Sharjah is witnessing a remarkable surge in its real estate market, as indicated by the latest monthly report released by the Sharjah Real Estate Registration Department. January 2024 saw an unprecedented volume of transactions totaling AED3.9 billion ($1.06 billion), marking a substantial increase from the AED2 billion recorded in January 2023. This surge underscores growing investor confidence in Sharjah’s real estate sector and signals a robust start to the new year.
Compared to January 2023, the number of transactions during January 2024 experienced a significant uptick, reaching 5,412 compared to just 2,999 the previous year. This surge in transaction volume reflects increasing activity and interest in Sharjah’s real estate market.
Transaction breakdown
The report also provides a detailed breakdown of the types of real estate transactions Sharjah recorded in January 2024. Sales transactions accounted for 16.3 percent of the total, with 879 transactions.
Meanwhile, mortgage transactions represented 5.3 percent of the total, totaling AED548.1 million. The remaining transactions, amounting to 78.4 percent of the total, encompass various other types of real estate dealings.
Sharjah’s transactions in January 2024 encompassed a diverse range of real estate assets. They included residential, commercial, industrial, and agricultural lands. Notably, sales transactions occurred across 106 areas spanning different cities and regions of Sharjah, highlighting the broad scope of activity in the emirate’s property market.
As for the traded real estate, 358 lands were traded and built-in land transactions amounted to 282. Moreover, the number of unit sales in tower transactions reached 239 out of the total number of transactions.
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Key areas of activity
Several areas emerged as focal points of real estate activity in Sharjah during January 2024. Muwailih Commercial topped the list in terms of the number of sales transactions, recording 122 transactions.
In Sharjah’s central region, Al-Madina Al-Qasimia, with 46 real estate transactions, recorded the highest trading volume numbers, reaching AED32 million. In Khor Fakkan, the Hay Al-Haray Industrial area came first, with seven transactions. Meanwhile, the Hayawa 4 district recorded the highest trading volume numbers, reaching AED3.2 million.
In addition, in the city of Kalba, Al-Tarif 5 topped with four transactions. It also recorded the highest trading volumes in the city, reaching AED1.5 million.
In terms of trading volume, Muwailih Commercial also came first, with a trading volume of AED164.1 million, followed by Al-Sajaa Industrial area with AED152.5 million. Al-Khan recorded AED79.2 million and Al-Mamzar AED71.7 million.
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