Outside of the city center, Sharjah’s real estate market has experienced tremendous expansion and development, as noted in the department responsible for real estate registration in Sharjah’s recently released annual report. According to the research, the Central and Eastern areas have a booming movement, with cash transactions totaling AED549.4 million.
The transactions were made possible by the department’s branches in the cities of Khorfakkan, Dibba Al-Hisn, and Kalba, as well as the Central region.
14,195 real estate transactions were reported in the department’s branches during the first half of 2023, making up 34.8% of all transactions carried out in the emirate during that time. Additionally, 15.1 million square feet of space were exchanged in sales transactions.
The development was credited to the Sharjah government’s alluring incentive packages and facilities for domestic and foreign investors by Omar Al-Mansouri, Director of the Branches Department at the Sharjah Real Estate Registration Department. He also emphasized the sizeable expenditures made in economic and infrastructure projects in the Central and Eastern regions under the direction of the leadership. The first half of this year saw a considerable increase in real estate transactions in the region as a result of these measures, which also include road improvements, infrastructure upgrades, hotels, tourist and heritage resorts, and environmental initiatives.
The survey also revealed that throughout the specified time, 4.1% of the overall transaction volume in the emirate’s real estate sector was concentrated in the four branches.
Khorfakkan reached AED185.4 million, Kalba AED120 million, and Dibba Al-Hisn AED13 million, for a total cash trading volume of AED231 million in the central area.
With a total value of AED173 million, 197 sales transactions distributed across 32 different areas took place in the central region. With 85 sales transactions or 43.1% of these transactions, the majority were conducted in Al-Qasimiah City. Al-Thamamah region came next, with 15 transactions, followed by the Tawi Hamdah region, with ten transactions, and the Al-Belaida region, with ten transactions apiece.
In Kalba, 98 sales transactions totaling AED54.1 million were reported over 21 regions. The Industrial region had the most transactions (21) and represented 21.4% of all sales in the city. It was followed by the Kalba Industrial area (18) and the As-Saaf area (11) in terms of transactions.
In the meantime, 84 sales transactions totaling AED67.5 million took place in 24 different neighborhoods of Khorfakkan. Al-Mudeife region had the most transactions (12), accounting for 14.3% of all sales in the city. Al-Haray Commercial area came in second with ten transactions, followed by the Industrial and Al-Baradi-2 areas with nine transactions each.
Dibba Al-Hisn also noted 14 transactions totaling AED 9 million that were split among three different regions. With eight transactions, Hay Ash-Shamali accounted for more than 57% of these transactions.