The real estate trade in the Emirate of Sharjah experienced a remarkable surge during the first half of 2024, with a 35.6 percent increase compared to the same period in 2023, amounting to over AED18.2 billion ($4.95 billion). This growth is primarily attributed to the rise in sales transactions, which recorded 10,809 transactions, a substantial increase from the 6,592 transactions observed during the same period last year.
Highest real estate trade in recent years
According to the semi-annual report on the real estate sector issued by the Sharjah Real Estate Registration Department, the real estate trade in the first half of 2024 is the highest in recent years, dating back to 2012. This can be attributed to the remarkable development strides the emirate has witnessed, attracting the interest and confidence of investors and buyers, as well as the unique advantages that Sharjah offers.
Positive indicators and surge in transactions
The semi-annual report further reveals a number of positive indicators, showcasing a 13.8 percent surge in real estate transactions in the emirate during the current year. The total number of transactions executed during the first half of 2024 reached 46,524, compared to 40,876 in the same period of 2023.
Variety of real estate transactions
The various real estate transactions recorded by the department include ownership certificate transactions, initial sales contracts, ownership deeds, mortgages, and valuations. According to the report, Sharjah city accounted for the largest number of sales, with 4,932 transactions carried out across 109 areas. The Muwailih Commercial Area emerged as the region with the highest number of sales transactions and trading value in the emirate. Residential properties and lands dominated these sales transactions.
In terms of the classification of traded properties, residential lands topped the list with 1,994 properties, followed by residential apartments at 1,454, and residential built-in lands at 788 properties.
The report also highlighted that the main branch of the Sharjah Real Estate Registration Department accounted for 96.5 percent of the total trading value during the first half of 2024, while the remaining branches contributed 3.5 percent.
أرقام قياسية جديدة لسوق العقارات في الشارقة
مع 10,809 معاملة بيوع خلال النصف الأول من 2024، ارتفع حجم تداول القطاع العقاري في إمارة الشارقة بنسبة 35.6% ليصل إلى 18.2 مليار درهم.#الشارقة #دائرة_التسجيل_العقاري #عقارات pic.twitter.com/KwUg2me7JS— دائرة التسجيل العقاري (@shjrerd) July 30, 2024
New real estate projects in Sharjah
Furthermore, the first half of 2024 witnessed the launch of seven new real estate projects in the Emirate of Sharjah, encompassing residential complexes, residential towers, and commercial towers, with a total area of 16.2 million square meters. These projects include two that are licensed for sale under the ownership system for expatriates and Gulf nationals: the Anantara Sharjah Residences project in the Al Raffa area and the Faradis Tower project in the Al Mamzar area.
Read more: Sharjah rises to 4th in GCC region, 7th in MENA in 2024 Global Startup Ecosystem Rankings
Diversified investor nationalities
According to the report, the number of nationalities who have invested in the emirate reached 106 during the first half of 2024. The investment by UAE citizens amounted to AED8.8 billion in 17,390 properties, while GCC citizens invested AED1.1 billion in 620 properties. Arab citizens invested AED3.5 billion in 3,021 properties, and citizens of other countries invested AED4.8 billion in 2,893 properties. The top 6 nationalities investing in the emirate, based on the number of properties, are the UAE citizens, Indian citizens, Syrians, Iraqis, Egyptians, and Jordanians.
For more news on real estate, click here.
