Sharjah's real estate transactions hit Dh40 billion in 2024

SHARJAH: Sharjah’s real estate sector recorded transaction volumes amounting to Dh40 billion last year – a growth rate of 48 per cent compared to 2023. The Sharjah Real Estate Registration Department revealed that the industry also saw investments from 120 nationalities.

Abdulaziz Ahmed Al-Shamsi, the department's Director General, said, “Sharjah’s real estate sector achieved its highest trading volume since 2008, driven by a growing demand from investors of diverse nationalities seeking various types of properties. The sector attracted investors from 120 nationalities worldwide, highlighting its global appeal and robust growth.”

The department also said increasing transactions, including title deeds, sales, and initial contracts, demonstrate investor confidence. Population growth and urban expansion, alongside investments in infrastructure, have made Sharjah an attractive destination for housing and investment.

Investments by Emiratis dominated the market, totalling Dh19.2 billion (48 per cent of the total trading value), followed by Arab investors at Dh7 billion (17.5 per cent), and other nationalities contributing Dh11.5 billion (28.8 per cent). Gulf nationals accounted for Dh2.3 billion (5.7 per cent). In terms of property transactions, Emiratis led with 30,638 properties traded, followed by Indian investors (2,698), Syrians (1,761), Iraqis (1,012), Egyptians (957), and Pakistanis (865).

Mortgage transactions totalled Dh10 billion across 2,558 deals, led by areas like Muwailih Commercial (Dh2.1 billion), Umm Fannin (Dh657 million), and Al-Khan (Dh1.4 billion). Sharjah registered 14 new real estate projects in 2024, including residential, commercial, and industrial developments. Additionally, the emirate approved eight new projects under its policy, allowing non-citizens and Gulf nationals to own property. This brought the total licensed projects to 25 since the policy’s introduction in 2022.