What To Know
- We noted that the real estate market of Sharjah has received a great boost in 2024, where the real estate transaction figure currently stands at AED28 billion (equivalent to 7.
- According to Director General Abdul Aziz Ahmed Al Shamsi, the growth is due to new rules enabling non-citizens and Gulf nationals to purchase property in Sharjah, coupled with various developments.
- This was according to Al Shamsi who reported a high demand of title deeds, subdivision of the units and pre-sale contract pointing to more investors in new projects.
We noted that the real estate market of Sharjah has received a great boost in 2024, where the real estate transaction figure currently stands at AED28 billion (equivalent to 7.6 billion US dollars) for the first nine months, which can be compared to 47% of the same period of 2023. Non-residents’ confident buying and high incentives for market development across the emirate contributed to a year-on-year rise of 16.5% for the Sharjah Real Estate Registration Department with 69,078 total transactions.
The investment boost involved funds from 114 countries, the UAE nationals invested AED 13.7 billion in 22908 units. Other GCC nationals invested AED 1.7 billion ($ 463 million in 1,166 units and Arabian investors invested AED 5.1 billion ($ 1.4 billion in 4,651 units. This share was also dominated by international investors who invested AED7.5 billion ($2 billion) in 4,587 properties.
According to Director General Abdul Aziz Ahmed Al Shamsi, the growth is due to new rules enabling non-citizens and Gulf nationals to purchase property in Sharjah, coupled with various developments. Sales transactions increased to 17,000 up from 11,000 as of last year and mortgage transactions hit AED 7.5 billion ($2 billion) through 3,229 transactions.
Muwailih Commercial recorded the highest level of activity achieving 1,980 transactions with total value of AED2.2bn ($599m) of which Rawdat Al-Qart was the most active community with 750, Tilal with 560, and Al-Khan with 445. Residential properties accounted for the most with 7, 657 sold, which was 83.1% better than the year before, and the commercial, industrial, and agricultural sales also went up showing that there is demand across all markets.
This was according to Al Shamsi who reported a high demand of title deeds, subdivision of the units and pre-sale contract pointing to more investors in new projects. As many as eight major real estate projects were launched this year, involving towers and residential complexes, Sharjah real estate market eagerly looks forward to the growth and investors’ attraction.
