Sharjah real estate deals stave off COVID-19 with 4.1% gain

Dubai: Sharjah city precincts remain the most popular spots for investors, with 1,030 deals being recorded in these areas over the first six months of 2020.

In all, the emirate saw 28,170 transactions, valued at Dh6.2 billion, eking out a 4.1 per cent gain over last year. This came about even as efforts were on in full tilt to contain the COVID-19 outbreak.

Sharjah came out with stimulus packages, and that too seems to have reassured investors. "These included a three-month exemption from annual fees for economic establishments," said Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department. "The decisions covered all aspects of institutional and community work.

“His Highness has always been keen to build up a real estate sector capable of overcoming tough situations and challenges, including the ongoing COVID-19 outbreak.”

The recent move to allow foreign investors to pick up 10-year residency visas has also played a hand in ensuring first-half momentum. The visa offer applies to retirees and those wishing to study at any of the institutions in the emirate.

“Foreigners [can] enjoy all the advantages and uses in various real estate projects, and that has boosted the trust of local, Gulf, Arab and foreign investors,” the official added.

Of course, Gulf investors were the most active, with 4,392 of them trading in 5,584 properties worth Dh5.4 billion.