Sharjah’s property sector zooms as realty deals hit Dhs6.7b in Q1
The Central American officials lauded Sharjah’s continued efforts to build cultural bridges with cities worldwide and expressing their intention to highlight the myriad opportunities in the Emirate for business communities
Sharjah’s real estate sector saw a volume of transactions valued at Dhs6.7 billion during the first quarter of 2021, with a growth rate of 84.9 per cent, compared to the first quarter of 2020, according to a report issued by the Real Estate Registration Department.
The total number of transactions executed in the past three months reached 20,448 transactions, with an increase of 10.3 per cent, compared to the same period last year. In addition, the total traded area in the emirate reached 60.3 million square feet.
In this context, Abdulaziz Ahmed Al-shamsi, Director General of the Real Estate Registration Department in Sharjah, stated that the outcome of the real estate transactions in the emirate during the first quarter of 2021 is evidence of the sector’s gradual recovery. In addition, investors’ confidence was restored through the benefits of the set of incentives, facilities, and exemptions that was presented in November by the Sharjah government, represented by the Executive Council of the emirate. It also contributed significantly in supporting entities and institutions in the government and private sectors, business sectors and individuals, which also enabled them to overcome the effects of the Covid-19 crisis in a manner that ensures the continuity of economic development in various sectors.
Al-shamsi added that the sector also benefited from the decision of the Sharjah government regarding reducing buyer fees for non-gulf Cooperation Council citizens from 4 percent to 2 percent of the sale value, which makes it similar to Gulf citizens’ investors’ fees. This decision took effect at the beginning of last November, which encouraged investors to conduct more real estate deals in the last quarter of 2020 and the first quarter of 2021. In addition, ater the significant growth of trading activity in some areas of the emirate, such as Hoshi and Rodhat Al-qrt, and due to the projects proposed by the government in these areas, the ownership was permited for Arab investors and owners.
Moreover, the announcement of Sharjah government about launching and implementing several major development projects in the cities of the Eastern Province also represented additional support to revitalise the sector, with plans to return to the normal conditions seen before the crisis.
Investors from 43 nationalities and different countries were involved in real estate transactions in Sharjah in the first quarter of the year, with 4,125 investors. These included 3,214 investors from the GCC countries, who traded 5,771 properties worth Dhs 5.3 billion, while 911 foreign investors traded 1,036 properties, at a value of Dhs1.4 billion.
SHARJAH TIES: In a bid to strengthen cultural, economic and diplomatic relations with Central American cities and explore new collaboration opportunities, Sheikh Fahim Al Qasimi, Chairman of the Department of Government Relations ( DGR) in Sharjah, has met with representatives of the Central American Integration System (SICA) - the economic and political organisation of Central American states since 1993.
Sheikh Fahim received the ambassadors of four major Central American states including, Francisco J. Chacón Hernández, Ambassador of the Republic of Costa Rica in the UAE; Ricardo Laverie, Ambassador of the Republic of Panama in the UAE; Julio Simon Castaños Zouain, Ambassador of the Dominican Republic in the UAE; and Lars Henrik Pira Perez, Ambassador of the Republic of Guatemala in the UAE, for the ensuing discussions.
Explaining that DGR’S core objectives are to make a sustainable impact on both local and international communities by promoting knowledge and cultural exchange as key enablers of economic development, Sheikh Fahim asserted that the entity’s goals embody the vision of His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. Forging closer cooperation with cities worldwide by facilitating inter-institutional exchange and learning between Sharjah’s entities and their global counterparts was another key focus area for DGR, he added.
The Chairman stressed the need for Sharjah and SICA members to look at emerging opportunities especially in the sectors of publishing and translations and expressed deep interest in exploring the possibility of organising cultural events to showcase the rich history and culture of Central America to UAE’S populace.
The atending ambassadors offered a detailed overview of recent developments in the environmental, educational and tourism sectors in their respective nations to Sheikh Fahim. They all expressed keen interest in exploring potential partnerships with the Sharjah, especially in academics and research with the Sharjah universities and in environmental sustainability, owing to the emirate’s leading experiences in these sectors.
Sheikh Fahim then took the opportunity to turn the spotlight on a host of lucrative investment and business opportunities in the sectors of renewable energy, logistics, smart city solutions, eco-friendly technology, which are all already making big contributions to further diversify the emirate’s non-oil economy and enabling global companies to grow their local and regional presence through Sharjah’s strategically located and pro-business landscape.