SHARJAH, The real estate sector in the Emirate of Sharjah has recorded a 5.1 percent growth in the total real estate transactions concluded over the year 2020, as compared to 2019.
Figures show that 64,459 real estate transactions, worth AED15.9 billion, were sealed last year.
Abdul Aziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Department, stated that the real estate sector in the emirate has seen a quantum leap due to the support of His Highness Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the follow-up of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Chairman of the Executive Council of Sharjah.
“This is apart from the supportive efforts of the government that has adopted a series of stimulating decisions that helped the real estate sector not only to overcome the crisis caused by the COVID-19 pandemic but prosper and grow.”
Reducing the fees on the sale value from four percent to two percent for non-GCC purchasers has led to a significant increase of 32.5 percent in sales sealed last year by non-GCC investors, Al Shamsi revealed. “This major decision, along with the latest stimulus package, has boosted the economy of the emirate, and attracted direct foreign investments to the real estate sector.”
Al Shamsi declared that his teams spared no effort to process all transactions and perfectly provide all the services needed, while strictly observing all health, safety and security protocols.
The real estate dealings recorded across the emirate last year included 12,248 ownership deeds, 4,644 initial sale transactions, 2,745 mortgage transactions, 39,444 ownership certificate transactions, 765 valuation transactions, and 4,613 other transactions.
Up to 3,773 sales transactions were recorded across the emirate last year, in comparison to 3,328 registered in 2019, constituting growth of 13.4 percent. These covered a total area of 56 million square feet. Most of these transactions were recorded in Sharjah city with 3,292 valued at AED4.6 billion. The transactions covered 100 areas, led by Hoshi and Al Khan that constituted 38.5 percent of the total sales transactions sealed in Sharjah city.
The areas of Hoshi, Al Khan, Al Nahda, Al Tai, and Al Majaz-3 recorded the highest sales, constituting 60.4 percent of the total transactions registered in Sharjah City. Most real estate projects were launched in Muwaileh, Hoshi, and Al Tai areas, whereas most residential apartments were recorded in Al Khan, Al Nahda and Al Majaz-3. However, Al Khan area recorded the highest value transactions worth AED531 million.
The Central Region recorded 125 sales transactions, worth AED108 million, across 40 areas. The highest transactions in the Central Region were at Al Malha and Al Taiba-2 areas with 35 transactions. These constituted 28 percent of the total transactions sealed in the Central Region. The remaining sales transactions, exactly 90, were concluded in 38 areas of the Central Region.
Meanwhile, Khor Fakkan city recorded 127 transactions, worth AED88 million, in 15 areas. The highest transactions recorded in the city were at Al Harrai Commercial and Al Midifi areas, with 41 transactions. These constituted 32.3 percent of the total transactions sealed in the city. The remaining transactions in the city, numbering 86, were concluded in 13 other areas.
Dibba Al Hisn recorded 36 sales transactions, worth AED27 million. These were sealed at five areas of Dibba Al Hisn, led by Al Shamali District with 13 transactions. These constituted 36.1 percent of the transactions concluded in the city.
Kalba city recorded 193 sales transactions, worth AED92 million, in 28 areas. The highest transactions recorded in the city were at Al Saf and Kalba Industrial areas with 67. These constituted 34.7 percent of the total transactions concluded in Kalba city. The remaining transactions in the city, numbering 126, were sealed in 26 areas.
The emirate recorded 105 usufruct transactions, worth AED129 million, last year. These were led by Al Nahda area where 56 benefit sale transactions were sealed.
As for the sales transactions in terms of property classification, the residential properties ranked the highest of the total properties traded in 2020, constituting 75.3 percent of the transactions sealed last year. These included 1,006 residential vacant lands, followed by 901 residential apartments, and 712 residential built-up lands. The commercial properties ranked second with 11.1 percent of the total properties traded last year, while the industrial properties placed third with 10.4 percent of the total properties traded. Finally, the agricultural properties recorded 3.2 percent of the properties traded in 2020 due to the ownership restrictions limited to the locals.
People from 61 nationalities invested in the emirate last year. These included 11,230 GCC and Emirati investors who traded 14,583 properties, worth AED12.9 billion, and 2,189 foreign investors who traded 2,303 properties, worth AED3 billion.
Source: Emirates News Agency