Dubai: The real estate sector in Sharjah recorded a 10 per cent growth in transactions concluded in the third quarter of 2020 as compared to the same period last year.
Figures show 14,854 real estate transactions, worth D4.6 billion, were sealed in the thrid queter of this year.
The sales transactions recorded in the third quarter covered 14.6 million square feet, as per the latest quarterly report of the areas and cities of the emirate issued by the SharjahReal Estate Registration Department (SRERD). The growth is mainly attributed to the series of stimulus decisions recently taken by the Government of Sharjah to contain the effects of the Covid-19 global pandemic.
“The support given to all government and private entities, business and individual sectors, included an extended three-month exemption of the annual license renewal fees for economic establishments, a discount of 50 per cent on delayed fines and violations for economic establishments, and a discount of 50 per cent on the license fees for industrial establishments to help boost the contribution of the industrial sector to the gross domestic product,” said Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department.
A further discount was also granted on the insurance and supply fees of electricity, water and natural gas services for the owners of economic, commercial and industrial establishments who were permitted to pay due fees in instalments over two years to reduce their financial burdens.
Reducing the fees on the sale value from 4 per cent to 2 per cent for non-GCC purchasers until March 31, 2020 was also a major decision, he underlined. “This new decision, along with the latest stimulus package, have led to a rapid recovery of the real estate sector here that it continues to play a pivotal role in the progress and prosperity of the emirate,” said Al Shamsi.
Residential properties topped the list in the third quarter of 2020 with 813 sale transactions. The industrial transactions came second with 120 sales transactions, followed by 108 commercial transactions, and 49 agricultural sale transactions.
The residential properties, topping the list, constituted 74.6 per cent of the sales transactions sealed in the third quarter of 2020. These are compared to 11 per cent for the industrial sales transactions which came second, 9.9 per cent for the commercial sales transactions which ranked third, and finally 4.5 per cent for the agricultural sales transactions.
Investors from 47 nationalities were involved in the reported real estate transactions in the emirate of Sharjah in the third quarter of the year 2020. These included 3,630 GCC investors, including Emirati nationals, who traded 4,483 properties, worth Dh3.5 billion, and 691 foreign investors who traded 731 properties, worth Dh1.1 billion.