The real estate market in Sharjah continues its strong growth in 2024. According to a report titled ‘Real Estate Transactions’ by Sharjah Real Estate Registration Department, October witnessed the highest real estate transaction volume from the beginning of the year, reaching AED4.4 billion ($1.2 billion) across 4,883 transactions, with a total of 14 million square feet.
The report also revealed that sales transactions accounted for 1,415 of the 4,883 transactions, representing 29 percent of the total. As for mortgage transactions, they reached 443, representing 9.1 percent of the total transactions, with a value of AED1.3 billion. Lastly, the number of other transactions reached 3,025, representing 61.9 percent of the total number of transactions.
Factors propelling growth
Sharjah’s real estate sector is one of the fastest-growing sectors in the UAE, playing a major role in strengthening the local economy and meeting the growing needs of the population. It has grown significantly in recent years with the support of government policies that encourage foreign investment and support new residential, commercial, and industrial projects.
The Sharjah government is also working on providing an attractive investment environment through freehold laws for foreigners in specific projects, which has contributed to attracting capital and investors from both within and outside the UAE.
Land transactions boost growth
Sharjah’s real estate sector saw transactions in 126 areas across the emirate. Transactions were diverse and included residential, commercial, industrial, and agricultural lands. In terms of the type of traded property, there were 693 transactions for lands, 450 for units sold in towers, and 272 for built-in land transactions.
The Al Mamzar area recorded the largest real estate deals last month. Notably, the area saw the largest real estate deal on land valued at AED62 million and the highest mortgage transaction during the same month on vacant land valued at AED386 million.
Most popular areas
Sharjah’s real estate sector witnessed the most sales transactions in Muwailih Commercial area, which recorded 257 transactions out of the total 1,145 sales transactions. Following that came the Al-Khan area with 106 transactions, the Muzeirah area with 92, and the Tilal area with 81 transactions.
In the central region, the total sales transactions reached 226 with the majority in Al Qasimia City with 193 transactions, which was also the highest area in terms of trading volume, amounting to AED133.6 million.
As for Khorfakkan, it recorded 23 sales transactions, with Al Harai Industrial District and Al Harai Commercial District leading the list with five transactions each. The highest area in terms of trading volume was the Hay Al-Zubara area, which recorded AED2 million.
Finally, Kalba city saw 19 sales transactions, led by the areas of Sur Kalba Commercial and Al-Tarif 5 with three transactions each. Meanwhile, Al-Tarif 1 area was the highest area in terms of trading volume, which amounted to AED4.1 million.
Read: Cityscape Global 2024 offers attendees access to entire real estate ecosystem
9,078 transactions worth $7.62 billion in 9 months
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 period last year. The total value of these transactions reached AED28 billion, encompassing 69,078 transactions — an increase of 16.5 percent from the previous year.
Sharjah’s real estate market continued to attract a diverse range of investors, drawing participation from 114 different nationalities in the same period. UAE nationals contributed AED13.7 billion through the purchase of 22,908 properties, while non-Emirati GCC citizens invested AED1.7 billion, acquiring 1,166 properties.
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.
