Media ININ Economy We Trust
Sharjah, January 19 / The Real Estate Registration Department in the Emirate of Sharjah announced the volume of real estate transactions executed in the emirate during the year 2022, which amounted to 24 billion dirhams, of which 16.2 billion dirhams were the value of investments of Emirati citizens, while the rest of the Gulf invested at a value of 1.4 billion dirhams. Arabs have about 4.2 billion dirhams, while citizens of other countries have invested 2.2 billion dirhams.
According to the results of the department’s annual report, sales transactions grew by 15.3% compared to 2021 transactions, by conducting 7,267 transactions, while the total number of mortgage transactions reached 4,648 transactions in 2022, with a total value of approximately 10.1 billion dirhams.
His Excellency Abdulaziz Ahmed Al Shamsi, Director General of the Real Estate Registration Department in the Emirate of Sharjah, confirmed that the positive results achieved by the real estate sector in the emirate translate the directives and visions of His Highness Sheikh Dr. It is chaired by His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah.
Al Shamsi pointed out that the stability of the real estate market in the emirate over the past year confirms investors’ confidence in the strength and durability of the emirate’s economy, and its ability to face regional and global economic challenges and its vital role in preserving the status of the Emirate of Sharjah as an ideal destination for housing and investment.
And he indicated that the results of the real estate sector in the emirate during the past year reflect its prominent role in enhancing the economic competitiveness of the emirate, attracting major investments that contribute to the consolidation of its real estate and urban renaissance, the development of services provided to institutions and individuals, and the achievement of economic well-being and a decent life, referring to the positive stability of the real estate market movement in Emirate with the increase in the growth and diversity of the real estate product, the number of nationalities invested and the total real estate transactions executed.
The Director General of the Real Estate Registration Department indicated that the sector was supported during the past year with a new group of major real estate projects that entered the market, accompanied by an additional package of real estate legislation issued in 2022, which provided foreigners, non-citizens and Gulf nationals, with wide options to own real estate of all kinds and uses. In real estate development areas and projects in Sharjah according to specific conditions and controls, in a manner that achieves the needs of owners and investors of all nationalities, and at the same time maintains a balanced population and urban distribution within the regions.
The annual report of the Real Estate Registration Department in Sharjah showed many positive indicators, as real estate transactions increased by 8.6%, after the total number of transactions executed during the year 2022 reached 91,507 transactions, compared to the number of transactions executed in 2021, which amounted to 84,238 transactions, including various real estate transactions. Provided by the department, such as title deeds transactions, mortgages, initial sale contracts, valuations, and others.
In detail to the sales transactions, the year 2022 witnessed a wide diversification in trading in the regions of the Emirate of Sharjah, as the real estate transactions executed in the emirate covered a total area of 67 million square feet, and the sales transactions were distributed to 198 regions in various cities of the emirate, as the Muwaileh commercial area in Sharjah topped the list. The list of these areas includes 1,832 sale transactions, with a total trading volume of about 1.7 billion dirhams, followed by the Al Khan area, with 911 transactions at a value of 849.8 million dirhams.
The residential real estate that was traded through sales transactions in the past year amounted to 5,373 real estate, including residential lands of all kinds and apartments, as these real estate represented 73.9% of the total real estate traded, while 807 various commercial real estate were traded, and their percentage was 11.1%. As for industrial lands, On which investors traded during 2022, it amounted to 760 real estate, representing 10.5% of the total real estate, while 327 agricultural real estate were traded, representing 4.5% of the total real estate traded.
As for usufruct sale transactions in the emirate during the year 2022, 351 transactions were conducted, as usufruct sale transactions increased by 24.5% compared to the results of 2021, and all these transactions came in real estate development projects in the city of Sharjah, with a total trading value of 583.6 million dirhams.
And the year 2022 witnessed an increase in the number of nationalities of investors in real estate in the Emirate of Sharjah to 85 nationalities, compared to 77 nationalities in the previous year, while the total number of investors of all nationalities reached 17,931 investors, of whom 12,948 investors were citizens of the Arab Gulf countries, and 3,725 investors. Of the other nationalities, while 1,258 investors traded by selling the benefit.
According to the number of real estate traded in 2022, the Gulf nationals traded 22,531 real estate, of which 20,788 real estate were traded by Emiratis, while the number of real estate that investors of other nationalities traded on reached 4,115 real estate, while the number of real estate trades by selling the benefit reached 1,134 real estate traded by investors from All nationalities.
