09 May 2023, Arabian Business
The Sharjah real estate sector recorded AED2.8bn of transactions in April according to the Real Estate Transactions Movement Report, issued by Sharjah Real Estate Registration Department (SRERD).
The figure represents an increase of 65 per cent on the AED1.7bn, recorded in March.
The monthly report issued by the SRERD indicated that 2,614 real estate transactions were conducted by the department in April.
Sharjah real estate
The sales transactions constituted 19.3 per cent of the total transactions, with 504 transactions, while the mortgage transactions were 585 transactions comprising 22.4 per cent of the total transactions and with a total value of AED1.7bn.
The remaining 1,525 transactions were distributed over a group of other real estate transactions, with a percentage of 58.3 percent of the total transactions.
The report said: “In light of the economic stability that characterises Sharjah, in addition to its prominent strategic location in the middle of the other emirates, this growth continues at an upward pace, making this sector a major attraction for local, Arab and foreign investors and enhancing the emirate’s position and reputation as a leading global destination”.
This remarkable growth is due to the continued activities of major real estate development companies in the emirate.
The report also revealed that the real estate market sales covered a total area of 4.6million sq ft, over 62 areas in various regions of the emirate of Sharjah.
The types of real estate traded included:
The number of transactions for units sold in towers totalled 187 transactions. As for land transactions, the number amounted to 122 transactions, while 195 transactions were attributed to the built-in land.
The report showed that Mezair’ah area ranked the highest in terms of the number of sales transactions in Sharjah due to two projects in the area, with 123 transactions, followed by Muwaileh Commercial with 89 transactions, Al-Khan area with 43 transactions, then “Rodat AlQarat” area with 29 transactions.
As for the most active areas in terms of monetary value, Al-Layah area came first with a trading volume of AED414.7m, followed by Muwaileh commercial area with a trading value of AED180.9m, Mezair’ah area with a trading volume of AED32.7m, then Industrial Area 12 with a trading value of AED29m.
In Sharjah’s central region, sales transactions were focused on Al-Qasimiah area, with ten transactions and a trading value of AED7.9m.
As for Khor Fakkan, Al-Haray industrial area was the highest area in terms of the number of sales transactions, with two transactions, while Al Baradi 1 area recorded the highest trading value, which amounted to AED612,000.
Finally, in Kalba City, the industrial area was the highest area in terms of the number of sales transactions, with ten sale transactions.
It also recorded the highest trading value, which amounted to AED4.1m.