7 billion dirhams traded value of Sharjah real estate in October

The value of real estate transactions in Sharjah during last October amounted to 7 billion dirhams, with a growth rate of 54.1% compared to the same month last year, according to the real estate transactions movement report issued yesterday by the Sharjah Real Estate Registration Department.

The real estate transactions report showed that last October witnessed the implementation of 12,539 real estate transactions, while the total areas traded in sales transactions amounted to about 15.3 million square feet.

The report revealed that sales transactions amounted to 1,964 transactions, representing 15.7% of the total transactions, which reflects the continuing demand for real estate assets in the emirate. Also, 599 mortgage transactions were recorded, representing 4.8% of the total transactions, with a value amounting to 2.2 billion dirhams.

The number of initial contracts reached 1,307 transactions, representing 10.4%, while property affidavits recorded 6,315 transactions, representing 50.4%, and 2,354 property deeds transactions were issued, representing 18.7% of the total number of transactions.

Sales transactions took place in 120 areas distributed across various cities and regions of the Emirate of Sharjah, and these properties included residential, commercial, industrial and agricultural lands. Regarding the type of real estate traded, 1,164 vacant lands were traded, while the number of built-up land transactions reached 414, while subdivided unit transactions reached 386 transactions.

The “Muwailih Commercial District 3” topped the list of the highest real estate deals in Sharjah during the month of October, as a sale deal for a built-up land worth 37 million dirhams was recorded, while the “Al Mamzar” area witnessed the highest real estate mortgage transaction during the same month with a value of 386 million dirhams on vacant land.

The total number of sales transactions in the city of Sharjah reached 1,710 transactions, and the “Al Sahmah” area topped the list of the highest areas in the number of sales transactions with 326 transactions, followed by the “Muwailih Commercial” area with 209 transactions, then the “Tilal” area with 163 transactions, and the “Al Sajaa Industrial Area” with 148 transactions.

As for the areas with the highest cash turnover, the “Al Sajaa Industrial Area” topped the list with 559.6 million dirhams, followed by the “Tilal” area with 359.8 million dirhams, then the “Umm Fannin” area with 280.3 million dirhams, then the “Muwailih Commercial” area with 255.3 million dirhams.