Sharjah Real Estate Trading Hits AED 18.2 Billion in H1 2024

Photo : Sharjah Govt Media Bureau

Sharjah's real estate sector has experienced a remarkable surge in trading value during the first half of 2024, marking a 35.6% increase from the same period in 2023. The total trading value for this period reached AED 18.2 billion, fueled by a significant rise in sales transactions which saw 10,809 deals, up from 6,592 last year.

This uptick in real estate activity is the highest recorded since 2012, according to a semi-annual report from the Sharjah Real Estate Registration Department. The surge in transactions is attributed to Sharjah's recent developmental leaps, which have bolstered investor and buyer confidence in the emirate's property market. The emirate’s attractive investment environment, unique advantages, and robust legislative framework are contributing factors to this growth.

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The semi-annual report reveals a 13.8% overall increase in real estate transactions this year. A total of 46,524 transactions were executed in the first half of 2024, compared to 40,876 transactions during the same period last year. These transactions encompass a wide range of real estate dealings including ownership certificates, initial sales contracts, ownership deeds, mortgages, and valuations.

Development Leaps and Economic Growth

Abdulaziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, highlighted that the substantial advancements in the real estate sector reflect Sharjah's broader economic growth. These developments align with the strategic vision set forth by His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, the Ruler of Sharjah, and His Highness Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah.

Al Shamsi emphasized Sharjah’s commitment to enhancing its economic position both locally and globally. The emirate’s diversified economy, attractive investment environment, and sustainable development projects are integral to this progress.

Market Highlights

The report indicates that Sharjah city led the real estate sales with 4,932 transactions in 109 areas, with the Muwailih Commercial Area recording the highest trading value. Residential properties, particularly residential lands, apartments, and built-in lands, were the most traded categories.

New developments in the first half of 2024 include seven new real estate projects, including residential complexes and mixed-use towers, totaling 16.2 million square meters. Notably, two projects—Anantara Sharjah Residences in Al Raffa and Faradis Tower in Al Mamzar—are available for purchase by expatriates and Gulf nationals.

Investment Diversity and Growth

The real estate sector has attracted investors from 106 nationalities worldwide. UAE citizens invested AED 8.8 billion in 17,390 properties, while GCC nationals contributed AED 1.1 billion in 620 properties. Arab investors put AED 3.5 billion into 3,021 properties, and other foreign investors invested AED 4.8 billion in 2,893 properties. Among the top investors, UAE nationals lead, followed by Indian, Syrian, Iraqi, Egyptian, and Jordanian investors.

Ongoing Development and Future Prospects

Sharjah’s real estate market continues to thrive, reflecting the emirate’s strategic advantages, top-notch infrastructure, and favorable economic conditions. This growth underscores the emirate’s role as a premier investment destination, driven by a balanced market and supportive legislative measures.

The Sharjah Real Estate Registration Department remains committed to enhancing and regulating the real estate sector, ensuring a robust and attractive market for future investments.

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