40 billion dirhams, the value of real estate transactions in Sharjah during 2024
SHARJAH, 22nd JANUARY / WAM / The real estate sector in the Emirate of Sharjah achieved exceptional and unprecedented growth during 2024 with a trading volume of 40 billion dirhams, a growth rate of 48% compared to 2023.
His Excellency Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, said that this trading volume is the highest achieved by the real estate sector in the emirate since 2008 and reflects the increasing demand from investors of different nationalities to buy real estate of various types, benefiting from the attractive investment environment and stable economic climate that it enjoys. The emirate, as the real estate sector has succeeded in attracting investors from 120 nationalities from various countries of the world.
He explained that the real estate sector in the emirate enjoys continuous support from His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, and continuous follow-up from His Highness Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Executive Council, which is reflected in the positive results being achieved. .
He added that the continuous rise in real estate transactions reflects investors’ confidence in the real estate market in the emirate and investors’ determination to own property and invest in Sharjah, noting that these positive results witnessed by the real estate sector in Sharjah herald more growth in real estate transactions in the future.
Al Shamsi also pointed out the role of population growth in the emirate and its direct impact on real estate demand, and this demand coincided with large investments in infrastructure projects such as developing roads and public facilities.
The number of nationalities traded reached 120 during 2024 compared to 103 nationalities traded in 2023, which is a positive increase that the real estate market in the emirate has witnessed for several years. The number of properties traded by investors of various nationalities also increased last year to reach 45,676 properties compared to 31,229 properties in 2023. This is due to multiple factors, most notably the strength of the infrastructure, the diversity of the available real estate product, and the decision to own property by non-citizens And Al Khaleejieen Real Estate in the Emirate of Sharjah.
As for the trading volume according to nationality, the investments of UAE citizens of the total cash circulation amounted to about 19.2 billion dirhams, representing 48% of the total. As for Gulf nationals, their investments amounted to 2.3 billion dirhams, representing 5.7%, while the investments of Arab citizens increased to 7 billion dirhams, equivalent to 17.5% Likewise, investments by citizens of other countries achieved a record high, totaling about 11.5 billion dirhams, which constitutes 28.8% of Total value of investments.
According to the number of properties traded, Emirati investors topped the list with 30,638 properties, followed by investors from India with 2,698 properties, then Syrian investors with 1,761 properties, followed by investors from Iraq with 1,012 properties, Egypt with 957 properties, and finally Pakistan with 865 properties.
The value of real estate mortgages amounted to 10 billion dirhams, which were completed through 2,558 mortgage transactions through 32 financing agencies. As for the highest areas in terms of the number of mortgage transactions, the Muwaileh commercial area topped the list with 457 transactions worth 2.1 billion dirhams, followed by the Umm Fannin area with 352 transactions worth 657 million dirhams. Then the Tilal area with 247 transactions worth 611 million dirhams, and the Al Khan area with 155 transactions worth 1.4 billion dirhams.
As for the utility sale transactions, they were distributed among 11 regions during 2024, through 652 transactions with a total value amounting to 1 billion dirhams. As for the highest areas in terms of the number of transactions, the Muwailih commercial area topped the list with 178 transactions with a value amounting to 166 million dirhams, followed by Umm Fannin area with 104 transactions with a value amounting to 186 million dirhams, then the Al Khan area with 93 transactions, worth 82.5 million Dirham.
As for initial contract sales transactions according to regions in the Emirate of Sharjah for the year 2024, the number reached 10,084 contracts with a value reaching 12 billion dirhams. As for the regions with the highest number of transactions, the Muwailih commercial area topped the list with 3,328 transactions with a trading value of 3.5 billion dirhams, followed by Al Qasimia City with 1,168 transactions with a trading value. 825 million dirhams, then the Tilal area with 861 transactions The trading value reached 2.9 billion dirhams.
Looking at the statistics of real estate projects, 14 new projects were registered in Sharjah during 2024 for residential, commercial and industrial uses, including 9 in the category of complexes and 5 in the category of towers, and 20,197 properties were traded in real estate development projects in the emirate during the year 2024.
The number of projects licensed by the Real Estate Development Projects Approval Committee in the emirate for ownership by all nationalities has increased to 25 real estate projects since the issuance of the decision, of which 8 projects received approval during 2024 and varied between complexes and towers for various residential, commercial and industrial uses, by taking advantage of Executive Council Resolution No. 30 of 2022 regarding… Non-citizens and Gulf nationals own real estate in the Emirate of Sharjah.
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