A recent report released by the Sharjah Real Estate Registration Department has highlighted significant developments in real estate transactions, indicating that the cash trading volume in the “Central and Eastern” regions of the emirate reached AED1.3 billion ($353.9 million) during the first three quarters of 2024, marking a growth rate of 57.6 percent compared to the previous year.
Throughout this period, the total number of real estate transactions recorded by the department’s branches was 22,059, covering an area of 37 million square feet, WAM reported.
Government support and infrastructure development
In this context, Omar Al Mansouri, director of the Branches Department at the Sharjah Real Estate Registration Department, noted that the real estate sector in the “Central and Eastern” regions had achieved unprecedented levels. He attributed this success to the Sharjah Government’s ongoing efforts to enhance infrastructure and legislation, as well as to provide various forms of support to investors. According to him, this commitment has played a crucial role in bolstering the real estate sector across all cities and regions of the emirate.
Growth in real estate and tourism initiatives
Al Mansouri also mentioned that numerous real estate and tourism initiatives had been launched in these regions, including road developments, hotels, and resorts, supported by advanced infrastructure. He stated that these factors had made the areas attractive to investors both locally and internationally, resulting in noticeable growth within the real estate market. He emphasized that the team at the Real Estate Registration Department was dedicated to implementing regulations and standards that promote economic growth and foster the prosperity of the real estate sector.
Read more: Sharjah real estate sees 69,078 transactions worth $7.62 billion in 9 months
Branch transaction volumes
Delving into specifics, Al Mansouri reported that the transaction volume across the four branches accounted for 4.7 percent of the total trading volume in the emirate. He noted that the cash trading volume in the “Central region” reached AED810.3 million, which constituted 2.9 percent, while in the city of “Khorfakkan,” it amounted to AED262.4 million, representing 0.9 percent. He also stated that the city of “Kalba” recorded AED234.6 million, making up 0.8 percent, and “Dibba Al Hisn” saw AED15.5 million, which was 0.1 percent of the total trading volume of the branches.
Sales transactions breakdown
Moreover, Al Mansouri pointed out that the number of sales transactions in the “Central region” reached 577 across 41 different areas, totaling AED464.9 million. He indicated that the “Al Qasimia” city accounted for the majority, with 346 transactions, representing 60 percent of all sales transactions, followed by the “Al Maashi” area with 24 transactions, and the “Maghsa Industrial” area with 23 transactions.
In “Khorfakkan,” he reported that 194 transactions occurred across 23 areas, valued at AED114.6 million. He noted that the “Hay Al Harai Industrial” area recorded 37 transactions, making up 19.1 percent of the city’s total sales, followed by “Hay Hayawa 4” with 25 transactions, and “Hay Al Bardi 4” with 24 transactions.
In “Kalba,” Al Mansouri stated that a total of 118 transactions took place in 33 areas, amounting to AED78.9 million. He mentioned that the “Al Tarif 5” area recorded 25 transactions, representing 21.2 percent of the city’s total sales, followed by “Sur Kalba commercial” with 15 transactions, and the “Kalba industrial” areas with 13 transactions.
Furthermore, in “Dibba Al Hisn,” he explained that sales transactions were spread across three areas, totaling 16 transactions worth AED12.3 million, with 68.8 percent occurring in the “Hay Al Shamali” area, which recorded 11 transactions.
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