Sharjah Real Estate Registration Department recently released a report on the performance of the real estate sector in the emirate, which showed 59,258 transactions worth over AED19 billion in the first nine months of 2023. These transactions increased by 14.6% year-over-year. Mortgages totalled AED4.4 billion.
Abdulaziz Ahmed Al-Shamsi, Director General of the Sharjah Real Estate Registration Department, said, “The strong and rising positive results in this sector in Sharjah indicate a promising future for real estate investment that meets the requirements of the next stage and accommodates urban development in the emirate, especially with population growth and the continued launch of major real estate projects in various cities and regions of Sharjah.”
According to Al-Shamsi, real estate investors in the emirate represent 97 different nationalities.
This diversification would increase positive competitiveness in this sector and offer additional real estate products to investors, owners, and traders of flats, villas, lands, and other real estate.
The same period saw 6,342 sales transactions in various locations of the emirate, worth AED 7.9 billion and growing 18.9%, and 59.4 million square feet transferred. Sharjah had the most transactions, 5,734 in 114 sectors for AED 7.5 billion. Muwailih Commercial Area saw 1,164 transactions worth over AED 1.5 billion, followed by Muzaira’a, Al Khan, and Hoshi.
Usufruct Sale deals totaled 549 and AED 736 million. Tilal had the most trades, 183, worth AED 136.5 million. Muwailih Commercial Sector likewise had the most trade value, AED 258.6 million from 146 transactions.
Real estate development enterprises in the emirate completed 4,200 initial sales contract deals, up 34.3% from 2022.
Residential properties dominated sales transactions with 4,968 properties or 78.3% of the total. Commercial properties came in second with 618 transactions, or 9.8% of the total; industrial properties came in third with 653, or 10.3%; and agricultural properties came in fourth with 103, or 1.6%.
The total number of properties traded in Sharjah was 6,342, with residential lands accounting for 1,988, apartments for 1,944, and built-in lands for 714.