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Sharjah Real Estate Boom Drives $7.6 Billion in Transactions, with 47% Volume Growth in 9 Months
Sharjah’s real estate sector is experiencing rapid growth, with a substantial rise in transaction volume and value by the end of September 2024.
Sharjah Real Estate Market Booms: 47% Growth in Transactions, AED28 Billion in 2024
In the first nine months of 2024, real estate transactions in Sharjah increased by 47% compared to the same period last year. The value of these transactions has reached AED28 billion ($7.6 billion), with a total of 69,078 transactions—a 16.5% increase over last year’s figures.
Sharjah Real Estate Market Growth
Sharjah’s real estate sector continues to attract a diverse range of investors, drawing interest from 114 nationalities. UAE citizens invested AED13.7 billion ($3.7 billion), acquiring 22,908 properties. Non-Emirati GCC nationals contributed AED1.7 billion ($463 million) in investments, with 1,166 properties. Meanwhile, Arab nationals invested AED5.1 billion ($1.4 billion) across 4,651 properties, and investors from other countries contributed AED7.5 billion ($2 billion) for 4,587 properties.
Sharjah Real Estate Sector Sees Strong Growth with Increased Transactions and Mortgage Values
The latest report from the Sharjah Real Estate Registration Department highlights strong growth indicators for the region. Total sales transactions, including usufruct sales and preliminary contracts, reached 17,000, marking a significant rise from 11,000 transactions during the same period last year.
Real estate mortgages also saw impressive activity, totaling AED7.5 billion ($2 billion) across 3,229 transactions.
Director General Abdul Aziz Ahmed Al Shamsi commended the ongoing initiatives and streamlined procedures that continue to bolster Sharjah’s real estate sector and drive its impressive results.
Strong Growth in Transactions and Development
He highlighted that the steady rise in real estate transactions reflects investors’ confidence in Sharjah’s market and their appreciation for
its comprehensive development approach.
He pointed to key drivers behind this growth, including a robust pipeline of development projects and the recent policy allowing non-citizens and GCC nationals to own property in Sharjah.
Additionally, the Director-General of the Sharjah Real Estate Registration Department observed a growing demand across all transaction types, including title deed issuances, real estate property subdivisions, and sales. The surge in initial contract transactions is attributed to public interest in development project units, signaling further growth for Sharjah’s real estate market.
During the first nine months of this year, eight new real estate projects were registered, comprising towers and commercial-residential complexes. Sales transactions across the emirate totaled 9,216, covering 88.2 million square feet across 220 traded areas.
Strong Growth Across Sectors and Locations
Sharjah city dominated real estate activity, recording 8,311 transactions across 120 areas with a trading volume of AED10.3 billion ($2.8 billion). “Muwailih Commercial” led in both transaction volume and value, reaching AED2.2 billion ($599 million) through 1,980 transactions. Following closely were “Rawdat Al-Qart ”with 839 transactions, Tilal with 676, and Al-Khan with 615.
Residential properties claimed the highest share, with 7,657 transactions, reflecting an 83.1% increase compared to the same period last year. Commercial properties followed, achieving 758 transactions and an 8.2% growth. Industrial properties recorded 653 transactions, marking a 7.1% increase, while agricultural properties accounted for 148 transactions, with a 1.6% rise.
This growth across property types highlights Sharjah’s appeal to a broad range of investors, underscoring the city’s expanding real estate market.
Conclusion:
Sharjah’s real estate market is experiencing significant growth across residential, commercial, industrial, and agricultural sectors, driven by high demand and strategic developments in key areas like Muwailih Commercial and Rawdat Al-Qart. This expansion reflects investor confidence and solidifies Sharjah’s position as a thriving real estate hub.
For more information on investing in Sharjah’s real estate market, get in touch with Odyssey Real Estate for expert guidance and the latest property opportunities.
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