SHARJAH / WAM
The real estate sector in the emirate of Sharjah has shown significant growth during Q3 2021, as the monetary value of real estate transactions amounted to AED5.7 billion by the end of September, through 16,781 transactions, according to a report issued by the Sharjah Real Estate Registration Department.
These numbers marked a growth rate 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.
Abdulaziz Ahmed Al Shamsi, Director-General of Sharjah Real Estate Registration Department, stated that “The real estate sector in the emirate has returned to its previous situation before the pandemic, thanks to the great support received from HH Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the follow-up of HH Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Executive Council of Sharjah, in addition to measures and incentives taken by our wise government.”
Al Shamsi also explained that “life is returning to normalcy in Sharjah after recovering from Covid-19 pandemic,” noting that “the great growth that has been achieved in the real estate sector in Sharjah reflects this recovery and proves the confidence of investors in the real estate market, especially after the series of economic incentives and facilities launched by the Executive Council in November of 2020, which contributed to the continuation of the increase in the volume of real estate transactions compared to the previous year.”
The main branch accounted for 94.7 percent of the total monetary value of real estate transactions recorded in the emirate, while the monetary value in other branches accounted for 5.3 percent of the total monetary value during Q3 2021.
The Central Region branch achieved a monetary value rate of 3.6 percent, while the monetary value rate in the Khorfakkan branch amounted to 0.5 percent. Moreover, the Dibba Al-Hisn branch recorded 0.2 percent, and as for the Kalba branch, it accounted for 1percent of the total monetary value.
There is a remarkable increase in the department’s total transactions during Q3 2021, compared to the same period last year, which indicates the withdrawal of the Covid-19 crisis, where the increase in total transactions reached 12.9 percent.
The ownership deed transactions increased by 34.4 percent compared to the same period last year, and sales transactions increased as well by 52.5 percent compared to the same period last year, which indicates investors’ interest in investment in the emirate.
The ownership certificates transactions topped all other transactions, amounting to 9,629 transactions, followed by ownership deed transactions with 4,758 transactions, then comes the transactions of initial sales contracts with 1,160 transactions, and mortgage transactions with 990 transactions, while the valuation transactions came in last place with 244 transactions.
The total number of mortgage transactions in the various areas of Sharjah during Q3 2021 amounted to 990 transactions, with a value of AED2.4 billion.
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 transactions took place in Sharjah with some 1,542 transactions which were in 93 different areas of Sharjah, amounting to AED2.2 billion.
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 36percent of sales transactions were distributed over 88 districts.
The sales transactions in the central region were 42 transactions amounting to AED40.2 million, and distributed over 20 areas, and were concentrated in Al- Malha which accounted for 28.6 percent of the total sales transactions which were made through 12 transactions, while the remaining 30 transactions were distributed over other areas in the central region.
As for the city of Khorfakkan, the sales transactions reached 24 transactions worth AED12 million. Al Harai industrial and Al Harai commercial areas accounted for 46 percent of the sales transactions in the city, while the remaining 13 transactions were distributed among nine other areas in the city.
Regarding sales transactions in the city of Dibba Al-Hisn, they were six transactions worth AED4.3 million, distributed over the city areas and mainly in Hay Alshamali which recorded three sales transactions that constituted 50 percent of the total number of sales transactions in the city.
Moreover, the city of Kalba carried out 48 sales transactions amounting to AED27.6 million, distributed over the city, and particularly in the Industrial and Al Saf areas where the percentage of sales transactions reached 43.8 percent of the total sales transactions in the city with 21 transactions. The rest 27 transactions were distributed across 15 areas in Kalba.
The number of Usufruct sale transactions in Sharjah during Q3 2021, reached 80 transactions, with a value of AED105 million, led by Al Khan area where 40 sales transactions were carried out, with a value of AED37.9 million.
When classifying sales transactions by the type of property, residential transactions accounted for the largest share, with 1,262 transactions, and a rate of 76 percent during Q3 2021. The industrial transactions came in second place with 206 transactions rating 12.4 percent, followed by commercial transactions with 152 transactions and a rate of 9.1 percent. Finally came the agricultural transactions with 42 transactions, which accounts for 2.5 percent.
During Q3 2021, investors of 50 nationalities invested in Sharjah. The investments of GCC citizens, including Emiratis, amounted to about AED4.5 billion, with 4,874 properties. Furthermore, the investment of citizens of other countries, including the Arab countries, amounted to AED1.2 billion for 1,042 properties.