Monday 10 August 2020
 
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4.1% GROWTH

Sharjah records $1.68bn property deals in H1

SHARJAH, 11 days ago

The northern UAE emirate of Sharjah has recorded nearly 28,710 real estate transactions worth Dh6.2 billion ($1.68 billion) during the first six months, up 4.1 per cent over the same period last year.
 
The sales transactions recorded in the first half totalled a 15.3-million-sq-ft area, according to the latest report of the Sharjah Real Estate Registration Department (SRERD).
 
Residential properties topped the list with 845 deals constituting 69.4 per cent of the total transactions followed by the commercial properties with 166 transactions (13.6 per cent), the industrial properties with 166 transactions (13.6 per cent) and finally the agricultural properties with 41 transactions (3.4 per cent).
 
As for the number of traded properties - be they residential, commercial or industrial, these were led by 393 transactions of constructed lands, followed by 365 empty lands transactions, and 340 residential apartments transactions.
 
Investors from 44 nationalities worldwide were involved in the reported real estate transactions in the Emirate of Sharjah in the first six months of the year 2020.
 
These included 4,392 GCC investors who traded 5,584 properties, worth AED5.4 billion, and 630 foreign investors who traded 633 properties, worth AED853 million.
 
SRERD Director General Abdul Aziz Ahmed Al Shamsi said this proves that the real estate sector in Sharjah is founded on strong bases and pays much attention to the infrastructure development projects across the emirate.
 
Al Shamsi appreciated the stimulus packages and decisions recently approved by the government in support of government and private institutions, business sectors and individuals.
 
"These included a three-month exemption from annual fees for economic establishments. The decisions covered all aspects of institutional and community work," he stated.
 
Al Shamsi pointed out that the advanced roads, new tourist utilities, and development projects in all the major areas of Sharjah have considerably attracted the investors and businessmen to stay and invest in the emirate, and add to their trust in the emirate’s economy and promising future.
 
Up to 1,166 mortgage transactions, worth AED2.8 billion, were recorded in Sharjah in the first half of the year. Also, up to 1,218 sales transactions were registered across the emirate during the period. 
Most of these were recorded in Sharjah city with 1,030 transactions valued at AED1.6 billion. These covered 86 areas, led by Al Khan, Al Nahda, and Al Tai; constituting 46 percent of the total city transactions. Up to 183 sales transactions, worth AED229 million, were recorded in Al Khan area.
 
According to him, the recent government decisions to offer long-term residence visas up to 10 years for investors, residents, retirees and those wishing to study in the academic institutions nationwide have had a significant impact in this regard.
 
"Foreigners in the Emirate have also been given the usufruct to enjoy all the advantages and uses in various real estate projects, and that has remarkably boosted the trust of local, Gulf, Arab and foreign investors," he emphasised.
 
Al Shamsi said the main branch accounted for 96 percent of the total real estate transactions recorded in the first half of this year.
 
The Central Region recorded 39 sales transactions, worth AED32.9 million, across 23 areas. The highest turnover in the Central Region was AED8.3 million that was recorded in the Blida area.
 
Up to 57 transactions, worth AED44.9 million, were recorded across 15 areas in Khor Fakkan. The highest turnover in the Khor Fakkan was AED7.1 million that was recorded in the Hayawa area.
 
These are compared to 11 sales transactions at four areas in Dibba Al-Hisn city, led by the North District, which recorded six transactions valued at AED3 million. The Kalba city recorded 81 sales transactions, worth AED32.2 million, in 24 areas, led by a transaction, worth AED4.6 million, at Al Saf area.-TradeArabia News Service



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