25 July 2023, Emirates News Agency
The real estate sector in Sharjah has witnessed significant growth and development outside the city centre, as highlighted in the recently issued annual report by the Sharjah Real Estate Registration Department. The report indicates a thriving movement in the Central and Eastern regions, with cash transactions amounting to AED549.4 million.
The transactions were facilitated through the department’s branches located in the Central region and the cities of Khorfakkan, Dibba Al-Hisn, and Kalba.
During the first half of 2023, the total real estate transactions recorded in the department’s branches reached 14,195, accounting for 34.8% of all transactions executed within the emirate during the same period. Additionally, the total area traded in sales transactions amounted to 15.1 million square feet.
Omar Al-Mansouri, Director of the Branches Department at the Sharjah Real Estate Registration Department, attributed the growth to the Sharjah government’s attractive incentive packages and facilities for local and international investors. He also highlighted the substantial investments in infrastructure and development projects in the Central and Eastern regions under the leadership’s guidance. These projects, which include road developments, infrastructure enhancements, hotels, tourist and heritage resorts, and environmental initiatives, have significantly contributed to the region’s prosperity and growth in real estate transactions during the first half of this year.
Furthermore, the report showed that the trading volume in the four branches constituted 4.1% of the total trading volume in the emirate’s real estate sector during the mentioned period.
The cash trading volume in the central region accounted for AED231 million, with Khorfakkan reaching AED185.4 million, Kalba at AED120 million, and Dibba Al-Hisn with around AED13 million.
The central region saw 197 sales transactions spread across 32 different areas, with a combined value of AED173 million. Al-Qasimiah City accounted for the largest share of these transactions, with 85 sales transactions representing 43.1%. This was followed by Al-Thamamah region with 15 transactions and Tawi Hamdah and Al-Belaida regions with ten transactions each.
In Kalba, 98 sales transactions were recorded in 21 regions, totalling AED54.1 million. The Industrial area recorded the highest number of transactions with 21, making up 21.4% of the total sales in the city, followed by Kalba Industrial area with 18 transactions, and As-Saaf area with 11 transactions.
Meanwhile, Khorfakkan saw 84 sales transactions in 24 areas, with a total value of AED67.5 million. The highest number of transactions (12) occurred in Al-Mudeife area, representing 14.3% of the total sales in the city, followed by Al-Haray Commercial area with ten transactions, and the Industrial and Al-Baradi-2 areas with nine transactions each.
Lastly, Dibba Al-Hisn recorded 14 transactions, valued at AED9 million, distributed among three regions. Most of these transactions (over 57%) took place in Hay Ash-Shamali, with eight transactions.