Sharjah records Dh26.2b property deals in 2021

Sharjah on Wednesday announced that the real estate trading volume in the emirate recorded the highest value in four years in 2021 as the economy recovered from the global slowdown and the Covid-19 pandemic aftershocks.

In a statement, the Sharjah Real Estate Registration Department (RERD) said that the volume of real estate transactions in the emirate amounted to a total of Dh26.2 billion last year, reflecting a strong year-on-year growth of 64.9 per cent.

In its annual report, the RERD said the total number of transactions executed during 2021 amounted to 84,238, showing an increase of 30.7 per cent compared to the 64,459 transactions recorded in 2020.

Abdul Aziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Department, said that the emirate has been actively participating in efforts and leading initiatives in the country aimed at restoring growth, resuming real estate movement, recovering real estate transactions, and increasing the volume of real estate trading.

“This was possible due to support directed at this sector from the UAE government and under the directives of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of the Emirate of Sharjah, and the keen follow-up of the Emirate’s Executive Council, headed by Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler,” Al Shamsi said.

He added that the sector’s remarkable recovery is embodied in the launch and registration of several new real estate development projects aimed at meeting the needs and goals of those wishing to invest and reside in the emirate, given the diverse and stable social environment and the advanced urban diversity in Sharjah.

Al Shamsi pointed out that based on the historical data of the volume of real estate trading in the emirate in terms of value, the rise in transactions reflects the level of rapid recovery and rebound in the volume of transactions in Sharjah’s real estate sector compared to the previous three years.

He explained that these positive results can be attributed to the return of business to previous levels in the UAE and in the Emirate of Sharjah, and to society’s adaptation to and natural coexistence with the Covid-19 pandemic.

In addition, the return of investor confidence in the real estate market in the emirate has been driven by the economic incentives and facilities launched by the Executive Council of the Emirate in 2020.

“The trading value of real estate transactions in 2021 increased by 64.9 per cent compared to the same period the previous year, with February witnessing the highest trading value at a total of Dh3.5 billion, followed by Dh3.3 billion in December,” Al Shamsi said.

Executing 84,238 real estate transactions

Referring to the transactions report, A Shamsi said the total number of transactions executed during 2021 amounted to 84,238, reflecting an increase of 30.7 per cent compared to the 64,459 transactions executed in 2020.

He attributed the credit to these results to the department’s efforts, despite the continuing effects of Covid-19, to ensure the completion of all transactions while ensuring the safety of employees and customers.

He added that the department provided electronic services for some transactions, and that an appointment reservation system was established for visiting the department to complete transactions that required the presence of dealers.

Transaction classification

Al Shamsi said that ownership certificate transactions led the way with a total of 46,715 transactions, followed by ownership deeds transactions, which witnessed an increase of 84.7 per cent to reach a total of 22,622 transactions. The rest of the transactions were distributed to 4,710 initial sales contract transactions, 3,216 mortgage transactions, 1,035 valuation transactions, in addition to a group of other miscellaneous transactions, with a total of 5,940 transactions.

In addition, mortgage transactions witnessed an increase of 17.2 per cent, reaching a total value of Dh11.5 billion.

— muzaffarrizvi@khaleejtimes.com