Dubai: The Sharjah real estate sector saw a total of over Dh19 billion in transactions during the first nine months of 2023. These transactions, which numbered 59,258, represented a 14.6 per cent increase compared to the same period in the previous year. Additionally, the value of mortgages in this period amounted to Dh4.4 billion.
Sales transactions in various regions of Sharjah reached 6,342 in number, with a total value of Dh7.9 billion, marking an 18.9 per cent growth rate. The combined area involved in these sales transactions exceeded 59 million square feet. The city of Sharjah accounted for the largest share, with 5,734 transactions valued at Dh7.5 billion. Muwailih Commercial area had the highest number of transactions, with 1,164 valued at over Dh1.5 billion, followed by areas like Muzaira’a, Al Khan, and Hoshi.
Usufruct sale transactions reached 549 in number with a total value of Dh736 million. The Tilal area recorded the highest number of transactions (183) with a trading value of Dh136.5 million. Muwailih Commercial area also had a significant share in trading value, with Dh258.6 million through 146 transactions.
Real estate development companies in Sharjah carried out a total of 4,200 initial sales contract transactions during the same period, reflecting a growth rate of 34.3 per cent compared to the previous year, Sharjah Real Estate Registration Department said in a statement on Tuesday.
In terms of property types, residential properties constituted the majority, with 4,968 properties, making up 78.3 per cent of the total transactions. Industrial properties followed with 653 transactions (10.3 per cent), while commercial properties had 618 transactions (9.8 per cent), and agricultural properties accounted for 103 transactions (1.6 per cent). The total number of properties traded in Sharjah was 6,342, with residential lands leading at 1,988 properties, followed by residential apartments at 1,944, and residential built-in lands with 714 properties.
Investors from 97 nationalities
Investors from 97 different nationalities invested in Sharjah during this period. UAE citizens invested Dh11.1 billion in 15,857 properties. Citizens of Gulf Cooperation Council (GCC) countries (excluding Emiratis) invested Dh1.1 billion in 952 properties, while citizens of Arab countries invested Dh3 billion in 3,166 properties. Citizens of other countries contributed Dh3.8 billion through 2,290 properties.
The top nationalities involved in trading in Sharjah were the UAE, Syria, India, Iraq, Jordan, Saudi Arabia, Egypt, and Kuwait, in descending order of property transactions.