According to data released on Tuesday, the value of real estate transactions in the Sharjah emirate rose by 35.6% in the first half of 2024 compared to the same period in 2023.
The Sharjah Real Estate Registration Department’s semi-annual report on the real estate industry states that the industry was worth Dh18.2 billion. This is mostly because there were 10,809 sales transactions during the same period last year, up from 6,592 transactions.
Due to the emirate’s recent development leaps, which have increased buyer and investor interest and confidence in the emirate’s real estate market in addition to the many benefits that are exclusive to Sharjah, the real estate trade in H1 of this year is at its highest compared to similar periods since 2012.
The report presents several encouraging trends, including a 13.8% increase in real estate transactions in the emirate this year. In H1 2024, 46,524 transactions were completed overall, as opposed to 40,876 in H1 2023.
The department records various real estate transactions, such as mortgages, valuations, ownership deeds, initial sales contracts, and ownership certificates.
The director-general of the Sharjah Real Estate Registration Department, Abdulaziz Ahmed Al Shamsi, emphasized that the real estate sector’s remarkable qualitative developments are a crucial component of the emirate’s overall and ongoing economic growth scene and that they also amply demonstrate the effectiveness of the strategic plans that steer the various investment and financial sectors.
Al Shamsi pointed out that Sharjah is working to strengthen its economic position by diversifying its economy and offering an inviting environment for investment. It is also working to create a strong legal framework that upholds rights and fosters investor confidence. Finally, Sharjah is initiating sustainable development projects and expanding urban development initiatives in a range of sectors, including residential, commercial, industrial, and agricultural.
5,426 real estate sales transactions totaling 55.1 million square feet and 192 areas were recorded by the various emirate regions.
The most sales were made in Sharjah city, where 4,932 transactions were made in 109 locations. The emirate’s highest number of sales transactions and trading value were recorded in Muwailih Commercial Area. These sales transactions were dominated by residential properties and lands.
Residential lands topped the list with 1,994 properties, followed by residential apartments with 1,454 properties and residential built-in lands with 788 properties, based on the categorization of properties traded in sales transactions.
According to the report, in H1 2024, 96.5 percent of the total trading value was accounted for by the main branch of the Sharjah Real Estate Registration Department.
Seven new real estate projects totaling 16.2 million square meters, including residential complexes and residential and commercial towers, were completed in the emirate in the first half of this year. These include the Anantara Sharjah Residences project in the Al Raffa neighborhood and the Faradis Tower project in the Al Mamzar neighborhood, both of which are licensed for sale under the ownership system for expatriates and Gulf nationals.
The report states that during H1 2024, 106 different nationalities from around the world made investments in the emirate.
Dh8.8 billion was invested in 17,390 properties by citizens of the UAE, while Dh1.1 billion was invested in 620 properties by citizens of the GCC. While residents of other nations invested Dh4.8 billion in 2,893 properties, Arab citizens invested Dh3.5 billion in 3,021 properties.
With 17,390 properties, UAE nationals topped the list of foreign investors in the emirate, followed by Indians (1,138 properties), Syrians (785 properties), Iraqis (491 properties), Egyptians (411 properties), and Jordanians (394 properties).
