Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

Residential properties topped the list of real estate sold in Sharjah

A Staff Reporter

Published: Tue 18 Apr 2023, 2:39 PM

Sharjah Real Estate Registration Department (SRERD) has revealed in its quarterly performance report the remarkable activity in the real estate sector. The report shows that the total number of

Sharjah recorded 21,486 real estate transactions in the first quarter of 2023 has reached transactions, with a total value of Dh5.9 billion, data from the Sharjah Real Estate Registration Department (SRERD) showed on Tuesday.

The total value of real estate mortgages amounted to Dh1.7 billion.

Advertising

Residential properties dominated sales during the first quarter of this year with 1,495 properties, representing 79.8 per cent of the total real estate sold, and with an increase of 22 per cent compared to the number of residential properties sold in the same period last year, which was 1,225 transactions. These residential properties were distributed mainly on vacant lands and built-in lands, in addition to residential lands under construction, apartments, studios, and parking lots.

The number of real estate investors in Sharjah were distributed to 62 different nationalities, as the investment value of the country’s citizens amounted to Dh3,8 billion. In addition, the investment value of non-Emirati citizens of the GCC countries amounted to Dh449 million, while the investment value of citizens of Arab countries amounted to Dh1 billion. Finally, the volume of investment for citizens of other countries amounted to Dh710.5 million.

The number of Emirati investors reached 3,621, who made deals on 5,974 different properties. While the number of non-Emirati GCC investors reached 253, and the number of properties they traded was 302. Moreover, the number of Arab investors reached 942 investors who traded 946 properties, while the number of investors from other nationalities reached 476 investors who made deals on 426 properties.

Sale transactions in Sharjah took place in 88 areas with 1,693 transactions, and a total trading value of Dh2.5 billion. Muwailih commercial area acquired the largest share in terms of number and value, with 400 sales transactions representing 23.6 per cent of the total sales transactions in the city, and a turnover of Dh649.5 million. Al-Khan area came next at a value of Dh373 million through 189 sale transactions, then Al-Rigaibah area with 141 transactions at a value of Dh184 million.

In the central region of the emirate, the total value of sales transactions amounted to Dh62.5 million, and took place through 84 transactions. These transactions were concentrated in the Al-Qasimia and Al-Thumama areas, where the two accounted for 42.9 per cent of the total sales transactions, and through 36 transactions. Moreover, the remaining 48 sales transactions were distributed among 20 other areas.

The city of Khor Fakkan recorded 47 sale transactions, with a total value of Dh37 million. Al-Harai Industrial and Al-Mudifi areas accounted for 38.3 per cent of the total transactions through 18 transactions, while the remaining 29 sales transactions were distributed among 12 areas.

In Dibba Al-Hisn, the sale transactions were distributed among three areas. Al-Shamali district topped the list with 4 transactions, constituting 57.2 per cent of the total number of sales transactions in the city, and with a total value of Dh5.8 million.

In Kalba, sales transactions were 42 transactions concentrated in Kalba Industrial and Al-Saf areas, as they constituted 35.7 per cent of the total sales transactions in the city, with 15 transactions. As for the remaining 27 sale transactions, they were distributed among 15 other areas.

The report also showed that the total number of interest-sale transactions reached 132 in Sharjah during the first quarter of this year, all of which came in the city of Sharjah in Muwailih commercial, Um Fannain, Tilal, Al-Sajaa Industrial, Al-Khan, Al-Rigaibah, and Al-Nahda, with a total value of Dh221.9 million.

Abdulaziz Ahmed Al Shamsi, Director General of SRERD, said that the first quarter of this year “has witnessed a remarkable growth in the performance of the real estate sector in the emirate, whether in terms of monetary value, or the total number of real estate transactions.”. He also added saying that “the new real estate projects, in addition to the previous projects that have been completed or are currently being completed, have contributed to the growth of the real estate sector in the smiling emirate, and have created more great investment opportunities for Local, Arab, and Foreign investors.”.

Al Shamsi also stated: “The real estate sector in the emirate has 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 Sharjah Executive Council, who were keen to establish a real estate sector which is capable of overcoming various circumstances and challenges. Their support confirms the emirate’s important position in the region, and makes it at the top of the list of the most attractive destinations for real estate investments.”.

The report showed that sales transactions increased by 12.5 per cent, covering a total trading area of 17.8 million square feet, and with a number of transactions reaching 2,005 transactions compared to 1,738 transactions in 2022.

Moreover, 164 vacant and built-in properties in the industrial sector were traded, representing 8.8 per cent of the total sold real estate, while the total number of sold commercial properties reached 157, or 8.4 per cent of the total real estate traded in the emirate.

57 agricultural lands were traded, representing 3 per cent of the total real estate.

The number of initial sale contracts transactions increased during the first quarter of this year compared to the first quarter of last year by 17.5 per cent, as it reached 1,021 transactions this year compared to 869 transactions last year.

Investors from 62 nationalities