Sharjah24: The real estate market in Sharjah continues its strong growth in 2024. According to a report on the “Real Estate Transactions” issued by Sharjah Real Estate Registration Department. According to the report, October witnessed the highest real estate transaction volume from the beginning of the year, reaching AED 4.4 billion across 4,883 transactions, with a total of 14 million square feet.
Rapid growth of Sharjah real estate
Sharjah real estate is considered one of fastest-growing sectors in the United Arab Emirates, playing a major role in strengthening the local economy and meeting the growing needs of the population. It has flourished significantly in recent years thanks to government policies that encourages foreign investment and supports new residential, commercial, and industrial projects. The Sharjah government is also working to provide an attractive investment environment through freehold laws for foreigners in specific projects, which had contributed to attracting capital and investors from both within and outside the UAE.
4,883 transactions in October
In detail, the report's statistics revealed that the total number of transactions reached 4,883, with sales transactions accounting for 1,415, representing 29% of the total number of transactions. As for mortgage transactions, they reached 443, representing 9.1% of the total transactions, with a value of AED 1.3 billion. Lastly, the number of other transactions reached 3,025, representing 61.9% of the total number of transactions.
Sales transactions across 126 areas
The sales transactions occurred across 126 areas distributed across the various cities and regions of Sharjah, and these properties included residential, commercial, industrial, and agricultural lands. In terms of the type of traded property, there were 693 transactions for lands, 450 for units sold in towers and 272 for the built-in lands’ transactions.
"Al-Mamzar" recorded the highest deals
"Al-Mamzar" area recorded the highest real estate deal on a land valued at AED 62 million. The area also recorded the highest mortgage transaction during the same month on a vacant land valued at AED 386 million.
“Muwailih Commercial” is the most active
The total number of sales transactions reached 1,145, and “Muwailih Commercial” area continued lead the list of areas with the highest number of sales transactions, recording 257 transactions, followed by “Al-Khan” area with 106, “Muzeirah” area with 92, and “Tilal” area with 81 transactions.
As for the areas with the highest trading volume, “Muwailih Commercial” area also topped the list with a trading volume of AED 258.6 million, followed by “Tilal” area with AED 161.6 million, “Al-Sajaa Industrial” area with AED 130.5 million, and “Al-Khan” area with AED 83.2 million.
In the Central Region, the total sales transactions reached 226 with the majority in “Al-Qasimia City” with 193 transactions, which was also the highest area in terms of trading volume, amounting to AED 133.6 million.
As for “Khorfakkan”, it recorded 23 sales transactions, with "Al-Harai Industrial District” and “Al-Harai Commercial District" leading the list with 5 transactions each. The highest area in terms of trading volume was "Hay Al-Zubara" area which recorded AED 2 million.
Finally, and in “Kalba” city, 19 sales transactions took place, led by the areas of "Sur Kalba Commercial” and “Al-Tarif 5" with 3 transactions each, while "Al-Tarif 1" area was the highest area in terms of trading volume, which amounted to AED 4.1 million.
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