Al Khan is Sharjah’s most popular property hub

By DG Staff

Sharjah

Sharjah real estate transactions at Dh4.2 billion in Q3

SHARJAH 4 November 2019: Real estate transactions in Sharjah during the third quarter of 2019 were valued at Dh4.2 billion, covering some 9.5 million feet, as per the Sharjah Real Estate Registration Department (SRERD).

Most of the “Sales” transactions were recorded in Al Khan area with 127 transactions, while the highest transaction value worth Dh253 million, was recorded for the Muwaileh Commercial Area.

Investors from 41 nationalities worldwide have invested in the real estate sector in Sharjah during the third quarter of 2019.

GCC nationals’ real estate investments in the Emirate of Sharjah recorded around Dh3.5 billion, while the real estate investments of other nationalities valued at about Dh700 million.

Most of the real estate transactions were recorded in Sharjah city branch, which constituted 96.9 percent of the total transaction value recorded in the third quarter of 2019.

The other branches recorded 3.1 percent from the total real estate transaction value reported. These recorded 1.2 percent at Al Dhaid, 1.1 percent at Khor Fakkan, and 0.8 percent at Kalba branch.

Residential properties ranked first in terms of “Sales” transactions, constituting 64.4 percent of the total transactions recorded. These were followed by industrial properties (17.9 percent), commercial properties (13.8 percent), and agricultural properties (3.9 percent).

Figures reflect a significant rise of 31.4 percent in the number of transactions recorded in the third quarter of 2019 as compared to the same period in 2018, he underlined.

The real estate transactions included 646 in sales, 1,453 in Initial Sale Contracts and 210 in Evaluations. These are added to 694 ‘Mortgages’ transactions which are valued at about Dh1.8 billion.

Abdulaziz Ahmed Al Shamsi, Director-General, said that the emirate recorded up to 14,974 real estate transactions over July, August and September, in comparison to 11,393 property transactions recorded over the same three months in 2018.

Al Shamsi said that Sharjah has become an attractive market for local and foreign investors. “The encouraging business environment has boosted the Emirate’s position as a trustworthy, economic and investment hub on the regional and international map,” he noted.

Al Shamsi added that the Emirate has become a favourite tourist destination for families from the region. “The Emirate has boosted its position as an ideal destination for families to live and work in.”

Sharjah has also recently beaten over 200 cities worldwide, and won the “Child Friendly Cities Award” from the United Nations Children’s Fund – Child Friendly Social Services category, he stated. It has further joined the Global Network of Age-Friendly Cities of the World Health Organisation and became the first Arab member in this international network.

Dubai Gazette