|14 July, 2019

Sharjah records $4bln worth of real estate transactions in H1 2019

Residential properties ranked first in terms of sales transactions, constituting 69.7% of the total transactions recorded.

Image used for illustrative purpose. Skyline of Sharjah, Sharjah City, Emirate of Sharjah, United Arab Emirates, Arabia, Persian Gulf near East.

Image used for illustrative purpose. Skyline of Sharjah, Sharjah City, Emirate of Sharjah, United Arab Emirates, Arabia, Persian Gulf near East.

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SHARJAH- AED14.7 billion worth of real estate transactions were recorded in the Emirate of Sharjah in the first half of 2019, according to a latest report of the Sharjah Real Estate Registration Directorate, SRERD.

Abdul Aziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Directorate in Sharjah, said that 27,588 total transactions were recorded that covered 24 million feet in area. Most of them in May with dealings worth over AED6 billion.

The real estate sector in the Emirate has become the main reason of attraction for local, Arab and foreign investors, he added. Al Shamsi noted, "The advanced infrastructure, proactive legislation, economic stability, and strategic location are further elements of attraction that promote the image of Sharjah as a leading global investment destination in the real estate sector." According to the H1 report, up to 1,893 sales transactions and 1,588 initial sale contracts transactions were recorded. In Sharjah city, alone sales transactions stood at 1,704.

These transactions covered 91 areas, led by Muwaileh Commercial Area, followed by Al Khan, and Al Nahda which ranked third. However, the Muwaileh Commercial Area ranked first in the city of Sharjah in terms of the number of dealings.

Residential properties ranked first in terms of sales transactions, constituting 69.7 percent of the total transactions recorded.

These were followed by commercial properties (17.8 percent), industrial properties (10 percent), and agricultural properties (2.5 percent). Investors from 37 nationalities worldwide have invested in the real estate sector of the emirate of Sharjah in the first six months of 2019. "GCC nationals’ real estate investments in Sharjah exceeded AED11.8 billion, while the real estate investments of other nationalities were valued at over AED2.8 billion," Al Shamsi concluded.

© Copyright Emirates News Agency (WAM) 2019.