Sharjah's Property Market Hits Record AED 18.2 Billion In H1 2024

The value of real estate transactions in Sharjah surged by 35.6% in the first half of 2024, reaching over AED18.2 billion. This increase is attributed to a rise in sales transactions, which totalled 10,809 compared to 6,592 during the same period last year.

According to the Sharjah Real Estate Registration Department's semi-annual report, H1 2024 saw the highest real estate trade value since 2012. The emirate's development has attracted investors and buyers, boosting confidence in its property market.

The report highlights a 13.8% increase in real estate transactions this year. A total of 46,524 transactions were executed in H1 2024, compared to 40,876 in H1 2023. These transactions include ownership certificates, initial sales contracts, ownership deeds, mortgages, and valuations.

Abdulaziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, stated that these developments are part of Sharjah's continuous economic growth. He noted that strategic plans have successfully boosted various economic and investment sectors.

Al Shamsi emphasized that Sharjah is strengthening its economic position locally and globally through a diversified economy. The emirate offers an attractive investment environment with a solid legislative framework that protects rights and enhances investor confidence.

The report also revealed that different regions of Sharjah recorded 5,426 real estate sales transactions covering 55.1 million square feet across 192 areas. Sharjah city had the most sales with 4,932 transactions across 109 areas.

Top Sales Areas and Property Types

Muwailih Commercial Area led in both sales transactions and trading value within the emirate. Residential properties and lands were the most traded types. Residential lands topped the list with 1,994 properties sold, followed by residential apartments at 1,454 and residential built-in lands at 788 properties.

The main branch of the Sharjah Real Estate Registration Department accounted for 96.5% of the total trading value during H1 2024. The remaining branches contributed to only 3.5% of the trading value.

New Real Estate Projects

The first half of this year saw seven new real estate projects launched in Sharjah. These projects include residential complexes and towers covering a total area of 16.2 million square meters. Two projects licensed for sale under the ownership system for expatriates and Gulf nationals are Anantara Sharjah Residences in Al Raffa area and Faradis Tower in Al Mamzar area.

Diverse Investor Base

The report indicated that investors from 106 nationalities invested in Sharjah during H1 2024. UAE citizens invested AED8.8 billion in 17,390 properties while GCC citizens invested AED1.1 billion in 620 properties.

Arab citizens' investments amounted to AED3.5 billion across 3,021 properties whereas other international investors contributed AED4.8 billion through investments in 2,893 properties.

Leading Nationalities Investing

The top six nationalities investing in terms of property numbers were UAE citizens with 17,390 properties; Indian citizens with 1,138 properties; Syrians with 785 properties; Iraqis with 491 properties; Egyptians with 411 properties; and Jordanians with 394 properties.

This data underscores Sharjah's growing appeal as a prime destination for real estate investment among diverse nationalities worldwide.

With inputs from WAM