Sharjah clinches property deals worth Dh12b in H1

The total value of real estate investments in Sharjah in the first six months of 2016 amounted to Dh12.1 billion, said Abdul Aziz Ahmed Al Shamsi, general director of the Sharjah Real Estate Registration Department.
Al Shamsi said that May witnessed a record increase of 114 per cent in the volume of property transactions, with sales worth of Dh3.4 billion, compared with Dh1.6 billion in May 2015.
Around 25,474 real estate transactions were executed during the first half of 2016, compared to 25,850 in the same period last year. These included 14,411 ownership certificate transactions, 8,165 title deed transactions, 1,943 mortgage transactions and 955 valuation transactions, which showed an increase of 35.8 per cent over the same period last year.
There was a slight change in the number of transactions and trading volume despite the continuing economic slowdown and political instability in the region, Al Shamsi said. This indicates that property prices have not changed substantially in comparison with the same period last year, creating confidence among investors and owners.
The title deed transactions conducted in the first half of 2016 were classified under 21 types, most notably sorting transactions at 1,783, sales transactions at 1,860 and initial sales contracts at 1,236, with the rest varying between charitable donation transactions, absolute, limited or mortgage-based ownership transactions, and waiver, bequeathing, modification, installation (changing land use) and initial sales contract attestation transactions, among others.
It is noted that the charitable donation granted from the government and limited restricted ownership transactions rose from 20 in the first half of 2015 to 198 in the first half of 2016, up by 890 per cent, and so did the installation changing land use transactions, which surged by 1,200 per cent to 208 in comparison with 16 only in the first half of 2015.
While 1,137 mortgage transactions were conducted in the first half of this year, up by 42.5 per cent over the same period last year, redemption transactions rose to 306, up by 30.2 percent, and mortgage-increase transactions fell by 57.5 percent to 500, over the same period of 2015.
Meanwhile, 1,860 sales transactions were conducted in the emirate of Sharjah, including 1,665 transactions in Sharjah City, accounting for 89.5 per cent of the total transactions.
These sales transactions covered 102 areas in Sharjah City, with Al Khan maintaining its lead with 240 transactions, followed by Al Majaz 3 with 173, Sajaa Industrial Area with 159, Al Nahda with 111, and Muwaileh Commercial District with 105 transactions. The remaining 877 transactions were carried out in other areas in the city.
- Wam
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