The real estate sector of Sharjah has recorded significant growth during the third quarter (Q3) of 2021, as the monetary value of transactions reached $1.5 billion by the end of September, through 16,781 transactions, as per a report issued by Sharjah Real Estate Registration Department (SRERD).
The increase in the number of deals marked a growth of 22.7 percent compared to the same period last year, while the volume of area circulated in sales transactions amounted to about 16.5 million square feet.
The growth in Sharjah’s real estate sector reflects the recovery from the impact of the pandemic and confirms the confidence of investors in the market. The series of economic incentives and facilities launched by the Executive Council has also contributed towards this growth.
“The real estate sector in the emirate has returned to its pre-pandemic situation, thanks to the support received from H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the series of measures and incentives taken by our wise government to encourage investment. The Emirate of Sharjah has become, thanks to this generous sponsorship, an attractive environment for investors from inside and outside the country, as this report explains.”
The main branch of SRERD accounted for 94.7 percent of the total monetary value of real estate transactions recorded in the emirate. In comparison, the rate in other branches accounted for 5.3 percent of the total value. The Central Region branch achieved a monetary value rate of 3.6 percent, while the Khor Fakkan branch amounted to 0.5 percent. The Dibba Al-Hisn branch recorded 0.2 percent, and the Kalba branch accounted for one percent of the total monetary value.
The ownership deed transactions increased by 34.4 percent and sales transactions increased by 52.5 percent, compared to the same period last year, indicating investors’ interest in the emirate.
The ownership certificates transactions topped all others with 9,629, followed by ownership deed transactions with 4,758 transactions. Then came 1,160 transactions of initial sales contracts and 990 mortgage transactions, while there were 244 valuation transactions. The total number of mortgage transactions amounted to 990, at $650 million.
The number of sales transactions in the various regions of the emirate during Q3 2021 recorded 1,662, with an increase of 52.5 percent compared to the same period last year. Most sales took place in Sharjah, with 1,542 transactions in 93 different areas, amounting for $600 million. In addition, 64 percent of sales transactions were confined to five areas: Al Khan, Muwailih Commercial, Al Rigaibah, Al Saja’a Industrial and Hoshi, all through 987 transactions, while the remaining 36 percent of sales transactions were distributed over 88 districts.
When classifying sales transactions by the type of property, residential transactions accounted for the largest share, with 1,262, and a rate of 76 percent during Q3 2021. Industrial transactions came in second with 206 at 12.4 percent, followed by 152 commercial transactions at a rate of 9.1 percent. Agricultural transactions went at the end with 42, accounting for 2.5 percent.
Persons from 50 nationalities invested in Sharjah. The investments of Gulf Cooperation Council (GCC) citizens, including Emiratis, amounted to 4,874 properties worth nearly $1.2 billion. Furthermore, citizens of other countries, including Arab nations, invested in 1042 properties worth $330 million.