Dubai: Sharjah’s decision to open up its property market to freehold titles is paying off – since October, property values in the emirate are up 15-20 per cent as more investors enter the fray. The upturn in values could also have been helped by secondary market sales, especially of recently handed over homes at high-profile communities.
Sharjah’s property market is geared for more handovers this year, at projects led by Arada and others. If the build up in values continue, there could be more value gains and activity in the still nascent secondary market.
The in-demand properties range from Dh2 million to Dh4 million, with nearly 70 per cent being end-users. Indians make up a sizeable portion of the buyers followed by Pakistani and Arab buyers. "There is also significant interest from Emiratis from Abu Dhabi, Ras Al Khaimah and Fujairah looking to buy second/holiday homes," said a statement from the estate agency Metropolitan Premium Properties.
Even then, “The real estate market in Sharjah is more stable and less prone to price volatility,” said Khaled Ahmed, Sales Director for Northern Emirates at Metropolitan Premium Properties. “The changes to the real estate law by the government of Sharjah have had a positive impact on buyer interest as the emirate has witnessed a 30 percent increase in demand for offplan and ready units.
“There is a lack of inventory in the market with prices of some villas even higher than in Dubai.”
New high-end communities and developments coming online include the forest-themed Masar and Haayan. (Sharjah is simultaneously seeing multiple hospitality projects, including the Rove and Vida hotels.)
According to data available from Sharjah Real Estate Registration Department, real estate transactions hit a peak of Dh24 billion in 2022 with 91,507 transactions compared to 84,238 transactions in 2021.