Sharjah Real Estate Transactions Valued At AED2.4 Billion In May 2023
The emirate of Sharjah's real estate activity during May 2023 logged a total value of AED 2.4 billion, futher enhancing Sharjah's position as an ideal destination for investors, businessmen, and families.
The Real Estate and Mortgage Report issued by Sharjah Real Estate Registration Department (SRERD) revealed that 3,540 transactions were recorded in various regions and cities of the emirate, as the total volume of the area traded in Sharjah reached 8.7million square feet during the aforementioned period.
The results of the report also indicated that the real estate sector has maintained its leading position as a preferred choice for those wishing to buy or invest in the emirate. Additionally, there was an increased level of demand for housing in the various regions and areas of Sharjah, as it is characterised by its variety in terms of geographical location, and the diversity of options with suitable living costs and infrastructure.
The developed and integrated infrastructure, supported by a high level of investment returns in real estate units, was reflected in the growth of the desire of citizens, residents, and investors to own land and new housing units in order to settle and invest in an environment which provides security, peace, growth, and prosperity.
Moreover, the results of real estate transactions during May 2023 highlight the importance of the competitive advantages offered by Sharjah to local, Arab, and foreign investors, in line with the sustainable development plans set by the emirate, within the framework of the economic diversification policy adopted by the wise government to build a strong, sustainable, and expanded economy.
The Department's statistics indicated that the total number of transactions executed during May reached 3,540 transactions, as the number of sales amounted to 995 transactions, or 28.1 percent of the total number of transactions. Additionally, the number of mortgage transactions amounted to 733, which is 20.7 percent of the total transactions, and with a total value of AED 709.7 million, while the remaining transactions of other disposals amounted to 1,812 transactions, or 51.2 percent of the total number of transactions.
The sales transactions took place in 106 areas distributed among various parts and regions of Sharjah, while these properties included residential, commercial, industrial, and agricultural lands. With regard to the type of traded real estate, 295 lands were traded, and the number of built in land transactions reached 300, while the number of transactions of units sold in towers reached 400 out of the total number of transactions.
The report also showed that Mezair`ah area topped the list of areas with the highest number of sales transactions in Sharjah with 158 transactions, followed by Muwaileh Commercial area with 155 transactions, Al-Khan area with 87 transactions, and Al-Mamzar area with 74 transactions.
As for the areas with largest volume in terms of monetary value, Muwaileh Commercial area topped the list with a value of AED 160.6 million, followed by Al-Nahda with a value of AED 75.8 million, the Industrial Area No. 12 with a value of AED 75.5 million, and Al-Sajaa Industrial area with AED 63.2 million.
As for the transactions executed in the central region, they were focused on Al Qasimiah with 43 transactions, and a value of AED 23.7 million.
In Khorfakkan, the areas of Al Baradi 2, Al Baradi 7, Al Mudeife 3, and Al-Zubara witnessed two transactions for each of these areas, while Al Sharg area was the highest area in terms of value which reached AED 3.8 million. As for Kalba, Industrial area and Kalba Industrial area topped with 4 transactions each, while the Industrial Area recorded the highest value, which amounted to AED 1.9 million.