Al Khan tops – by far – in Sharjah property deals

By Rajive Singh

Sharjah realty deals at Dh22.5 billion in 2018

SHARJAH 13 February 2019: The real estate sector in the Emirate of Sharjah saw 54,125 transactions valued at Dh22.5 billion in 2018, as per the annual realty transactions report revealed by the Sharjah Real Estate Registration Directorate.

The real estate deals sealed last year covered over 52 million square feet, while the mortgages transactions amounted to Dh14.9 billion, according to a top official.

Abdul Aziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Directorate, said the recent government decisions to offer long-term residence visas up to 10 years for investors, residents, retirees and those wishing to study in the academic institutions nationwide have had a significant impact, said Wam.

Abdul Aziz Ahmed Al Shamsi

“Foreigners in the emirate have also been given the usufruct to enjoy all the advantages and uses in various real estate projects that include residential, commercial, and industrial,” he said.

Sharjah has opened wider the door for new investors and developers.

Mortgage Figures

As many as 3,459 mortgage transactions, worth over Dh14.9 billion were recorded, Al Shamsi said. “These span 2,114 mortgage transactions, 824 mortgage releases and 521 mortgage add-ons.”

Most of the 3,254 sales transactions registered or 87.9 percent, were carried out in Sharjah city with 2,859 deals in 105 areas, he stated.

Top Areas

These were led by the commercial areas in Al Khan, Al Nahda, Al Majaz-3 and Hushi that witnessed 1,431 transactions; most of which (509) were in Al Khan, while the highest transactions recorded were at the Muwailah Commercial Area which saw 152 deals worth Dh853,652, 212.

Up to 106 sales transactions were registered in 29 areas over the Central Region, led by Al Dhaid Agricultural Area, Sohaila Commercial Area, Al Dhaid Commercial Area and Al Madam Commercial Area.

These four areas represent 40.6 per cent of the total deals sealed in the Central regions – exactly 43 transactions, while the remaining 63 deals were concluded in 25 areas. The Central Region trading volume exceeded Dh147 million last year, though,” he said.

Khor Fakkan and Dibba Al Hisn witnessed 134 transactions in 20 areas, led by Al Harrai Commercial Area with 28 transactions and Al Harrai Industrial Area with 21 transactions or 45 per cent of the total deals concluded in Khor Fakkan city.

Kalba city came next with 155 transactions in 26 areas, led by the Industrial Area, followed by Al Saf Area and Soor Kalba Commercial Area; representing 47.1 per cent of the city 73 sales deals, while the remaining 82 transactions spanned 23 areas.

Residential Tops

Residential properties ranked first in terms of sales transactions, Al Shamsi pointed out. “They accounted for the largest share of the sales transactions by up to 67.7 percent of the total number of properties, followed by commercial properties which stood at 18.4 percent as compared to 11.4 percent for industrial properties, and 2.5 percent for agricultural properties.”

As for built properties dealings, residential apartments came first with 921, followed by residential lands with 535 properties, residential built lands with 462 properties, and commercial lands with 347 properties, he revealed.

Investors from 48 nationalities worldwide were involved in the reported real estate transactions in the Emirate of Sharjah in 2018. “However, GCC nationals top the list with realty investments worth over Dh20 billion as compared to Dh2.5 billion for investors from other nationalities,” Al Shamsi explained.

Dubai Gazette