Sharjah realty transactions value hit Dh22.5B in 2018
dubai — The value of real estate transactions in Sharjah fell a quarter in 2018 amidst slowdown in the real estate across the country. Sharjah Real Estate Registration Directorate on Tuesday said that 54,125 transactions worth Dh22.5 billion were recorded in 2018. While the total value of transactions in 2017 was Dh29.8 billion, a drop of nearly 24 per cent.
Property portal Bayut said in December 2018 that Sharjah remains a buyer’s and renter’s market with properties at an attractive price point. Properties across most popular areas in the emirate experienced slight decreases in prices.
Sharjah Real Estate Registration Directorate’s data showed that as many as 3,459 mortgage transactions worth over Dh14.9 billion were recorded. These span 2,114 mortgage transactions, 824 mortgage releases and 521 mortgage add-ons.
Abdul Aziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Directorate, attributed this exceptional growth to diverse investment opportunities available in the Emirate in the property sector. “This is apart from the irresistible financing facilities offered by the banks operating in public and private sectors here; while the property prices have also become more accessible to all types and levels of investors,” he added.
He highlighted that the recent government decisions to offer long-term residence visas up to 10 years for investors, residents, retirees and those wishing to study in the academic institutions nationwide have had a significant impact in this regard.
Residential properties ranked first in terms sales transactions, Al Shamsi pointed out. “They accounted for the largest share of the sales transactions by up to 67.7 per cent of the total number of properties, followed by commercial properties which stood at 18.4 per cent as compared to 11.4 per cent for industrial properties, and 2.5 per cent for agricultural properties.”
Investors from 48 nationalities worldwide were involved in the reported real estate transactions in Sharjah in 2018. “However, GCC nationals top the list with realty investments worth over Dh20 billion as compared to Dh2.5 billion for investors from other nationalities.”