6 May 2022
Sharjah is witnessing strong recovery in its real estate sector with more than 21,615 real estate transactions worth approximately $1.71 bn (AED 6.3 bn) recorded during the first quarter of 2022.
In the quarterly performance report for the real estate sector in the emirate, the Sharjah Real Estate Registration Department revealed that the highest value of trades were recorded in March, with a total of $735 m (AED 2.7 bn),marking a 32.3 % increase compared to February 2021.
The director general of the Sharjah Real Estate Registration Department, Abdul Aziz Ahmed Al Shamsi, said: “The first three months of this year witnessed a remarkable growth in the performance of the real estate sector in the emirate in terms of monetary value, number of real estate transactions, and the total number of real estate transactions carried out by the various branches across Sharjah.” Al Shamsi, added that the results reflect the return of investment opportunities to grow the emirate’s real estate market.
In particular, the results indicate the sector’s recovery from the exceptional circumstances brought about by Covid and the restoration of sustainability in growth at the beginning of 2022.The real estate sector’s success is primarily driven by the increasing economic momentum spurred on by continuing government measures, which are indicated in the UAE’s 3.8 % GDP growth reported by the UAE Central Bank.
By sector, residential properties topped the list representing 72.1 % of the total properties sold, and recording a 17.3 % increase compared to the number of residential properties sold in the same period last year.Commercial land came accounted for 13.4 % of the total real estate sold in the first quarter of 2022, witnessing an increase of 45.5 %compared to the same period last year.Meanwhile, the industrial sector representing 10.8 % of the total real estate sold, and agricultural properties accounted for 3.7 % of the real estate traded.
Investors from 56 different nationalities engaged in real estate transactions in Sharjah during the first quarter of 2022. Investments from citizens of the UAE and the GCC amounted to nearly $1.36 bn(AED 5 bn), while the investment of citizens from other countries amounted to $353.9 m (AED 1.3 bn).