SHARJAH- Sharjah’s real estate sector witnessed a volume of deals cost at AED6.7 billion during Q1 of 2021, with a growth rate of 84.9%, in comparison to the Q1 of 2020, as per the report provided by the Real Estate Registration Department.
The total number of deals that took place in the last three months touched 20,448 deals, with a rise of 10.3%, in comparison to the same period last year. Adding on, the whole traded area in the emirate touched 60.3 million square feet.
In this context, Abdulaziz Ahmed Al-Shamsi, Director General of the Real Estate Registration Department in Sharjah, provided that the result of the real estate deals in the emirate during the Q1 of 2021 is the proof of the sector.s gradual recovery.
Adding on, investors’ confidence was regained with the help of the benefits of the set of incentives, facilities, and exemptions that was shown in November by the Sharjah government, shown by the Executive Council of the emirate. It also helped significantly in supporting entities and institutions in the government and private sectors, business sectors, and people, which also helped them to overcome the causes of the Covid-19 crisis in a manner that ensures the continuity of economic development in different sectors.
Al-Shamsi added that the sector also profited by the step of the Sharjah government with respect to decreasing purchaser expenses for non-Gulf Cooperation Council residents from 4% to 2 percent of the deal value, which makes it like Gulf residents’ investors’ charges. This choice produced results toward the start of last November, which urged investors to conduct more real estate in the last quarter of 2020 and the first quarter of 2021. In addition, after the huge development of trading action in a few spaces of the emirate, like Hoshi and Rodhat Al-Qrt, and because of the projects proposed by the government around there, the ownership was allowed for Arab investors and owners.
Furthermore, the declaration of the Sharjah government about launching and implementing various big development projects in the cities of the Eastern Province also showed additional support to revitalize the sector, with plans to return to the normal conditions seen before the pandemic.
Investors from 43 nationalities and various nations were associated with real estate deals in Sharjah in the first quarter of the year, with 4,125 investors. These included 3,214 investors from the GCC nations, who traded 5,771 properties worth AED 5.3 billion, while 911 foreign investors traded 1,036 properties, at a worth of AED1.4 billion.