Sharjah: Sharjah’s real estate transactions during 2022 touched Dh24 billion, the Emirate’s Real Estate Registration Department said on Thursday.
Investments by the UAE nationals exceeded Dh16.2 billion, while the rest of the GCC nationals’ investments touched Dh1.4 billion. Arab citizens investments amounted to Dh4.2 billion and citizens of other countries invested Dh 2.2 billion.
The department’s annual report showed that there were as many as 7,267 sales transactions, a growth of 15.3 per cent compared to 2021, while the total number of mortgage transactions stood at 4,648, with a total value of Dh10.1 billion.
“The results reflect the individuals’ economic well-being and a decent standard of life they enjoy in the emirate,” said Abdulaziz Ahmed Al Shamsi, Director General of the Real Estate Registration Department.
The annual report showed many positive indicators, as real estate transactions increased by 8.6 per cent, after the total number of transactions reached 91,507, compared to 84,238 transactions in 2021. The transactions include ownership deeds, mortgages, initial sales contracts, valuations, and others.
In 2022, Sharjah approved a new legislation that, provided expatriates and Gulf nationals with more options to own real estate units of all kinds. They can also use real estate development areas and projects in Sharjah according to specific terms and conditions. This was an incentive for owners and investors of all nationalities while, at the same time, it preserved a balance in population and urban distribution within the region .