The real estate sector in the Emirate of Sharjah has recorded a 5.1% growth in the total real estate transactions concluded over the year 2020, as compared to 2019. Figures show that a vast amount of 64,459 real estate transactions, worth AED 15.9 billion, were sealed last year, 2020.

H.E Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, stated that the real estate sector in the Emirate of Sharjah has seen quantum leaps due to the incessant support of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, May Allah protect him, and the follow-up of H.H Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, Chairman of the Executive Council of Sharjah.

“This is apart from the supportive efforts of the Government that has adopted a series of stimulating decisions that helped the real estate sector not only overcome the Covid-19 pandemic crisis but rather prosper and grow.”

Al Shamsi added that the premium real estate projects launched in 2020 have helped revive the real estate transactions despite the pandemic. “Various commercial and industrial projects were launched,though,” he said, urging the real estate developers to study the realty market, and identify the needs of the investors to come up with appropriate, competitive and valuable real estate products for both parties.”

Reducing the fees on the sale value from 4% to 2% for non-GCC purchasers has led to a significant increase of 32.5% in the number of the sales sealed last year by non-GCCinvestors, Al Shamsi revealed. “This major decision, along with the latest stimulus package, have boosted the economy of the Emirate, and attracted direct foreign investments to the real estate sector.”

Paying tributes to the Department employees, Al Shamsi declared that his teams spared no effort to process all transactions and perfectly provide all the services needed, while strictly observing all health, safety and security protocols.

“Many of the Department services were offered through electronic means; while an advance-appointment system was activated for the transactions that require personal attendance. Full attention was paid to sanitization and social distancing that the workflow went uninterrupted despite the Covid-19 pandemic. The investors, developers and all the different real estate parties were satisfied.”

TransactionClassification

The real estate dealings recorded across the Emirate of Sharjah last year included 12,248ownership deeds, 4,644 initial sale transactions, 2,745 mortgage transactions, 39,444 ownership certificate transactions, 765 valuation transactions, and 4,613 other transactions.

Mortgage transactions

Mortgage transactions recorded 2,745, worth 7.3 billion in Sharjah last year.

Sales transactions per area

Up to 3,773 sales transactions were recorded across the Emirate of Sharjah last year, 2020, in comparison to 3,328 sales transactions registered in 2019; constituting a growth of 13.4%. These covered a total area of 56 million square feet. Most of these sales transactions were recorded in Sharjah citywith3,292 transactions that valueAED 4.6 billion. The transactions covered100 areas, led by Hoshiand Al Khan that constituted38.5% of the total sales transactions sealed in Sharjah city.

The areas of Hoshi, Al Khan, Al Nahda, Al Tai, and Al Majaz-3 recorded highest sales, constituting 60.4% of the total sales transactions registered in Sharjah city. Most real estate projects were launched in Muwaileh, Hoshi, and AlTai areas, whereas most residential apartments were recorded in Al Khan, Al Nahda and Al Majaz-3. However, Al Khan area recorded the highest value transaction worth AED 531 million.

The Central Region recorded 125 sales transactions, worth AED 108 million, across 40 areas. The highest sales transactions in the Central Region were at Al Malha and Al Taiba-2 areas with 35 transactions. These constituted 28% of the total sales transactions sealed in the Central Region. The remaining sales transactions, exactly 90 dealings, were concluded in 38 areas of the Central Region.

Meanwhile, Khor Fakkan city recorded 127 transactions, worth AED 88 million, in15 areas. The highest sales transactions recorded in Khor Fakkan city were at Al Harrai Commercial and Al Midifi areas, with 41 transactions. These constituted 32.3% of the total sales transactions sealed in Khor Fakkan city. The remaining sales transactions in the city, exactly 86 dealings, were concluded in 13 areas of Khor Fakkan city.

Dibba AlHisn recorded 36 sales transactions, worth AED 27 million. These were sealed at 5 areas of Dibba AlHisn, led by Al Shamali District with 13 transactions. These constituted 36.1% of the sales transactions concluded in Dibba Al Hisn city.

Kalba city recorded 193 sales transactions, worth AED 92 million, in28 areas. The highest sales transactions recorded in the city were at Al Saf and Kalba Industrial areas with 67 transactions. These constituted 34.7% of the total sales transactions concluded in Kalba city. The remaining sales transactions in the city, exactly 126 dealings, were sealed in 26 areas.

Usufruct Transactions

The Emirate of Sharjah recorded 105usufruct transactions, worth AED 129 million, last year, 2020. These were led by Al Nahda area where 56 benefit sale transactions were sealed.

Residential properties in the lead

As for the sales transactions in terms of property classification, the residential properties ranked the highest of the total properties traded in 2020; constituting 75.3%of the sales transactions sealed last year. These included 1,006 residential vacant lands, followed by 901 residential apartments, and 712 residential built-up lands. The commercial properties ranked second with 11.1%of the total properties traded last year, while the industrial properties placed third with 10.4% of the total properties traded. finally, the agricultural properties recorded 3.2% of the properties traded in 2020 due to the ownership restrictions limited to the locals of the emirate of Sharjah.

Investors from 61 nationalities

Investors from 61 nationalities invested in the Emirate of Sharjah last year, 2020. These included 11,230 GCC and Emirati investors who traded 14,583 properties, worth AED 12.9 billion, and 2,189 foreign investors who traded 2,303 properties, worth AED 3 billion.

The Emirate of Sharjah witnesses a remarkable surgein the number of nationalities investing from across the globe. This is mainly due to several reasons,such asthe solid infrastructure, quality services, diversity of real estate products, and incessant development of the legislative environment in the Emirate.