The launch of five real estate and urban projects across commercial, industrial, and residential sectors resulted in over 14,713 properties traded in Sharjah over 2023. Image Credit: Supplied

Dubai: Sharjah recorded a surge in real estate transactions in 2023, its highest level since 2017, proving that the sector is now attracting more capitalists, businessmen, and investors looking for substantial returns in both short and long-term scenarios.

The Sharjah Real Estate Registration Department reported a 13 per cent surge in the volume of property transactions, amounting to a total of Dh27 billion in 2023, which reflects expansion in the real estate market in terms of size, transactions, area, and investor engagement.

Abdulaziz Ahmed Al-Shamsi, Director General of Sharjah Real Estate Registration Department said “strength and versatility” are the catalysts behind Sharjah’s growth in real estate in 2023.

What areas of Sharjah are booming?
The launch of five real estate and urban projects across commercial, industrial, and residential sectors resulted in over 14,713 properties traded.

Sharjah has 90 per cent of the real estate trades, with 7,859 transactions being in the city. At the forefront of real estate activity is the Muwaileh Commercial area, with 1,586 transactions and a trading volume of Dh 2.1 billion.

103 investing nationalities

103 investing nationalities were present, marking a 21 per cent growth in diversity compared to 2022 and a 12 per cent growth in properties traded.

Non-Arab foreign investors experienced a 165 per cent increase in trading volume and 131.7 per cent rise in the number of properties traded, while mortgage transactions reached Dh7.5 billion.

UAE citizens accounted for 56 per cent of total investments (Dh15 billion), followed by gulf nationals and Arab citizens accounting for 6 per cent (Dh1.6 billion) and 16 per cent (Dh6 billion) respectively.

Investments from citizens from other countries accounted for 21 per cent (Dh 6 billion) of transactions. Investors from India traded 1,469 properties with a total volume of Dh2.8 billion. Syrian investors traded 1,299 properties, valued at Dh1.1 billion.

Investors from Iraq traded 609 properties, valued at Dh640.1 million, Jordan with 559 properties, valued at Dh647.4 million, Egypt with 555 properties, valued at Dh536.9 million, and Pakistan with 549 properties, valued at Dh842.2 million.

Breakdown of transactions done in Sharjah
Utility sale transactions reached 691, amounting to Dh947.2 million. Initial sales contract transactions showed growth, with a 38.4 per cent increase compared to 2022, totalling 6,442 and reaching Dh7.5 billion.

A 7.5 per cent increase in property deed transactions, totalling 24,842, was reported along with sales transactions surging to 8,731 across 232 diverse areas, encompassing over 89 million sq.ft.