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Sat, Nov 16, 2024 | Jumada al-Awwal 14, 1446 | DXB
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Sharjah’s H1 realty deal value surges 96.1%to Dh12.2 billion
The number of sales transactions across various regions of Sharjah reached 2,863. — Wam
Dubai - In the first-half, 63 nationalities from around the world invested in Sharjah, with GCC citizens, including UAE citizens, investing Dh9.7 billion in 10,787 properties.
Sharjah’s resilient real estate sector recorded transactions worth Dh12.2 billion in the first half of 2021, marking a 96.1 per cent surge year-on-year as businesses recovered following a Covid-inflicted lull.
In terms of number, the realty sector witnessed a 40.5 per cent increase, recording 40,346 deals in the first half. The total area involved in the transactions was 75.2 million square feet, according to data released by the Sharjah Real Estate Registration Department.
In the first-half, 63 nationalities from around the world invested in Sharjah, with GCC citizens, including UAE citizens, investing Dh9.7 billion in 10,787 properties. Investments from other countries, including Arab nations, amounted to Dh2.5 billion in 1,961 properties.
“The economic facilitations and incentives launched by the Executive Board in November 2020 increased investors’ confidence in the real estate market in Sharjah. In addition, February has witnessed a major real estate acquisition worth Dh690 million between real estate developers operating in Sharjah for establishing a luxurious residential project. This acquisition is a sign on the recovery of the real estate sector in Sharjah,” the department said in a statement.
To ensure the safety and security measures for employees and customers alike, the department has provided online services for some transactions. A pre-appointment reservation system was implemented to complete the transactions that require the presence of customers, taking into account the applicable preventive and precautionary measures, said the statement.
Abdulaziz Ahmed Al Shamsi, general manager of Sharjah Real Estate Registration Department, said the realty sector has begun to recover and overcome the economic effects of the pandemic, “thanks to the emirate’s willingness to attract more investments.”
He said the Real Estate Registration Department seeks to enhance a competitive business environment in order to achieve a number of objectives aimed at encouraging investment in Sharjah, and to attract new investors from different countries of the world. “This will contribute to revitalising the local economy, advancing the wheel of economic development, and enhancing the emirate’s position on the map of local, regional, and global investment.”
Al Shamsi emphasised the department’s willingness to continue improving the business environment, by facilitating and simplifying the practice of business in the emirate. “The department is striving to facilitate the barriers faced by investors, by providing them with more incentives, and implementing initiatives that increase the chances of the success of their investments and support its sustainable growth and expansion.”
Residential transactions claimed the largest share, at 49.6 per cent of the total. Commercial transactions come next at 37.1 per cent, followed by the industrial transactions at 11.1 per cent, and agricultural transactions at 2.2 per cent.
The ownership certificate transactions ranked first at 25,601, followed by the ownership deed transactions at 10,444. Initial sale transactions totalled 2,289 while mortgage transactions recorded 1,457 and valuation transactions reached 503.
During the first half, mortgage transactions rose 25 per cent to Dh 5 billion.
The number of sales transactions across various regions of Sharjah reached 2,863 while the city itself accounted for the largest share with 2,546 deals with a value of Dh4.9 billion.
Prominent city areas were Al Khan, Al Rigaibah, Hoshi, Al Nahda, and Al Majaz 3, with 1,435 transactions that accounted for 56.4 per cent of all the transactions in Sharjah. Sales transactions in Al Khan reached 398, accounting for 15.6 per cent of the total number of transactions conducted in the city.
As for the Central Region, the number of sales transactions reached 94 across 28 areas valued at Dh82.3 million. — issacjohn@khaleejtimes.com
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