|19 January, 2020

Sharjah real estate transactions reached $6.6bln in 2019

61,357 transactions were recorded in 2019

Image used for illustrative purpose. Sharjah city skyline with beautiful blue sky.

Image used for illustrative purpose. Sharjah city skyline with beautiful blue sky.

Gettyimages

SHARJAH- Real estate transactions valued AED24.2 billion in the Emirate of Sharjah in 2019 increasing by 7.3 percent in comparison to 2018, a report released by the emirate's real estate department revealed on Sunday.

According to the Sharjah Real Estate Registration Department, SRERD, annual report, 61,357 transactions were recorded in 2019, increasing by 13.4 percent in comparison to 2018. Abdulaziz Ahmed Al Shamsi, SRERD Director-General, stated that the real estate sector in the Emirate keeps developing due to the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and follow-up of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of Sharjah Executive Council. The Sharjah real estate market provides a wide variety of investment opportunities for investors along with financing facilities offered by the banks.

The prices of the properties has become affordable for all investors in the market.

Explaining, Al Shamsi stated that 11,535 title deeds transactions, worth AED9.6 billion , were recorded in all the regions of the Emirate of Sharjah. "Other transactions recorded 3,760 mortgage transactions, worth AED14.6 billion, 963 valuation transactions, and 5,272 initial sales transactions."

Up to 3,328 sales transactions were recorded in all parts of the Emirate of Sharjah. "Most of these were recorded in Sharjah city where 2,963 sales transactions, worth AED4.8 billion, were recorded in 105 different areas," he said.

Most of Sharjah city real estate sales transactions were recorded in Muwaileh Commercial, Al Khan, Al Nahda and Hoshi areas. "However, the highest number of the Sharjah city real estate sales transactions recorded last year was in Muwaileh Commercial Area where 567 dealings, worth AED1.2 billion were recorded," Al Shamsi explained.

Up to 117 sales transactions totalling AED73.4 million, were recorded in 15 different areas of Khor Fakkan, predominantly in Al Harai's industrial and commercial areas, Al Shamsi explained. He went on to say that up to 114 sales transactions, worth AED103 million, were recorded in 39 different areas of the Central Region, most of which were recorded in Al Tayba-2 and Seeh Al Saddah.

Up to 110 sales transactions, worth AED49.3 million, were recorded in 21 areas of Kalba city recorded, mainly in the industrial areas of Kalba and Al Saf, the department director-general continued, adding that Dibba Al Hisn city also recorded 24 sales transactions, valued at AED18 million across five different areas.

Records show that sales transactions of 3,328 properties, 46.3 million square feet in area, were registered in the Emirate of Sharjah over the past year.

According to Al Shamsi, 69.4 percent of the transactions were related to residential properties, followed by commercial properties at 15.9 percent, industrial (11.8 percent) and agricultural (2.9 percent). As for the classification of properties in the Emirate of Sharjah, residential properties ranked the highest in terms of sales transactions, where residential apartments have recorded 1,213 units and lands have recorded 895 properties.

© Copyright Emirates News Agency (WAM) 2020.