Sharjah real estate transactions reached Dhs10 billion in Q1, 2024
Sharjah real estate proves its ability to compete and atract investments worth billions, says Aziz Ahmed Al-shamsi
During the first quarter of this year, the real estate sector in Sharjah succeeded in achieving a trading value of Dhs10 billion, with an increase rate of 67.1 per cent compared to the same period last year. This is due to the increase in sales transactions of various types, including sales, usufruct sales, and initial contracts, as their total amounted to 6,146, compared to 3,011 transactions for the same period last year.
Moreover, and according to the “Quarterly report on the real estate sector performance” issued by Sharjah Real Estate Registration Department, the total number of transactions reached 23,478, with a growth rate of 9.3 per cent compared to last year. While the total area traded reached 28.3 million square feet.
In this context, Abdul Aziz Ahmed Al-shamsi, Director General of Sharjah Real Estate Registration Department, explained, “Thanks to the directives of His Highness Sheikh Dr Sultan Bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and thanks to the follow-up of His Highness Sheikh Sultan Bin Mohammed Bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah, and Chairman of Sharjah Executive Council, Sharjah Government has always been the first to provide all forms of support and assistance to the real estate sector in the emirate, and has been keen to strengthen its position as a distinguished investment destination.” Pointing out that “this increase in trading activity reflects people’s aspirations to own property and invest in Sharjah, especially since the emirate is witnessing all types of development, which has been reflected positively on the real estate market.” H.E added, “Among the direct incentives for this increase are also the profusion of development projects, and the ownership facilities for non-citizens and GCC nationals to own real estate in Sharjah.”
Al-shamsi also stated, “The success of Sharjah real estate in atracting investors from 94 nationalities from all over the world, with investments amounted to about Dhs10 billion, indicates the effectiveness and impact of the procedures and wise decisions taken by the Sharjah Government over the past years, and the flexibility of legal legislation that motivates investors.”
Moreover, Al-shamsi pointed out that “the diversity of real estate projects launched by the government in various regions of the emirate, in addition to its establishment, sponsorship, and participation in many events and exhibitions, such as Sharjah Real Estate Exhibition (ACRES), which is organised yearly, have all contributed to highlighting the many investment opportunities that Sharjah abounds, enhancing confidence in the real estate field in the emirate, succeeding in atracting foreign direct investments, new developers, and continuously revitalizing the market.”
In addition, Al-shamsi indicated that the total number of transactions reached 23,478. The ownership certificate transations topped the list reaching 10,602, followed by ownership deeds with 8,271 transactions, Initial Sales Contract with 3,222 transactions, Mortgage transactions with 976, and finally Valuation with 407 transactions.