By Yara Abi Farraj

SIF 2024: 100 foreign nationalities invested in Sharjah’s real estate sector during H1 2024

The number of properties traded by foreign investors in Sharjah's real estate sector during the first half of this year reached 5,914

The Sharjah Real Estate Registration Department has effectively utilized the advancements of this new era by implementing smart solutions to address investor challenges (Image: WAM)

Published: Thu 19 Sep 2024, 2:23 PM

Sharjah’s real estate sector saw a 22 percent year-on-year growth in the number of foreign investors during the first half of 2024, attracting investors from 100 different nationalities, stated Abdulaziz Ahmed Al-Shamsi, director-general of the Sharjah Real Estate Registration Department, during his participation at the Sharjah Investment Forum (SIF 2024).

Al-Shamsi explained that the number of properties traded by foreign investors in Sharjah’s real estate sector during the first half of this year reached 5,914, marking a growth rate of 84.6 percent. Meanwhile, the total number of foreign investors reached 5,422, with a growth rate of 74.4 percent. In addition, their cash trading volume reached AED8.3 billion, reflecting a 115 percent increase compared to the same period last year. The director-general added that the Fourth Industrial Revolution brought both significant challenges and vast opportunities to various economic sectors across Sharjah, including real estate.Read: Sharjah’s real estate sector sees $762.3 million in transactions during August

Implementing smart solutions to address investor challenges

Al-Shamsi highlighted the importance of the SIF 2024, held this year under the theme ‘A Futuristic Vision for Smart Economies’, as a platform to showcase the smart investment environment that Sharjah and the UAE offer. The forum seeks to attract investors to innovative projects that contribute to economic diversification, improve efficiency, and ensure sustainable growth.

Al-Shamsi also noted that the Sharjah Real Estate Registration Department has effectively utilized the advancements of this new era by implementing smart solutions to address investor challenges. Therefore, the department focuses on digital transformation and automating processes to offer modern and innovative services, making it easier for investors to operate.

In a bid to further ease the flow of investors into the emirate, Sharjah is launching the world’s first AI-powered trade license in collaboration with Microsoft and the Sharjah Publishing City Free Zone. This initiative aims to align with economies that adopt autonomous systems and digital data. Additionally, this process will allow entrepreneurs and investors to finalize the entire licensing procedure in under five minutes.

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