In Sharjah, residential properties ranked as the most commonly sold type of real estate.
On Tuesday, the Sharjah Real Estate Registration Department (SRERD) published its quarterly performance report, which highlights the robust real estate sector activity. According to the report, the first quarter of 2023 witnessed 21,486 real estate transactions in Sharjah, amounting to a total value of Dh5.9 billion.
During the first quarter of this year, residential properties dominated real estate sales in Sharjah, accounting for 79.8% of total sales with 1,495 properties sold. This represents a 22% increase compared to the same period last year when 1,225 residential properties were sold, including vacant lands, built-in lands, residential lands under construction, apartments, studios, and parking lots.
Investors from 62 different nationalities were involved in real estate transactions in Sharjah, with Emirati citizens accounting for the highest investment value of Dh3.8 billion. Non-Emirati GCC citizens and citizens of Arab countries invested Dh449 million and Dh1 billion respectively, while investors from other countries invested Dh710.5 million. Emirati investors made deals on 5,974 different properties, while non-Emirati GCC investors traded 302 properties, Arab investors traded 946 properties, and investors from other nationalities traded 426 properties.
Real estate sales transactions took place in 88 areas in Sharjah, with Muwailih commercial area having the largest share in terms of number and value with 400 sales transactions worth Dh649.5 million, followed by Al-Khan area with 189 sales transactions worth Dh373 million, and Al-Rigaibah area with 141 transactions worth Dh184 million. In the central region, the total value of sales transactions amounted to Dh62.5 million, with Al-Qasimia and Al-Thumama areas accounting for 42.9% of the total sales transactions. The city of Khor Fakkan recorded 47 sales transactions worth Dh37 million, while in Dibba Al-Hisn, sales transactions were distributed among three areas, and in Kalba, sales transactions were concentrated in Kalba Industrial and Al-Saf areas.
The report also revealed that there were 132 interest-sale transactions in Sharjah during the first quarter of this year, all of which were located in the city of Sharjah, in areas including Muwailih commercial, Um Fannain, Tilal, Al-Sajaa Industrial, Al-Khan, Al-Rigaibah, and Al-Nahda, with a total value of Dh221.9 million.
According to Abdulaziz Ahmed Al Shamsi, Director General of SRERD, the real estate sector in Sharjah has experienced significant growth during the first quarter of this year, both in terms of monetary value and the total number of transactions. He attributes this growth to new and ongoing real estate projects that have created investment opportunities for local, Arab, and foreign investors.
Al Shamsi praises the leadership of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, and His Highness Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, for their support in establishing a strong real estate sector capable of overcoming challenges.
The report shows a 12.5% increase in sales transactions compared to the previous year, covering a total trading area of 17.8 million square feet. The number of transactions reached 2,005 compared to 1,738 in 2022. Additionally, 8.8% of the total sold real estate represented 164 vacant and built-in properties in the industrial sector, while 8.4% of the total traded real estate represented 157 commercial properties. Agricultural lands accounted for 3% of the total real estate sold, with 57 lands traded. Finally, initial sale contracts transactions increased by 17.5%, reaching 1,021 transactions during the first quarter of this year compared to 869 transactions during the same period last year.