Sharjah Real Estate Registration Department (RERD) announced that in 2021 the real estate trading volume in the Emirate of Sharjah reached its highest level in four years. According to the department’s annual report, there were AED26.2 billion worth of real estate transactions in the emirate last year.
Deputy Director-General Abdul Aziz Ahmed Al Shamsi of the RERD said the emirate has been actively participating in efforts and leading initiatives in the country aimed at restoring growth, resuming real estate movement, recovering real estate transactions, and increasing real estate trade volume.
A reflection of the remarkable recovery of the sector is the launch and registration of several new real estate development projects in Sharjah to meet the needs and goals of those wishing to invest and reside in the emirate, given Sharjah’s stable social environment and advanced urban diversity.
Based on the historical data of real estate transactions in Sharjah measured in terms of value, he explained the rise in transactions reflects a rapid recovery and rebound in the emirate’s real estate sector as compared to the previous three years.
These results can be attributed to the return of business to previous levels in the UAE and in the Emirate of Sharjah, as well as the society’s adaptation to and natural coexistence with the COVID-19 epidemic. Additionally, the Emirate’s Executive Council launched economic incentives and facilities in 2020, which helped restore investor confidence in the emirate’s real estate market.
According to Al Shamsi, the trading value of residential properties in 2021 increased by 64.9% when compared to the same period the previous year. The most valuable month was February, at a total of AED3.5 billion, followed by December at AED3.3 billion.
In addition to the transactions report, he noted that the total number of transactions executed during 2021 was 84,238 compared to 64,459 in 2020, adding that these results were due to the department’s commitment, despite the continuing effects of COVID-19, to ensuring the completion of all transactions while ensuring the safety of employees and customers.
Further, he explained that the department provides electronic services for some transactions and that it has established an appointment reservation system for dealers who need to visit the department to complete transactions.
According to him, ownership certificate transactions accounted for 46,715 transactions, followed by ownership deed transactions, which grew by 84.7% to reach 22,622 transactions. The remaining 5,940 transactions were split between 4,710 initial sales contract transactions, 3,216 mortgage transactions, 1,035 valuation transactions, and a group of other miscellaneous transactions.
Mortgage transactions increased by 17.2%, reaching AED11.5 billion in value.
Director-General of Sharjah Real Estate Registration Department stated that sales transactions increased by 67.1%, reaching 6,304 deals in 197 areas, including 115 in Sharjah, 36 in the central region, 26 in Kalba, 16 in Khorfakkan, and four in Dibba Al-Hisn.
The highest number of sales transactions were recorded by Al Khan, Al Raqeeba, Muwailih Commercial, and Hoshi.
He stated that 282 usufruct sale and resale transactions with a total value of AED398.8 million were carried out in Sharjah.
Al Shamsi noted that the total area of real estate trading in the emirate amounted to 112 million square feet in 2021, with residential land totaling (57.4) million square feet. According to the number of traded properties, residential apartment transactions ranked first with 1,865 apartments. With a total of 4,797 properties sold, residential properties topped the real estate sales category.
In the past year, seven real estate projects were registered in Sharjah to enable the sector to grow and diversify, taking advantage of the supportive environment for launching and launching successful projects, and providing options of ownership and use to investors from non-golf nations. Six of these projects were residential/commercial and one was industrial.
Al Shamsi said that 77 different nationalities traded real estate in Sharjah during the past year, which demonstrates the strength and solidity of the infrastructure, as well as the variety of its real estate product and the continuous efforts in the legislative environment.
There were 16,413 people trading real estate in the emirate in 2021, including 12,712 Gulf traders and 3,701 non-Gulf nationals.
Last year, GCC nationals invested AED20.6 billion in 23103 properties, while non-GCC nationals invested AED5.6 billion through 4,244 properties.