As more investors enter the market as a result of Sharjah’s decision to allow freehold titles, property values in the emirate have increased by 15-20% since October. The rise in valuations may also have been helped by secondary market transactions, particularly of recently transferred properties in prominent neighborhoods.
In developments run by Arada and other developers, Sharjah’s real estate market is prepared for more handovers this year. If values continue to rise, there may be further value gains and activity in the secondary market, which is still in its adolescence.
Nearly 70% of the buyers of the in-demand residences, which range from Dh2 million to Dh4 million, are end users. Most of the customers are from India, followed by Pakistani and Arab consumers. “There is also significant interest from Emiratis from Abu Dhabi, Ras Al Khaimah, and Fujairah looking to buy second/holiday homes,” said a statement from the estate agency Metropolitan Premium Properties.
Even then, “The real estate market in Sharjah is more stable and less prone to price volatility,” said Khaled Ahmed, Sales Director for Northern Emirates at Metropolitan Premium Properties. “The changes to the real estate law by the government of Sharjah have had a positive impact on buyer interest as the emirate has witnessed a 30 percent increase in demand for off-plan and ready units.
“There is a lack of inventory in the market with prices of some villas even higher than in Dubai.”
The forest-themed Masar and Haayan are two new high-end developments and communities that are opening soon. (Sharjah is currently home to a number of hotel construction projects, including the Rove and Vida hotels.)
Real estate transactions peaked at Dh24 billion in 2022 with 91,507 transactions as opposed to 84,238 transactions in 2021, according to data from the Sharjah Real Estate Registration Department.