10 February 2022 – Khaleej Times – www.khaleejtimes.com
Sharjah on Wednesday announced that the real estate trading volume in the emirate recorded the highest value in four years in 2021 as the economy recovered from the global slowdown and the Covid-19 pandemic aftershocks.
In a statement, the Sharjah Real Estate Registration Department (RERD) said that the volume of real estate transactions in the emirate amounted to a total of Dh26.2 billion last year, reflecting a strong year-on-year growth of 64.9 per cent.
In its annual report, the RERD said the total number of transactions executed during 2021 amounted to 84,238, showing an increase of 30.7 per cent compared to the 64,459 transactions recorded in 2020.
Abdul Aziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Department, said that the emirate has been actively participating in efforts and leading initiatives in the country aimed at restoring growth, resuming real estate movement, recovering real estate transactions, and increasing the volume of real estate trading.
“This was possible due to support directed at this sector from the UAE government and under the directives of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of the Emirate of Sharjah, and the keen follow-up of the Emirate’s Executive Council, headed by Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler,” Al Shamsi said.
He added that the sector’s remarkable recovery is embodied in the launch and registration of several new real estate development projects aimed at meeting the needs and goals of those wishing to invest and reside in the emirate, given the diverse and stable social environment and the advanced urban diversity in Sharjah.
Al Shamsi pointed out that based on the historical data of the volume of real estate trading in the emirate in terms of value, the rise in transactions reflects the level of rapid recovery and rebound in the volume of transactions in Sharjah’s real estate sector compared to the previous three years.
He explained that these positive results can be attributed to the return of business to previous levels in the UAE and in the Emirate of Sharjah, and to society’s adaptation to and natural coexistence with the Covid-19 pandemic.
In addition, the return of investor confidence in the real estate market in the emirate has been driven by the economic incentives and facilities launched by the Executive Council of the Emirate in 2020.
“The trading value of real estate transactions in 2021 increased by 64.9 per cent compared to the same period the previous year, with February witnessing the highest trading value at a total of Dh3.5 billion, followed by Dh3.3 billion in December,” Al Shamsi said.
Executing 84,238 real estate transactions
Referring to the transactions report, A Shamsi said the total number of transactions executed during 2021 amounted to 84,238, reflecting an increase of 30.7 per cent compared to the 64,459 transactions executed in 2020.
He attributed the credit to these results to the department’s efforts, despite the continuing effects of Covid-19, to ensure the completion of all transactions while ensuring the safety of employees and customers.
He added that the department provided electronic services for some transactions, and that an appointment reservation system was established for visiting the department to complete transactions that required the presence of dealers.
Al Shamsi said that ownership certificate transactions led the way with a total of 46,715 transactions, followed by ownership deeds transactions, which witnessed an increase of 84.7 per cent to reach a total of 22,622 transactions. The rest of the transactions were distributed to 4,710 initial sales contract transactions, 3,216 mortgage transactions, 1,035 valuation transactions, in addition to a group of other miscellaneous transactions, with a total of 5,940 transactions.
In addition, mortgage transactions witnessed an increase of 17.2 per cent, reaching a total value of Dh11.5 billion.
Trading in 197 regions in the emirate during 2021
Al Shamsi said that sales transactions increased by 67.1 per cent, reaching 6,304 real estate deals across 197 areas, including 115 in the city of Sharjah, 36 in the central region, 26 in Kalba, 16 in Khorfakkan, and four areas in the city of Dibba Al-Hisn.
In terms of total sales transactions, Al Khan, Al Raqeeba, Muwailih Commercial and Hoshi ranked the highest.
With regard to usufruct sale and resale transactions he indicated that 282 transactions with a total trading value of Dh398.8 million were carried out in the city of Sharjah.
Land at the forefront of trading
Al Shamsi noted that the total area of real estate traded in the emirate during 2021 amounted to 112 million square feet, with residential land totaling (57.4) million square feet. As for the number of traded properties, residential apartment transactions ranked the top with 1,865 apartments. In terms of real estate classification, residential properties topped the sales transactions with a total of 4,797 properties.
Registration of seven real estate projects
The past year witnessed the registration of seven real estate projects in the Emirate of Sharjah to support the sector towards further development and diversification, taking advantage of the supportive environment for the launch and success of such projects, and by providing the options of ownership and use for investors of non-Gulf nationalities. These projects included six residential /commercial, and one industrial project.
77 nationalities traded 27,347 properties in 2021
Al Shamsi said that the investors from 77 nationalities traded real estate in the Emirate of Sharjah during the past year, which reflects the strength and solidity of the infrastructure in the emirate and the diversity of its real estate product, and the continuous efforts in the legislative environment.
The total number of people trading real estate in the emirate in 2021 came to 16,413, with 12,712 Gulf traders and 3,701 traders from non-Gulf nationalities.
The total value of investments by GCC nationals last year amounted to Dh20.6 billion, with 23,103 properties traded, while non-GCC nationals invested Dh5.6 billion through 4,244 properties.