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Sharjah real estate transactions reached Dh10 billion in Q1 of 2024

Market Resilience
  • Analyze the resilience of Sharjah's real estate market amidst global economic challenges, as evidenced by the sustained transaction volumes and value.

Sharjah real estate transactions reached Dh10 billion in Q1 of 2024

Residential accounted for the largest share with 2,242 transactions, representing 80.9%

During the first quarter of this year, the real estate sector in Sharjah achieved a trading value of Dh10 billion, an increase of 67.1 per cent compared to the same period last year. The increase in sales transactions amounted to 6,146, compared to 3,011 transactions for the same period the previous year.

According to the “Quarterly report on the real estate sector performance” issued by the Sharjah Real Estate Registration Department, the total number of transactions reached 23,478, with a growth rate of 9.3 per cent compared to last year. The total area traded reached 28.3 million square feet.

Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, said, “The Sharjah Government has always been the first to provide all forms of support and assistance to the real estate sector in the emirate and has been keen to strengthen its position as a distinguished investment destination.”

Al Shamsi added, “Among the direct incentives for this increase are the profusion of development projects and the ownership facilities for non-citizens and GCC nationals to own real estate in Sharjah.”

Mortgage transactions

Total mortgage transactions in Sharjah during the first quarter of this year amounted to 976, with an increase of 13.1 per cent compared to the same period last year, and a value of Dh2.2 billion.

Residential transactions

Residential transactions accounted for the largest share with 2,242 transactions, representing 80.9 per cent, followed by commercial transactions with 254, representing 9.1 per cent, and industrial transactions with 237 at a rate of 8.6 per cent of the total transactions. Lastly, agricultural transactions, with 38, represent 1.4 per cent of the total transactions.

Moreover, the total number of properties traded in the emirate reached 2,771, topped by residential lands with 1,052 properties, followed by residential apartments of 700, then residential built-in lands with 397, and finally, industrial lands with 160 properties.

Investors from 94 nationalities

Ninety-four nationalities from different countries invested in Sharjah during the first quarter of 2024. The total investment of UAE citizens reached Dh4.4 billion, with 7,628 properties, while the total investment of GCC citizens, excluding Emiratis, reached Dh625.5 million, with 347 properties. The investment of Arab citizens amounted to Dh2.1 billion, with 1,762 properties. The total investment of other countries’ citizens amounted to Dh2.8 billion, with 1,739 properties.

The five highest-ranked nationalities in terms of investment in Sharjah are Emiratis, with 7,628 properties; Indians, with 683; Syrians, with 484; Pakistanis, with 275; and Jordanians, with 227 properties.

Sharjah Q1 real estate transaction 18f0f211868 original ratio
Sharjah real estate transactions reached Dh10 billion in Q1 of 2024 3
Source
https://gulfnews.com/

Gulf Estate Gazette

Gulf Estate Gazette is a leading source for comprehensive insights into the dynamic real estate landscape of the GCC and MENA region. Our platform is dedicated to providing valuable information and perspectives for individuals, investors, and industry professionals. With a passionate team and an unwavering commitment to excellence, we aim to empower our audience with the knowledge and opportunities needed to thrive in the ever-evolving world of real estate in the Gulf and beyond.

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