The remarkable AED24 billion in real estate sales in 2022 was disclosed by Sharjah’s Real Estate Registration Department.
The UAE’s nationals made investments totaling more than AED16.2 billion, while the rest of the GCC’s nationals made investments totaling AED1.4 billion. Additionally, AED 4.2 billion in investments were made by Arab citizens, while AED 2.2 billion was made by investors from other countries.
According to the department’s annual report, there were up to 7,267 sales transactions, an increase of 15.3 percent from 2021, while there were 4,648 mortgage transactions with a combined value of almost AED10.1 billion.
The results of the real estate sector over the past year, according to Abdulaziz Ahmed Al Shamsi, Director-General of the Real Estate Registration Department, confirm its outstanding contribution to raising the emirate’s economic competitiveness and luring significant investments that support the real estate sector and urban boom, in addition to the expansion of services offered to institutions.
“The results also reflect the individuals’ economic well-being and a decent standard of life they enjoy in the emirate.”
He pointed out that the stability of the real estate market in the emirate over the past year reaffirms the investors’ confidence in the emirate’s economic strength and durability, and ability to respond to regional and global economic challenges. “These factors play a vital role in preserving the status of the emirate of Sharjah as an ideal destination for living and investing,” Al Shamsi emphasized.
The progress made in the real estate market, he continued, is a representation of the policies and goals of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, a member of the Supreme Council and the Ruler of Sharjah, as well as the outcome of constant oversight by H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, the Crown Prince and Deputy Ruler of Sharjah.
He said that the emirate’s real estate market had been stable throughout the previous year, with an increase in the growth and diversity of the real estate offering. While the total number of real estate transactions increased, so did the diversity of the investors’ nationalities.
The sector was supported by a number of recent, significant real estate initiatives, he added.
The additional set of real estate laws and regulations released in 2022 gave expatriates and citizens of the Gulf more choices for owning properties of all kinds. In accordance with particular terms and circumstances, they may also utilize Sharjah’s real estate development regions and projects. This maintained a balance in the population and the distribution of metropolitan areas within the area while serving as an incentive for owners and investors of all nationalities.
Positive indicators
The annual report included several positive statistics, such as an 8.6% growth in real estate sales, which totaled 91,507 in 2022 compared to 84,238 in 2021. Ownership deeds, mortgages, initial sales contracts, valuations, and other legal documents are included in the transactions.
The real estate transactions carried out in the Sharjah emirate spanned a total area of 67 million square feet, and the selling transactions were dispersed to 198 areas in different cities throughout the emirate, with the Muwaileh commercial area coming out on top of the list.
Al Khan area came in second with 911 sales transactions at a value of AED849.8 million, accounting for 1,832 sales transactions totaling around AED1.7 billion in these locations.
5,373 residential real estate sales transactions were made last year, including apartments and all types of residential lands. These deals accounted for 73.9 percent of all sales transactions.
With 807 deals, commercial real estate transactions made up 11.1 percent of the total. There had been 760 transactions for industrial real estate, or 10.5 percent of the total. A total of 327 transactions involving agricultural real estate were made, making up 4.5 percent of the total.
According to the emirate’s usufruct sale transactions, there were 351 transactions in 2022, up 24.5 percent from 2021. These deals totaled AED583.6 million in trading value and involved real estate development projects in the city of Sharjah.
With 17,931 investors of all countries, 12,948 of whom were GCC citizens, and 3,725 of whom were of other nations, there were 85 nationalities represented among investors in 2022, up from 77 the year before. Additionally, 1,258 investors traded via the usufruct sale.
In 2022, investors from the Gulf traded 22,531 properties, while Emirati investors traded 20,788 homes, and investors from other nationalities traded 4,115 properties. There were 1,134 properties exchanged through usufruct sales, and buyers came from all around the world.