The real estate market in Sharjah reached a trading value of Dh10 billion in the first quarter of this year, up 67.1% from the same time last year. Comparing the same period last year to this year, there was a rise in sales transactions to 6,146 from 3,011 transactions.
According to the “Quarterly report on the real estate sector performance” issued by the Sharjah Real Estate Registration Department, the total number of transactions reached 23,478, with a growth rate of 9.3 percent compared to last year. The total area traded reached 28.3 million square feet.
Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, said, “The 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.”
Al Shamsi added, “Among the direct incentives for this increase are the profusion of development projects and the ownership facilities for non-citizens and GCC nationals to own real estate in Sharjah.”
Mortgage transactions
976 mortgage transactions total, valued Dh2.2 billion, were completed in Sharjah during the first quarter of this year, representing a 13.1% increase over the same period the previous year.
Residential transactions
With 2,242 transactions or 80.9% of all transactions, residential transactions accounted for the largest share. Commercial transactions, with 254 transactions, represented 9.1% of all transactions, and industrial transactions, with 237 transactions, represented 8.6% of all transactions. Finally, 38 transactions, or 1.4% of all transactions, are related to agriculture.
In addition, the total number of properties traded in the emirate was 2,771, with residential lands accounting for the majority at 1,052, residential apartments for 700, residential built-in lands for 397, and industrial lands for 160.
Investors from 94 nationalities
In the first quarter of 2024, investments totaling ninety-four nationalities from various countries were made in Sharjah. Citizens of the GCC, excluding Emiratis, invested a total of Dh625.5 million, with 347 properties, compared to Dh4.4 billion by UAE citizens, who owned 7,628 properties. 1,762 properties and Dh2.1 billion in investments were made by Arab nationals. 1,739 properties totaling Dh2.8 billion were invested by citizens of other countries.
With 7,628 properties, Emiratis lead the list of nationalities investing in Sharjah, followed by Indians (683), Syrians (484), Pakistanis (275), and Jordanians (227).