Sharjah’s Real Estate Transactions Topped AED24 Billion In 2022
The Real Estate Registration Department in Sharjah has revealed that real estate transactions during 2022 touched a remarkable AED24 billion.
Investments by the UAE nationals exceeded AED16.2 billion, while the rest of the GCC nationals' investments touched AED1.4 billion. Furthermore, Arab citizens investments amounted to AED4.2 billion, citizens of other countries invested AED2.2 billion.
The department’s annual report showed that there were as many as 7,267 sales transactions, a growth of 15.3 percent compared to 2021, while the total number of mortgage transactions stood at 4,648, with a total value of approximately AED10.1 billion.
Abdulaziz Ahmed Al Shamsi, Director-General of the Real Estate Registration Department, stressed that the results of the real estate sector during the past year confirm its outstanding contribution to enhancing the economic competitiveness of the emirate, and attracting major investments that consolidate the real estate sector and urban boom, in addition to development of services provided to institutions. “The results also reflect the individuals' economic well-being and a decent standard of life they enjoy in the emirate.”
He pointed out that the stability of the real estate market in the emirate over the past year reaffirms the investors' confidence in the emirate's economic strength and durability, and ability to respond to regional and global economic challenges. “These factors play a vital role in preserving the status of the emirate of Sharjah as an ideal destination for living and investing,” Al Shamsi emphasised.
He added that the development achieved in the real estate sector reflects the directives and vision of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the result of the constant follow up by H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah.
He pointed out that the past year witnessed stability in the emirate’s real estate market with an increase in the growth and diversity of the real estate product. The number of nationalities invested also increased while the total real estate transactions were on upward trajectory.
He also pointed out that the sector was supported by a number of new major real estate projects.
The additional package of real estate legislations and rules issued in 2022, provided expatriates and Gulf nationals with more options to own real estate units of all kinds. They can also use real estate development areas and projects in Sharjah according to specific terms and conditions. This was an incentive for owners and investors of all nationalities while, at the same time, it preserved a balance in population and urban distribution within the region.
The annual report showed many positive indicators, as real estate transactions increased by 8.6%, after the total number of transactions reached 91,507, compared to 84,238 transactions in 2021. The transactions include ownership deeds, mortgages, initial sales contracts, valuations, and others.
Sales transactions were of a wide variety in trading in the regions of the emirate of Sharjah, as the real estate transactions executed covered a total area of 67 million square feet, and the sale transactions were distributed to 198 areas in various cities of the emirate, whereas the Muwaileh commercial area ranked highest in the list. These areas accounted for 1,832 sales transactions with a total trading volume of about AED1.7 billion followed by Al Khan area with 911 transactions at a value of AED849.8 million.
Sales transactions of residential real estate amounted to 5,373 last year, including residential lands of all kinds and apartments. These transactions represented 73.9 percent of the total sales transactions.
Commercial real estate transactions represented 11.1 percent of the total with 807. As for industrial real estate, there had been 760 transactions which represent 10.5 percent of the total. Agricultural real estate transactions amounted to 327constituting 4.5 percent of the total.
As for the usufruct sale transactions in the emirate, there were 351 transactions during 2022, an increase of 24.5 percent compared to 2021. All these transactions came in real estate development projects in the city of Sharjah, with a total trading value of AED583.6 million.
The number of nationalities of investors also increased in 2022 to 85, compared to 77 in the previous year, while the total number of investors of all nationalities reached 17,931 investor, 12,948 were citizens of the GCC, and 3,725 investors were of other nationalities.There were also 1,258 investors who traded by the usufruct sale.
Gulf nationals’ traded 22,531 properties in 2022, 20,788 properties were traded by Emiratis, while investors of other nationalities traded 4,115 properties. Properties traded through usufruct sale reached 1,134, and made by investors from all over the world.