Sharjah realty deals climb 10% to Dh4.6b

sharjah — The Sharjah real estate sector recorded a 10 per cent growth in transactions, reaching 14,854 deals worth Dh4.6 billion in the third quarter of 2020 compared to the same period last year.

Abdul Aziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Department, said the reported growth is mainly attributed to the series of stimulus decisions recently taken by the government of Sharjah to contain the effects of the Covid-19 global pandemic.

The sales transactions recorded in the third quarter covered 14.6 million square feet, as per the latest quarterly report of the areas and cities of the emirate issued by the Sharjah Real Estate Registration Department.

“The support given to all government and private entities, business and individual sectors, included an extended three-month exemption of the annual licence renewal fees for economic establishments, a discount of 50 per cent on delayed fines and violations for economic establishments, and a discount of 50 per cent on the license fees for industrial establishments to help boost the contribution of the industrial sector to the gross domestic product.”

A further discount was also granted on the insurance and supply fees of electricity, water and natural gas services for the owners of economic, commercial and industrial establishments who were permitted to pay due fees in instalments over two years to reduce their financial burdens, Al Shamsi elaborated.

Al Shamsi said the decisions, covering all aspects of institutional and community work, proves that Sharjah is once again a stimulating and supportive environment for business and foreign direct investments. “This enhances the regional leadership and global position of the emirate which secures an appropriate environment for investors and customers locally and abroad.”

Reducing the fees on the sale value from four per cent to two per cent for non-GCC purchasers until March 31, 2020, was also a major decision, he underlined. “This new decision, along with the latest stimulus package, has led to a rapid recovery of the real estate sector here that it continues to play a pivotal role in the progress and prosperity of the emirate.”

Completing previous projects and launching new ones, like the development projects recently accomplished in the Eastern Region sent an important message to investors about the stability of the economic situation in the emirate despite the pandemic, Al Shamsi said.

“The emirate was not affected by the global crisis thanks to the insightful vision of the prudent leadership and its passion to keep work as per set plans.”

Al Shamsi said the main branch accounted for 95.7 per cent of the total real estate investments value recorded in the third quarter of 2020. “These are compared to 4.3 per cent for other branches: 1.4 per cent for the Central Region branch, 1.6 per cent for the Khor Fakkan and Dibba Al Hisn branch, and 1.3 per cent for the Kalba branch.”

Property statement transactions topped with 8,743 transactions, followed by 3,539 property title transactions, 1,675 initial sale transactions, 676 mortgage transactions and 221 valuation transactions. Up to 676 mortgage transactions, worth Dh1.9 billion, were recorded in Sharjah in the third quarter of the year.

The reported growth is mainly attributed to the series of stimulus decisions recently taken by the government of Sharjah to contain the effects of the Covid-19 global pandemic Abdul Aziz Ahmed Al Shamsi, Director-general of the Sharjah Real Estate Registration Department