Sharjah real estate transactions surge 22.7% to Dh5.7b in Q3

Sharjah real estate sector recorded 22.7 per cent growth in property transactions during the third quarter as it registered 16,781 deals worth Dh5.7 billion due to increasing demand from the investors and end-users, latest data shows.

In a statement on Monday, the Sharjah Real Estate Registration Department said volume of area circulated in sales transactions amounted to about 16.5 million square feet during July-September quarter, reflecting an increased market activity.

“The real estate sector in the emirate has returned to its previous situation before the pandemic,” Abdulaziz Ahmed Al Shamsi, director-general of Sharjah Real Estate Registration Department, said in a statement to Khaleej Times.

He attributed the credit to the great support received from His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the follow-up of Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Executive Council of Sharjah, in addition to measures and incentives taken by the government.

“Life is returning to normalcy in Sharjah after recovering from Covid-19 pandemic and the ‘great growth’ that has been achieved in the real estate sector in Sharjah reflects this recovery and proves the confidence of investors in the real estate market,” Al Shamsi explained.

Ownership deed transactions surge

The main branch accounted for 94.7 per cent of the total monetary value of real estate transactions recorded in the emirate, while the monetary value in other branches accounted for 5.3 per cent of the total monetary value during the third quarter.

The ownership deed transactions increased by 34.4 per cent compared to the same period last year, and sales transactions increased as well by 52.5 per cent compared to the same period last year, which indicates investors’ interest in investment in the emirate.

The ownership certificates transactions topped all other transactions, amounting to 9,629 transactions, followed by ownership deed transactions with 4,758 transactions, then comes the transactions of initial sales contracts with 1,160 transactions, and mortgage transactions with 990 transactions, while the valuation transactions came in last place with 244 transactions.

The total number of mortgage transactions in the various areas of Sharjah during the third quarter amounted to 990 transactions, with a value of Dh2.4 billion.

During the third quarter, investors of 50 nationalities invested in Sharjah. The investments of GCC citizens, including Emiratis, amounted to about Dh4.5 billion, with 4,874 properties. Furthermore, the investment of citizens of other countries, including the Arab countries, amounted to Dh1.2 billion for 1,042 properties.

— muzaffarrizvi@khaleejtimes.com