Sharjah Real Estate Transactions Surge To Record AED 40 Billion In 2024 Amid Growing Investor Interest

The Sharjah real estate market experienced remarkable growth in 2024, with transactions reaching AED 40 billion, marking a 48% increase from 2023. Abdulaziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Department, noted this as the highest trading volume since 2008. This surge reflects a diverse investor base drawn by Sharjah's appealing investment climate and stable economy.

Al Shamsi highlighted the role of supportive policies from His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi and H.H. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi. These policies have fostered positive outcomes in the sector. The increasing number of investors from 120 nationalities underscores the emirate's growing appeal for real estate investments.

Sharjah's real estate sector has seen a rise in demand due to population growth and urban development. This demand aligns with significant infrastructure investments, such as roads and public facilities, enhancing the attractiveness of Sharjah for both housing and investment purposes. The emirate's infrastructure strength and diverse real estate offerings have been pivotal in this growth.

The number of properties traded by various nationalities rose to 45,676 in 2024, up from 31,229 in 2023. This increase is attributed to factors like infrastructure robustness and the decision allowing non-citizens and Gulf nationals to own property in Sharjah. Emirati citizens led investments with AED 19.2 billion, comprising 48% of total investments.

Investments by other Gulf citizens reached AED 2.3 billion (5.7%), while Arab citizens invested AED 7 billion (17.5%). Investments from other countries totaled AED 11.5 billion (28.8%). Emirati investors traded the most properties at 30,638, followed by Indian investors with 2,698 properties.

The value of mortgages amounted to AED 10 billion through 2,558 transactions involving 32 financing entities. "Muwailih Commercial" led mortgage transactions with AED 2.1 billion across 457 transactions, followed by "Umm Fanain" with AED 657 million from 352 transactions.

Usufruct Sales and Initial Contracts

Usufruct sales included 652 transactions across 11 regions, totaling AED 1 billion. "Muwailih Commercial" topped these sales with AED 166 million from 178 transactions. Initial sales contracts reached a value of AED 12 billion through over ten thousand contracts.

"Muwailih Commercial" also led initial sales contracts with a trading value of AED 3.5 billion across more than three thousand transactions. "Al-Qasimia City" followed with AED 825 million from over a thousand transactions.

Real Estate Projects and Licensing

In terms of new developments, Sharjah registered fourteen new projects last year for residential, commercial, and industrial uses, including nine complexes and five towers. Additionally, over twenty thousand properties were traded within these development projects during the year.

The number of licensed projects increased to twenty-five since a decision allowing ownership by all nationalities was issued. Eight projects received approval in 2024 alone under Executive Council Resolution No. (30) of 2022.

This resolution has significantly supported real estate activity over the past year and is expected to sustain its momentum into next year.

With inputs from WAM