Sharjah Real Estate Transactions Surge 47% In 2024, Valuing AED 28 Billion

The volume of real estate transactions in Sharjah increased by 47% in the first nine months of 2024 compared to the same period last year, valuing a total transaction of AED 28 billion, with 69,078 transactions completed, marking a 16.5% rise from the previous year.

Sharjah's real estate market continues to attract investors from various nationalities, with 114 different nationalities represented during this period. UAE citizens invested AED 13.7 billion in 22,908 properties, while non-Emirati GCC citizens invested AED 1.7 billion in 1,166 properties.

Investments from other Arab citizens added up to AED 5.1 billion for 4,651 properties and investments from citizens of other countries reached AED 7.5 billion for 4,587 properties, WAM reported.

The report from the Sharjah Real Estate Registration Department shows many positive signs. The total number of sales transactions, usufruct sales, and preliminary contracts reached 17,000, up from 11,000 transactions during the same period last year.

The value of real estate mortgages was AED 7.5 billion, with 3,229 transactions.

Sharjah City had the largest share of real estate transactions, totaling 8,311 in 120 areas, with a trading volume of AED 10.3 billion. The "Muwailih Commercial" area led in both sales transactions and trading volume, reaching AED 2.2 billion from 1,980 transactions.

The "Rawdat Al-Qart" area followed it with 839 transactions, Tilal with 676, and Al-Khan with 615 transactions. When looking at sales transactions by property type, residential properties made up the largest portion, with 7,657 transactions, which is an increase of 83.1% compared to the same period last year.

Commercial properties followed with 758 transactions, reflecting an 8.2% increase. Industrial properties had 653 transactions, an increase of 7.1%, while agricultural properties totaled 148 transactions, with a growth rate of 1.6%.

Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, noted that the emirate's real estate sector benefits from ongoing support from Ruler of Sharjah Sheikh Dr. Sultan bin Muhammad Al Qasimi.

He also highlighted the continuous follow-up by Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, the Crown Prince and Deputy Ruler, which contributes to the positive reports in the sector.

Al Shamsi commended the various procedures and initiatives that continuously support the development of the real estate sector and improve its results. He pointed out that the steady increase in real estate transactions shows investors have confidence in Sharjah's real estate market and appreciate its overall growth.

He noted that key factors driving this increase include the large number of development projects and the decision to allow non-citizens and Gulf nationals to own property in Sharjah.