In February, Sharjah recorded Dh3.1 billion in real estate transactions, highlighting the sector’s growing momentum due to a rise in investment from Arab, international, and local investors.
As the emirate continued to attract investors and buyers in droves driven by an upward trajectory in both rental and sales prices for apartments and villas, total transactions in February reached 4,458, including sale deals of 1,048 representing 23.5 percent of the total, according to the “Real estate transactions and mortgages movement” report issued by the Sharjah Real Estate Registration Department. Mortgage transactions comprising 355 represented 8.0 percent of the total value at Dh581.4 million.
With 213 sales transactions, the Muwailih commercial area continued to lead all other areas in Sharjah. With 138, Rawdat Al Qar, Al Mazairah, and Al Khan areas followed with 77 transactions apiece.
At Dh382 million, Muwailih Commercial Area was the highest-valued trading area. Um Fanain came in second with Dh109.5 million, Al Khan came in third at Dh84.2 million, and Al Sajaa Industrial area came in third at Dh 83.3 million.
In the central region, Blida recorded the highest trading volume with Dh13.4 million, while Al Madina Al Qasimia had the highest concentration of transactions, with eight transactions each.
Al Bardi 4 area in Khor Fakkan topped the list with 11 transactions. With four transactions, the Sur Kalba commercial area in Kalba topped the trading volume at Dh 1.5 million, while the Al Saaf 7 area topped the trading volume.
The Northern Emirates’ Annual Property Market Report from Dubizzle indicates that Sharjah’s real estate market has experienced exceptional growth in 2023. The number of visitors to the Emirates has not decreased, and the cost of buying and renting apartments and villas has been rising.
The neighborhoods that prospective tenants and buyers are most interested in are Al Khan, Muwaileh, Al Tai, Al Jazzat, Al Nahda, and Al Qasimia.
All prices have increased, with apartments averaging between Dh601,000 and Dh1.01 million for sale, and Dh 21,000 and Dh45,000 for annual rent.
According to the report, Al Khan emerged as the most desirable neighborhood for apartment purchases, with an average asking price of AED 948,000 and a return on investment of 3.51%. Al Majaz and Muwaileh also became well-liked options with good returns on investment. With a 6.24 percent ROI, Al Majaz had the highest ROI for apartments, and Al Sabkha had the highest ROI for villas, at 6.23 percent. The cost of a three-bedroom apartment in Muwaileh, however, increased by an astounding 40.48 percent.
The best places to rent apartments were Al Nahda (which also saw a rent increase of 15.38%), Muwaileh, Al Qasimia, Al Majaz, and Al Taawun. Al Nahda was the most popular because of its prime location and affordable rents.
The most popular neighborhoods for renting out villas are Al Tai, Al Jazzat, Sharjah Sustainable City, and Muwaileh. The average annual rent in Al Tai is Dh111,000, while the average annual rent in Al Sabkha is 18.75% higher. With a 5.06 percent return on investment, Sharjah Sustainable City made a big splash when it first appeared. It offers large homes, contemporary conveniences, and a sustainable way of life.