The volume of real estate transactions in Sharjah has seen a remarkable increase of 47 percent during the first nine months of 2024, compared to the same timeframe last year. The total value of these transactions reached AED28 billion ($7.62 billion), encompassing 69,078 transactions—an increase of 16.5 percent from the previous year.
Diverse investor appeal
Sharjah’s real estate market continues to attract a diverse range of investors, drawing participation from 114 different nationalities in the same period. UAE nationals contributed AED13.7 billion ($3.72 billion) through the purchase of 22,908 properties, while non-Emirati GCC citizens invested AED1.7 billion, acquiring 1,166 properties.
Contributions from Arab and international investors
Investment from other Arab citizens amounted to AED5.1 billion, with a total of 4,651 properties purchased. Meanwhile, citizens from other countries invested AED7.5 billion, resulting in 4,587 property transactions.
Positive indicators in real estate activity
A report from the Sharjah Real Estate Registration Department highlighted numerous positive trends. The overall number of transactions—including sales, usufruct sales, and preliminary contracts—reached 17,000, a significant rise from 11,000 transactions during the same period last year. Additionally, the value of real estate mortgages totaled AED7.5 billion across 3,229 transactions.
Strong leadership support
Abdul Aziz Ahmed Al Shamsi, director general of the Sharjah Real Estate Registration Department, emphasized the ongoing support from H.H. Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, as well as the diligent oversight from H.H. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince, Deputy Ruler, and Chairman of the Executive Council of Sharjah. This strong leadership is reflected in the encouraging reports from the sector.
Initiatives enhancing market confidence
Al Shamsi commended various initiatives designed to bolster real estate development and enhance outcomes. He noted that the sustained rise in real estate transactions indicates investor confidence in Sharjah’s market and appreciation for its comprehensive development.
He identified key factors driving this growth, including a wealth of development projects and the recent decision to permit non-citizens and Gulf nationals to own property in Sharjah.
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Rising demand across transaction types
Moreover, the Director General pointed to a surge in demand across all transaction types, which included increases in title deeds, property unit subdivisions, and sales transactions. The rise in initial contract transactions is attributed to heightened public interest in units within development projects. This positive trend in Sharjah’s real estate sector signifies promising potential for future growth.
New developments in market
During the first nine months of this year, eight real estate projects were registered, including a mix of towers and commercial residential complexes.
Sales transactions across various areas of the emirate totaled 9,216, with a traded area of 88.2 million square feet, spread over 220 areas during the same period.
Sharjah city’s leading role
Sharjah city captured the largest share, accounting for 8,311 transactions across 120 areas and a trading volume of AED10.3 billion. The “Muwailih Commercial” area emerged as the leader in both the number of sales transactions and trading volume, with AED2.2 billion generated through 1,980 transactions. Following this were the “Rawdat Al-Qart” area with 839 transactions, Tilal with 676, and Al-Khan with 615 transactions.
Property type transaction breakdown
When categorizing sales transactions by property type, residential properties dominated with 7,657 transactions, reflecting an impressive increase of 83.1 percent compared to the previous year. Commercial properties followed, with 758 transactions and an 8.2 percent increase, while industrial properties accounted for 653 transactions, marking a 7.1 percent rise. Agricultural properties saw 148 transactions, representing a modest increase of 1.6 percent.
Sharjah’s Masaar
In September 2024, Sharjah-based developer Arada completed the second and third phases of Masaar, a sprawling forested megaproject in the Suyoh district. The handover process for all 986 homes in the Kaya and Robinia districts has begun, marking a key milestone as this exciting new master community in the UAE reaches 50 percent completion. According to a statement, the Kaya and Robinia areas offer a diverse range of residences, from two-bedroom townhouses to five-bedroom Forest Villas, all featuring smart home technology. These homes are conveniently located next to Masaar’s standout element—a beautifully landscaped, walkable ‘green spine’ that includes 70,000 trees. Additionally, Masaar will ultimately comprise 3,000 villas and townhouses within a 19 million square foot master plan, organized into six gated districts interconnected by the green spine. Construction on the remaining three phases of the project is currently underway.
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