Dubai: A powerful second-half made sure Sharjah’s real estate sector documented a 5.1 percent increase in property deals for 2020, with 64,459 transactions providing Dh15.9 billion.
Decreasing the fees on sale costing from 4 percent to 2 percent for non-GCC purchasers guides to a significant rise of 32.5 percent in the number of sales by non-GCC investors. “This major decision, along with the latest stimulus package, boosted the economy of the emirate, and attracted direct foreign investments to the real estate sector,” said Abdul Al Shamsi, Director-General of Sharjah Real Estate Registration Department.
Projects launched in 2020 have helped revive deals even with a pandemic.
“This is apart from the supportive efforts of the Government, [which] adopted a series of decisions that helped the real estate sector not only overcome the COVID-19 pandemic crisis but rather grow,” said he.
Gains across categories
In all, 2020 witnessed the emirate providing 12,248 ownership deeds, recording 4,644 initial sale deals and 2,745 loan-based ones. There were 39,444 ownership certificates and 765 valuation deals.
Up to 3,773 property deals were registered in 2020, in comparison to 3,328 in 2019.