Real estate transactions in Sharjah have seen a significant increase in value during the first half of 2024, with a 35.6 per cent growth compared to the same period in 2023. The sector was valued at Dh18.2 billion, with a total of 10,809 transactions recorded. This surge in activity is attributed to the recent developments in the emirate, attracting both investors and buyers and boosting confidence in Sharjah’s property market. The report also highlights a 13.8 per cent increase in real estate transactions, with a total of 46,524 transactions completed in the first half of 2024.
The Sharjah Real Estate Registration Department has played a crucial role in overseeing the various real estate transactions in the emirate, including ownership certificate transactions, initial sales contracts, ownership deeds, mortgages, and valuations. The department’s director-general, Abdulaziz Ahmed Al Shamsi, emphasized the positive impact of these developments on the economy, showcasing the success of strategic plans in driving economic and investment growth in Sharjah. The emirate’s diverse economy, supported by a strong legislative framework and sustainable development projects, has contributed to the overall growth in the real estate sector.
Sharjah city dominated the real estate sales with the largest number of transactions, totaling 4,932 transactions across 109 areas. The Muwailih Commercial Area recorded the highest number of sales transactions and trading value in the emirate, primarily consisting of residential properties and lands. The report also highlighted the classification of properties traded, with residential lands, residential apartments, and residential built-in lands leading the list. Additionally, the main branch of the Sharjah Real Estate Registration Department accounted for the majority of the trading value in the first half of 2024.
The first half of 2024 also saw the launch of seven new real estate projects in Sharjah, including residential complexes and towers with a total area of 16.2 million square meters. Two projects, Anantara Sharjah Residences project and Faradis Tower project, were licensed for sale to expatriates and Gulf nationals. The report also revealed a diverse range of nationalities investing in Sharjah, with a total of 106 nationalities represented. UAE citizens led the list of investors, followed by nationals from India, Syria, Iraq, Egypt, and Jordan. The investments by UAE citizens, GCC citizens, Arab citizens, and citizens of other countries have made a significant impact on Sharjah’s real estate market.
Overall, the real estate sector in Sharjah has experienced substantial growth in the first half of 2024, driven by increased sales transactions, new projects, and investments from a diverse range of nationalities. The strategic plans and sustainable development initiatives in the emirate have played a crucial role in attracting investors and buyers, boosting confidence in the property market. With a continued focus on economic diversification, investor protection, and urban development projects, Sharjah is poised to establish itself as a key player in the real estate industry in the UAE.
