Media ININ Economy We Trust
Sharjah, April 18 / The real estate sector in the Emirate of Sharjah witnessed remarkable activity during the first quarter of this year 2023, as the total number of real estate transactions executed in the emirate during this period reached 21,486 transactions of all kinds, with a total value of 5.9 billion dirhams, while the total value of mortgages amounted to 1.7 billion. Dirhams, according to the real estate transactions report revealed by the Real Estate Registration Department in the emirate.
His Excellency Abdulaziz Ahmed Al Shamsi, Director General of the Real Estate Registration Department in Sharjah, said that the first quarter of this year witnessed an active and remarkable movement in the performance of the real estate sector in the emirate, whether in terms of the number of real estate traded or the monetary value of the volume of trading. Previous projects that have been completed or are currently being completed, which contributed to the growth of the real estate sector in the emirate and confirms the great investment opportunities it provides to local, Arab and foreign investors.
Al Shamsi explained that the real estate sector in the emirate is based on a strong foundation thanks to the directives of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, and the follow-up of His Highness Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of the Executive Council of the Emirate of Sharjah, who were keen to build a sector Aqari is able to overcome various circumstances and challenges to confirm the emirate’s pivotal position in the region and to remain at the top of the investors’ list of interests as an attractive destination for real estate investment.
The Director General of the Sharjah Real Estate Registration Department expressed his great optimism about the future of the real estate sector in the emirate due to the transparent policies and deliberate strategic plans pursued by the emirate, which reflect the wisdom and vision of our wise leadership in ensuring the interests of the various sectors and serving the labor market and all existing and future projects and investments.
The report indicated that sales transactions increased by 12.5%, as the number of transactions reached 2,005 transactions, compared to 1,738 transactions in 2022. These real estate transactions covered a total trading area of 17.8 million square feet.
The sale transactions in the city of Sharjah included 88 areas that were completed through 1,693 transactions, with a total trading value of 2.5 billion dirhams. The Muwaileh commercial area acquired the largest share in terms of number and value, with 400 sales transactions representing 23.6% of the total sales transactions in the city, with a trading value of 649.5 million dirhams. This was followed by Al Khan area with 189 sale transactions at a value of 373 million dirhams, then Al Raqiba area with 141 transactions at a value of 184 million dirhams.
In the central region of the emirate, the total value of sales transactions amounted to 62.5 million dirhams, which took place through 84 transactions. The sale transactions were concentrated in the Al Qasimia and Al Thumama regions, where the two regions accounted for 42.9% of the sales transactions, through 36 transactions, and the remaining 48 sales transactions were distributed among 20 region.
The city of Khorfakkan recorded 47 sale transactions. Al-Modaifi and Al-Haray commercial areas accounted for 38.3% of the total transactions through 18 transactions, while the rest of the 29 sale transactions were distributed in 12 areas, and the total volume of transactions in the city amounted to 37 million dirhams.
The sales transactions in the city of Dibba Al-Hisn were distributed among three areas, the most heavily traded in the Al-Shamali district, with 4 transactions, accounting for 57.2% of the number of sales transactions in the city, which witnessed transactions amounting to 5.8 million dirhams.
The number of sale transactions in the city of Kalba amounted to 42 transactions, concentrated in the Kalba and Al-Saf industrial areas, which constituted 35.7% of the total sale transactions in the city, with 15 transactions. As for the remaining 27 sales transactions, they were distributed in 15 regions.
The report stated that the total number of usufruct sale transactions reached 132 in the Emirate of Sharjah during the first quarter of this year, all of which came in the city of Sharjah in the commercial areas of Muwailih, Umm Fannin, Tilal, Al Sajaa Industrial, Al Khan, Al Raqiba and Al Nahda, with a total turnover of 221.9 million dirhams.
Residential properties topped the list of properties sold in the Emirate of Sharjah in the first quarter of this year with 1,495 properties, representing 79.8% of the total properties sold, and witnessed an increase of 22% compared to the number of residential properties sold in the same period last year, which witnessed 1,225 transactions. Residential real estate is mainly on vacant and built-up lands, in addition to residential lands under construction, apartments, studios, and parking lots.
While 164 vacant and built real estate in the industrial sector were traded, representing 8.8% of the total real estate sold, while the total number of commercial real estate sold reached 157, or 8.4% of the total real estate traded in the smiling Emirate.
57 agricultural lands were traded, representing 3% of the total real estate.
The number of initial sale contract transactions increased during the first quarter of this year compared to the first quarter of last year 2022 by 17.5%, as their number this year reached 1,021 compared to 869 transactions in the past year.
Real estate sector investors in the emirate were distributed during the first quarter of 2023 to 62 different nationalities, as the investment of the country’s citizens amounted to 3.8 billion dirhams, and the investment of citizens of the Gulf Cooperation Council countries amounted to 449 million dirhams, while the investment of citizens of Arab countries amounted to 1 billion dirhams, and the investment volume of citizens of other countries amounted to 710.5 million dirhams.
The number of Emirati investors reached 3,621 investors who traded 5,974 different properties, while the number of Gulf investors reached 253 investors who traded 302 properties. The number of Arab investors reached 942 investors who traded 946 properties, while the number of investors of other nationalities reached 476 investors who traded 426 properties.
