Sharjah Recorded 165% Surge in Real Estate Investments in 2023

Sharjah Recorded 165% Surge in Real Estate Investments in 2023

According to the Sharjah Real Estate Registration Department, transaction volumes have reported a significant surge of 13.1%.

This saw it reach the highest level recorded after 2017, with the number climbing to a whopping AED 27.1 billion.

The rise

There was also a 21.2% rise in the diversity of nationalities investing in Sharjah as compared to 2022, as it climbed to 103.

There was an astounding 165% increase in the number of non-Arab foreign investors in terms of trading volume, while the number of properties traded rose by 131.7%.

Likewise, the mortgage transactions that were recorded also saw an increase in volume that led them to AED 7.5 billion.

The report highlighted a significant rise in property deed transactions by 7.5%, as they rose to 24,842. Meanwhile, the number of sales transactions spread across 232 diverse areas reached 8,731.

691 utility sales transactions were recorded, which were valued at AED 947.2 million. There was also a remarkable growth recorded in initial sales contract transactions.

In 2022, they recorded a rise of 38.4%, which pushed them to 6,442 and their total valuation was around AED 7.5 billion.

The drivers

The Director General of Sharjah Real Estate Registration Department, Abdulaziz Ahmed Al-Shamsi, highlighted the robust growth recorded by the real estate sector in Sharjah in 2023.

He said that the key drivers behind this growth were versatility and strength. The positive trend is also in line with the comprehensive economic development in the emirate.

It is also helped by the guidance of Ruler of Sharjah and Supreme Council Member, H.H. Sheikh Dr. Sultan bin Muhammed Al Qasimi.

Based on accurate data, the results show that the real estate market has seen sustained expansion in terms of area, transactions, investor engagement and size.

The launch of significant urban and diverse real estate projects has significantly propelled momentum further across residential, urban and commercial sectors.

The details

Real estate trades are dominated by the city of Sharjah, as it generated about 90% of the transactions. The total number of transactions that took place in the city stood at 7,859.

The remaining 10% of the real estate transactions were in the central region, Dibba Al-Hisn, Khor Fakkan and Kalba, which had 434, 224, 193 and 21 transactions.

Muwaileh Commercial area was at the forefront, as it had 1,586 transactions and AED 2.1 trading volume.

The area is renowned for its real estate development projects and it mostly focuses on lands and residential properties, primarily on spacious properties.

As far as statistics for 2023 are concerned, the emirate saw the launch of five new real estate projects, which included one tower and four compounds.

An area of 157,493 square meters was the total area covered, with the properties traded in real estate development projects standing at 14,713 throughout the year.

There was also a 12.4% increase in the total number of properties that investors from various nationalities traded in Sharjah.

The number had been 27,780 in 2022, but the number of properties traded in the last year reached an impressive 31,229.

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