A significant recovery for the real estate sector

Sales Growth of 50% in the "Al Mamsha" Project

  

Sharjah: Alef Group, the leading real estate development company in the Emirate of Sharjah, known for developing entertainment destinations according to modern lifestyle trends, the Al Mamsha and the 06 Mall project, has announced a 50% rise in sales, compared to 2020. An optimistic statistic, this indicates the rising level of investors interested in engaging in the industry whilst foreshadowing the recovery of Sharjah’s real estate market recovery.

This was confirmed by the annual report issued by the Real Estate Registration Department, which indicated that the value of transactions in the real estate sector of the Emirate in the past year, amounted to 15.9 billion dirhams, with a growth rate of 5.1% compared to 2019.

Easa Ataya, the CEO of Alef Group stated that the real estate sector in Sharjah is witnessing a clear and steady pace of growth thanks to the directives of His Highness Sheikh Dr. Sultan bin Muhammed Al Qasimi, Member of the Supreme Council, Ruler of Sharjah, and the follow up of His Highness Sheikh Sultan bin Muhammed bin Sultan Al Qasimi, Crown Pricne Al-Ahd, Deputy Ruler of Sharjah, Chairman of the Executive Council of the Emirate of Sharjah and the qualitative efforts made by the Sharjah government. This includes a series of stimulating decisions that played a vital role in the sector’s recovery from the repercussions of the pandemic, particularly the decision to reduce investor fees for non-citizens of the Gulf Cooperation Council from 4% to 2%. Leading to a large increase in the demand for investment and purchase processes, this decision contributed to strengthening and supporting the emirate’s economy and attracting direct foreign investment to the real estate sector.

He added that, “Al Mamsha is one of the most prominent projects of Alef Group. It is the first completely vehicle-free complex in Sharjah and is a new mixed-use destination that combines modern life, retail and entertainment facilities, within a vibrant technological and civilized environment. The project also occupies a valuable location in the heart of New Sharjah, extending over an area of 3 million square feet and surrounded by 4 main gates, facilitating and easy entrance and exit for residents and visitors.”

Ataya also stated that the first phase of the Al Mamsha proect includes 7oo high-end residential units distributed across 7 building, each offering size option from a studio, to one room and hall, two rooms and hall, and three rooms and hall. Each specification has been carefully planned and finished with high quality modern designs that fit into today’s dynamic lifestyle. Meanwhle more than 900 housing units will be delivered in the second phase, distributed over 8 building, to complete the urban, creative, aesthetic and vibrant landscape that befits the residents of “Al Mamsha. It is an integrated residential community, and a new destination for the citizens, residents and visitors of the Emirate of Sharjah.

He further pointed out that the Al Mamsha project is characterized by containing a group of entertainment destinations that suit different age groups, nationalities and cultures, under one roof. In its first phase, open spaces make up more than 65% of the total area, including landscaped green areas and pools. The project also aims to include a huge shopping center, sports clubs, international spas, a fully equipped yoga center, restaurants, the finest cafes and other landmarks.

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