Sharjah realty transactions hit AED3.6 billion in Q1

The Emirate of Sharjah has recorded up to 18,537 real estate transactions totalling AED3.6 billion in the first quarter of 2020, revealed a report by the Sharjah Real Estate Registration Department, SRERD.

The said transactions were recorded in 129 areas in the emirate covering 8.9 million square feet, according to Abdul Aziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Department.

Al Shamsi paid tributes to the incentives and decisions recently approved by the Government of Sharjah to assist government and private institutions, business sectors and individuals.

“These included a three-month exemption from annual fees for economic establishments,” he said. “The decisions covered all aspects of institutional and community work.”

“This also underscores the position of Sharjah as an attractive and supportive environment for business, foreign and direct investments, as well as local, regional and global investors,” Al Shamsi added.

He noted up to 3,204 title deeds transactions were recorded, in comparison to 883 initial sale contracts transactions, 750 transactions mortgage deals, and 234 assessments transactions.

Up to 729 sales transactions were registered across the Emirate in the first quarter of the year. Most of these were recorded in Sharjah city with 632 transactions valued at AED 967,402,709. These covered 75 regions, led by Al Khan, Al Nahda, and Al Tai, where most apartments were registered.

The Central Region recorded 20 sales transactions, valued atAED11,630,311, across 19 areas, as compared to 32 transactions, valued at AED 26,180,557, across 13 areas in Khor Fakkan, and 40 transactions, totalling AED15,830,000, across 18 areas in Kalba city, and five sales transactions, reaching AED3,623,500, across four areas in Dibba Al Hisn.

Residential properties ranked first in the sales transactions in the first quarter of the year with 507 transactions, that constituted 69.5 percent of the total transactions. These were followed by the industrial properties with 101 transactions, or 13.9 percent, the commercial properties with 97 transactions, or 13.3 percent, and finally the agricultural properties with 24 transactions, or 3.3 percent of the total transactions.

Up to 750 mortgage transactions, worth AED1.9 billion, were recorded in Sharjah in the first quarter of the year.

Investors from 37 nationalities worldwide were involved in the reported real estate transactions in the Emirate of Sharjah in the first three months of the year 2020.

These included 2,896 GCC investors who traded 3,614 properties, worth AED3.1 billion, and 500 foreign investors who traded 473 properties, worth AED500 million.