According to the Sharjah Real Estate Registration Department (SRERD), the first quarter of 2023 saw outstanding growth in the emirate’s real estate market.
The overall number of real estate transactions reached 21,486, with a total value of AED 5.9 billion, according to the SRERD’s quarterly performance report.
The report also revealed that Sharjah’s real estate market is thriving, with mortgages on properties totaling AED 1.7 billion.
The governance of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, was credited by Abdulaziz Ahmed Al Shamsi, Director-General of SRERD, for the real estate industry’s solid foundation in Sharjah.
According to the data, there were 2,005 sales transactions in contrast to 1,738 in 2022, covering a total trading area of 17.8 million square feet, a rise of 12.5%. In Sharjah, there were sales transactions in 88 different regions, with the Muwailih commercial sector having the biggest percentage in terms of both quantity and value, followed by the Al-Khan and Al-Rigaibah areas.
Al-Qasimia and Al-Thumama sectors in the emirate’s central region accounted for 42.9% of all sales transactions, while Khor Fakkan recorded 47 sales transactions and Dibba Al Hisn recorded 4.
In Sharjah, there were 132 interest-sale transactions with a combined value of AED 221.9 million during the first quarter of this year.
According to the report, residential properties accounted for 79.8% of all real estate sold and were the most frequently exchanged. A further increase of 17.5% in initial sale contract transactions was seen during the first quarter of this year.
The research also showed that there were 62 different countries represented among Sharjah’s real estate investors, with a combined investment worth of AED 3.8 billion. Arab citizens’ investments were worth AED 1 billion, compared to GCC citizens who were not Emiratis’ investments of AED 449 million. Eventually, AED 710.5 million worth of investment was made by people from foreign nations.