Real estate transactions in Sharjah surged 5.1 percent to 64,459 worth Dh15.9 billion during 2020 on the back of stimulus measures rolled out by the government to overcome the pandemic challenges.
Real estate deals in Sharjah raised 5.1 percent to 64,459 costing Dh15.9 billion in 2020 on the back of stimulus measures turned out by the public authority to beat the pandemic difficulties.
Abdul Aziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Department, provided that the supportive efforts of the government through a series of encouragements helped the real estate sector not only beat the Covid-19 pandemic emergency yet rather succeed and develop.
Al Shamsi said some of the premium housing projects, containing commercial and industrial projects, launched in 2020 had helped revive exchanges in spite of the pandemic. He asked developers to study the realty market, and know the needs of investors so that they can propose efficient and competitive products to help customers’ choice.
A relief in fees on the sale costs from four percent to two percent for non-GCC purchasers has guided to a significant rise of 32.5 percent in the figure of the sales sealed the previous year by non-GCC investors.
“This decision, along with the latest stimulus package, has boosted the economy, and attracted direct foreign investments to the real estate sector.”
He said a significant number of the division administrations were offered through electronic methods while a development arrangement framework was enacted for the exchanges that require individual participation.“Full attention was paid to sanitization and social distancing so that the workflow went uninterrupted. Investors, developers, and all the different real estate parties were satisfied.”
Previous years’ transactions contained 12,248 ownership deeds, 4,644 deals, 2,745 loans, and 39,444 ownership certificate deals.
In the residential sector, 3,773 transactions were registered in 2020, in comparison to 3,328 deals recorded in 2019, showing a rise of 13.4 percent. These provided a whole area of 56 million square feet. Mainly the transactions were registered in the city with 3,292 deals costing Dh4.6 billion. The deals contained 100 areas, led by Hoshi and Al Khan that contained 38.5 percent of the whole transaction contained in the city.
Buyers from 61 nationalities put their money in the emirate in 2020, containing 11,230 GCC and Emirati investors who provided 14,583 properties, costing Dh12.9 billion, and 2,189 foreign investors who traded 2,303 properties, costing Dh3 billion.
Residential properties contained 75.3 percent of the transaction sealed the previous year. These contained 1,006 residential empty lands, then came 901 residential apartments, and 712 residential built-up lands.
Commercial properties showed the second position with 11.1 percent of the whole lands traded the previous year, while industrial properties stood third with 10.4 percent of the complete arrangements. Agricultural properties registered only 3.2 percent of the whole transactions 2020 due to the ownership limitations restricted to the Emiratis Sharjah.