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Sharjah realty deals hit Dh3.1b

Emirate has continued to attract a significant number of people

Published: Sun 10 Mar 2024, 7:43 PM

By
Issac John

Sharjah’s real estate transactions hit Dh3.1 billion in February underscoring the upward momentum of the sector on the back of increased investment from local, Arab and international investors.

As the emirate continued to attract investors and buyers in droves driven by an upward trajectory in both rental and sales prices for apartments and villas, total transactions in February reached 4,458, including sale deals of 1,048 representing 23.5 per cent of the total, according to the “Real estate transactions and mortgages movement” report issued by the Sharjah Real Estate Registration Department. Mortgage transactions comprising 355 represented 8.0 per cent of the total value at Dh581.4 million.

Muwailih commercial area continued to lead the areas with the highest number of sales transactions in Sharjah, recording 213 transactions, followed by Rawdat Al Qar with 138, Al Mazairah and Al Khan areas with 77 transactions each.

In trading volume, Muwailih commercial area topped the list, with a value of Dh382 million, followed by Um Fanain with Dh109.5 million, Al Khan Dh 84.2 million, and Al Sajaa Industrial area at Dh 83.3 million.

In the central region, transactions were mostly concentrated in Al Madina Al Qasimia, with eight transactions each, while the top area in terms of trading volume was Blida which recorded Dh13.4 million.

In Khor Fakkan, Al Bardi 4 area topped the list with 11 transactions. In Kalba, Sur Kalba commercial area topped with four transactions, while Al Saaf 7 area topped in trading volume at Dh 1.5 million.

According to dubizzle’s Annual Property Market Report for the Northern Emirates, Sharjah’s real estate market has shown remarkable growth in 2023. The emirate has continued to attract a significant number of people, with an upward trajectory in both rental and sales prices for apartments and villas.

. Preferred neighbourhoods are Al Khan, Muwaileh, Al Tai, Al Jazzat, Al Nahda, and Al Qasimia, which list among the most sought-after among prospective tenants and buyers.

There has been a general rise in prices across the board, with apartments averaging from Dh601,000 to Dh1.01 million in selling prices, and Dh 21,000 to Dh45,000 in annual rents.

The report noted that Al Khan led as the most sought-after area for buying apartments, with an average asking price of AED 948,000 and an ROI of 3.51 per cent. Muwaileh and Al Majaz also emerged as popular choices with attractive ROIs. Al Majaz recorded the highest ROI for apartments at 6.24 per cent, while Al Sabkha topped the list for villas with a 6.23 per cent ROI. Muwaileh’s 3bhk apartment prices, meanwhile, saw a staggering rise of 40.48 per cent.

Top areas for apartment rentals were Al Nahda (which also had a 15.38 per cent rent increase), Muwaileh, Al Qasimia, Al Majaz and Al Taawun, with Al Nahda leading due to its ideal location and reasonable rents.

Al Tai, Al Jazzat, Sharjah Sustainable City and Muwaileh are the most preferred neighbourhoods for villa rentals, with Al Tai offering an average annual rent of Dh111,000, and annual rents rising by 18.75 per cent in Al Sabkha. Sharjah Sustainable City broke on to the scene in a big way, with an ROI of 5.06 per cent, and offering spacious residences and modern amenities with a sustainable lifestyle.