According to the Real Estate Transactions and Mortgages Movement report released by the Sharjah Real Estate Registration Department, the real estate market in Sharjah experienced a robust performance in February 2024. The report revealed a trading volume of AED3.1 billion ($844 million) with a total of 4,458 real estate transactions taking place across various regions and cities.
Read more: Sharjah real estate market booms with $1.06 billion in transactions in January 2024
These results not only demonstrate the continuous growth and prosperity of the real estate sector in Sharjah but also highlight the emirate’s success in attracting a diverse range of local, Arab, and international funds and investments for its development projects. Consequently, investors have enjoyed high returns on their investments.
The positive impact on the real estate sector can be attributed to the unwavering support provided by the Sharjah Government. The government has implemented a series of incentives and offered different facilities to investors, entrepreneurs, and real estate developers, further fueling the sector’s success.
Out of the total number of transactions conducted in February, 1,048 were sales transactions, accounting for 23.5 percent of the total. Mortgage transactions amounted to 355, representing 8 percent of the total, with a cumulative value of AED581.4 million. The remaining 3,055 transactions, which comprised 68.5 percent of the total, encompassed other types of real estate transactions.
The sales transactions were distributed across 101 areas in various cities and regions of Sharjah, encompassing a total area of 8.7 million square feet. These properties included residential, commercial, industrial, and agricultural lands. Specifically, 413 lands, 328 units in towers, and 307 built-in land transactions were traded.
Sales transactions
In terms of sales transactions, the “Muwailih Commercial” area emerged as the top performer, with 213 transactions, followed by “Rawdat Al-Qart” with 138 transactions, and “Al-Mazairah” and “Al-Khan” areas with 77 transactions each. When considering trading volume, the “Muwailih Commercial” area also led the way with a trading volume of AED382 million. It was followed by “Um Fanain” with AED109.5 million, “Al-Khan” area with AED84.2 million, and “Al-Sajaa Industrial” area with AED83.3 million.
In the Central Region, the majority of transactions were concentrated in “Al-Madina Al-Qasimia,” which saw 8 transactions. Regarding trading volume, the highest figure was recorded in the “Blida” area, amounting to AED13.4 million.
In the city of Khor Fakkan, the “Al-Bardi 4” area had the highest number of transactions, reaching 11. It also boasted the highest trading volume in the city, amounting to AED6.9 million.
Finally, in the city of Kalba, the “Sur Kalba Commercial” area experienced the highest number of transactions, totaling 4. Meanwhile, the area with the highest trading volume in the city was “Al-Saaf 7,” which amounted to AED1.5 million.
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