Sharjah real estate transactions recorded $1.1bln in Q3 2019

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SHARJAH- Real estate transactions have recorded AED4.2 billion in the Emirate of Sharjah during the third quarter of 2019, while the total areas covered in the "sales transactions" in the emirate reached 9.5 million feet, as per the latest report of the Sharjah Real Estate Registration Department, SRERD.

Abdulaziz Ahmed Al Shamsi, Director-General of SRERD, said that the Emirate recorded up to 14,974 real estate transactions over July, August and September, in comparison to 11,393 property transactions recorded over the same three months in 2018.

Figures reflect a significant rise of 31.4 percent in the number of transactions recorded in the third quarter of 2019 as compared to the same period in 2018, he underlined. The real estate transactions included 646 in "Sales", 1,453 in "Initial Sale Contracts" and 210 in "Evaluations. "These are added to 694 'Mortgages' transactions which are valued at about AED1.8 billion," he added. Al Shamsi said that the Emirate of Sharjah has become an attractive market for local and foreign investors. "This is mainly due to the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who pays much attention to the real estate sector." "The encouraging business environment has boosted the Emirate’s position as a trustworthy, economic and investment hub on the regional and international map," he noted.

Al Shamsi added that the Emirate has become a favourite tourist destination for families from the region. "The Emirate has boosted its position as an ideal destination for families to live and work in." Sharjah has also recently beaten over 200 cities worldwide, and won the "Child Friendly Cities Award" from the United Nations Children's Fund - Child Friendly Social Services category, he stated. It has further joined the Global Network of Age-Friendly Cities of the World Health Organisation and became the first Arab member in this international network.

Most of the real estate transactions were recorded in Sharjah city branch, which constituted 96.9 percent of the total transaction value recorded in the third quarter of 2019.

Most of the "Sales" transactions were recorded in Al Khan area with 127 transactions, while the highest transaction value worth AED253 million, was recorded for the Muwaileh Commercial Area.

"The other branches recorded 3.1 percent from the total real estate transaction value reported. These recorded 1.2 percent at Al Dhaid, 1.1 percent at Khor Fakkan, and 0.8 percent at Kalba branch." Residential properties ranked first in terms of "Sales" transactions, constituting 64.4 percent of the total transactions recorded. These were followed by industrial properties (17.9 percent), commercial properties (13.8 percent), and agricultural properties (3.9 percent).

Investors from 41 nationalities worldwide have invested in the real estate sector in Sharjah during the third quarter of 2019.

"GCC nationals’ real estate investments in the Emirate of Sharjah recorded around AED3.5 billion, while the real estate investments of other nationalities valued at about AED700 million."