the “Sur Kalba Commercial District and Al Tarif 5” areas with 3 transactions each, while the “Al Tarif 1” area came in with the highest cash trading volume, which amounted to 4.1 million dirhams.