Sharjah real estate transactions reach Dh1.9 billion in July 2023

It is expected that the real estate market in Sharjah will witness further growth during the coming months

The Department’s statistics showed that the total number of transactions executed in Sharjah last month reached 2,783. — File photo

By WAM

Published: Thu 17 Aug 2023, 3:08 PM

Sharjah has recorded real estate transactions worth Dh1.9 billion in July 2023, according to the monthly report issued by Sharjah Real Estate Registration Department.

The department executed a total of 2,783 transactions of which 684 were sales transactions across 96 areas, distributed over the various regions of the emirate, and with more than 6 million square feet of traded area.

Key driver of economy

Such growth and development in the real estate market in Sharjah throughout the years, are due to the strategy of the Sharjah government to diversify sources of income, making it an important tributary of the economy in the emirate, a statement said.

In addition, it is expected that the real estate market in Sharjah will witness further growth during the coming months, thanks to the many investment opportunities offered by the emirate, especially with the introduction of more new projects that are planned and implemented in accordance with the highest international standards.

The Department’s statistics showed that the total number of transactions executed in July reached 2,783, as the number of sales transactions were 684, or 24.6 percent of the total number of transactions.

Moreover, the number of mortgage transactions were 447, constituting 16.1 percent of the total number of transactions with a value of Dh420.1 million. Other transactions accounted for 59.3 percent, with 1,652 different transactions.

Transactions across various cities and regions

The sales transactions took place in 96 areas distributed over various cities and regions of the emirate of Sharjah. These properties included residential, commercial, industrial, and agricultural lands. With regard to the type of areas traded, there were 180 land transactions.

The report also showed that Mezair’ah topped the list of areas with the highest number of sales transactions in Sharjah with 132 transactions, followed by Muwaileh Commercial area with 102 transactions, the Al-Khan area with 78 transactions, and Al-Majaz 3 area with 36 transactions.

In terms of monetary value, Muwaileh Commercial area topped the list with a value of Dh82.8 million, followed by Al-Sajaa Industrial area with a value of Dh57.8 million, Al-Rigaibah area with Dh42.8 million, and Al-Khan area with Dh38.6 million.

The transactions in the central region were mostly focused in Al-Qasimia and Al-Blida areas with eight transactions each, while the highest area in monetary value was Al-Blida with a value of Dh15.5 million.

In Khor Fakkan, the Al-Haray industrial and Al-Haray Residential areas recorded three transactions each, while Al-Mudaifi recorded the highest monetary value with Dh1.4 million.

Finally, in the city of Kalba, the commercial areas of Sur Kalba, Sur Kalba and Al-Saf recorded three transactions each, while Al-Saf area had the highest monetary value, which amounted to Dh5.7 million.