Sharjah records Dh11.2b real estate transactions in H1

Sharjah on Wednesday said it recorded Dh11.2 billion worth of real estate transaction during the first half of 2022 as investors took advantage of the competitive opportunities in the emirate.

In a statement, the Sharjah Real Estate Registration Department (SRERD) said the the total number of sales transactions amounted to 3,327, with a total value of Dh4.1 billion, of which Dh3.9 billion were in the city of Sharjah alone.

“The sale of usufruct transactions amounted to 141 worth Dh243 million, while mortgages recorded a value of Dh5.3 billion. Investors from 75 different nationalities executed real estate deals during this period,” according to SRERD.

In its semi-annual report, the department said that March led the first half of 2022 in terms of trading volume with a total of Dh2.7 billion followed by June with a total of Dh2 billion, and February with a total of Dh1.9 billion.

As for the department's branches, the Sharjah branch accounted for 96.9 per cent of the total trading volume, with a value of Dh10.9 billion. The four branches of the department witnessed a trading volume of Dh346 million.

Abdulaziz Rashid Al Saleh, director of the Sharjah Real Estate Registration Department, said the real estate sector in Sharjah continues to improve at an accelerating pace, taking advantage of the competitive opportunities enjoyed by investors despite any challenges mainly due to the increase in the volume and number of transactions in the residential sector.

He said the launch of a number of major real estate development projects also motivated investors to expand the transactions and conduct real estate deals, considering real estate the safest and most appropriate haven for their investments in light of the relative increase in inflation rates.

Al Saleh pointed out that the increase in the total number of transactions executed by the SRERD at its headquarters and branches confirms that the sector is heading towards future growth.

Transactions rise by 10.4%

The department’s transactions in the first half of 2022 amounted to 44,485, with an increase of 10.4 per cent compared to the same period in 2021, which amounted to 40,294 transactions, with most of these transactions increasing in the current year at varying rates.

At the forefront came the ownership certificates of 26,729 transactions, representing 60 per cent of the total, while the increase in ownership deeds transactions amounted to 12,614, representing 28.3 per cent of the total, was driven by the rise in sales and sorting transactions.

Similarly, valuation transactions increased by 551, and Mortgage transactions of different types with an amount of 2,560.

Initial sale contracts amounted to 2,031 transactions, with 1,624 transactions for the purpose of ownership representing nearly 80 per cent of the total amount of contracts.

3,327 sales transactions

Sales transactions during the first half of this year increased by 16.2 per cent compared to last year, recording 3,327 transactions. This includes 3,020 transactions in the city of Sharjah, which represents 90.8 per cent of the total; Kalba recorded 108 transactions; the central region had 100 transactions; 89 transactions were recorded in the city of Khorfakkan; while the city of Dibba Al Hisn had ten sales transactions.

Muwaileh Commercial at the forefront

According to the distribution of sales transactions in Sharjah, there is a wide diversity in trading in the city's areas, with a total of 100 areas. Most notably, Muwaileh Commercial area witnessed sales transactions worth 736 million dirhams, with a number of 716 transactions accounting for 23.7% of the total sales transactions in the city. This was followed by Al Khan and Hoshi areas, where transactions amounted to 1,429, representing 47.3 per cent of total transactions in the city.

— muzaffarrizvi@khaleejtimes.com