Sharjah Real Estate Transactions Surge To AED 28 Billion In First Nine Months Of 2024

The real estate sector in Sharjah has experienced a significant boost, with transaction volumes rising by 47% in the first nine months of 2024 compared to the same period last year. The total value of these transactions reached AED 28 billion, with 69,078 transactions recorded, marking a 16.5% increase from the previous year.

Sharjah's real estate market continues to attract investors from around the globe, drawing interest from 114 nationalities during this period. UAE citizens invested AED 13.7 billion across 22,908 properties. Non-Emirati GCC citizens contributed AED 1.7 billion for 1,166 properties.

Investments by other Arab nationals amounted to AED 5.1 billion over 4,651 properties. Meanwhile, citizens from other countries invested AED 7.5 billion in acquiring 4,587 properties. The report from the Sharjah Real Estate Registration Department highlights these positive trends.

The total number of sales transactions, including usufruct sales and preliminary contracts, reached 17,000 compared to last year's 11,000. Real estate mortgages were valued at AED 7.5 billion across 3,229 transactions.

Abdul Aziz Ahmed Al Shamsi, Director General of Sharjah Real Estate Registration Department, credits continuous support from H.H. Sheikh Dr. Sultan bin Muhammad Al Qasimi and H.H. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi for these positive outcomes in the sector.

Al Shamsi also acknowledged various initiatives that bolster real estate development and enhance results. He noted that the steady rise in transactions indicates investor confidence in Sharjah's comprehensive development approach.

Increased Demand Across Transactions

The Director-General highlighted increased demand for all types of transactions, including title deeds and property unit subdivisions. Initial contract transactions rose due to public interest in development projects.

This positive growth trajectory suggests further expansion for Sharjah's real estate market in the future. Eight new real estate projects were registered during this period, comprising towers and commercial residential complexes.

Sales Transactions and Property Types

The emirate saw a total of 9,216 sales transactions across various areas within the first nine months of this year. The traded area covered approximately 88.2 million square feet across 220 locations.

Sharjah city led with the highest share of activity: it had 8,311 transactions across 120 areas with a trading volume of AED 10.3 billion. "Muwailih Commercial" topped as the busiest area with AED 2.2 billion through 1,980 transactions.

Residential Properties Leading Sales

"Rawdat Al-Qart" followed with 839 transactions; Tilal had 676; Al-Khan recorded 615 transactions. Residential properties dominated sales with a total of 7,657 transactions—an increase rate of 83.1% compared to last year.

Commercial properties came next with an increase rate of 8.2%, accounting for 758 transactions; industrial properties followed closely with a rise rate of 7.1% through their respective dealings; agricultural properties saw a modest increase rate at just over one percent through their activities.

With inputs from WAM