A report issued by the Sharjah Real Estate Registration Department indicates that the real estate sector has shown significant growth during Q3 of 2021, with 16,781 transactions worth AED5.7 billion by the end of September.
Compared to the same period last year, these figures show a growth rate of 22.7 percent, while the volume of area traded in sales transactions reached about 16 million square feet.
Abdulaziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Department, stated, “The real estate sector in the emirate has returned to its pre-pandemic situation, thanks to the support received from H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the series of measures and incentives taken by our wise government to encourage investment. The Emirate of Sharjah has become, thanks to this generous sponsorship, an attractive environment for investors from inside and outside the country, as this report explains.”
Al Shamsi also explained, “Life is returning to normal in Sharjah after recovering from the COVID-19 pandemic and the damage it has caused to various economic sectors in the world.”
He noted, “the great growth that has been achieved in the real estate sector in Sharjah reflects this recovery and proves the confidence of investors in the real estate market, especially after the series of economic incentives and facilities launched by the Executive Council in November of 2020, which contributed to the increase in the volume of real estate transactions as compared to the previous year.”
In the emirate, 94.7% of the total value of real estate transactions was recorded at the main branch. In contrast, the monetary value of other branches accounted for 5.3 percent of the total. The Central Region branch achieved a monetary value rate of 3.6 percent, while the Khor Fakkan branch achieved a monetary value rate of 0.5 percent. A total of 0.2 percent of the total monetary value was recorded by the Dibba Al-Hisn branch, and one percent was recorded by the Kalba branch.
The department’s total transactions have increased significantly compared to the same period last year, which indicates the end of the COVID-19 crisis. The increase in total transactions reached 12.9%.
In comparison with the same period last year, ownership deed transactions increased by 34.4 percent while sales transactions increased by 52.5 percent, which indicates investors’ interest in the emirate.
With 9,629 transactions, ownership certificates topped all others, followed by ownership deeds with 4,758 transactions. There were 1,160 initial sales contracts and 990 mortgage contracts, while 244 valuations were conducted.
There were 990 mortgage transactions totaling AED2.4 billion.
The number of transactions increased by 52.5 percent compared to the same period last year. 1,542 sales transactions totaling AED2.2 billion took place in Sharjah, with 1,542 transactions in 93 different areas. A total of 64 percent of sales transactions were concentrated in five areas: Al Khan, Muwailih Commercial, Al Rigaibah, Al Saja’a Industrial and Hoshi through 987 transactions, while the remaining 36 percent of sales transactions were spread across 88 districts.
The number of Usufruct sale transactions reached 80, worth AED105 million, led by Al Khan area at 40, valued at AED37.9 million.
When classifying sales transactions by the type of property, residential transactions accounted for the largest share, with 1,262, and a rate of 76 percent. Second came industrial transactions, with 206 at 12.4%, followed by commercial transactions, with 152 at 9.1%. Agricultural transactions went at the end with 42, accounting for 2.5 percent.
Sharjah is home to people from 50 different nationalities. The investments of Gulf Cooperation Council citizens, including Emiratis, amounted to 4,874 properties worth nearly AED4.5 billion. In addition, 1042 properties worth AED1.2 billion were purchased by citizens of other countries, including Arab nations.