The real estate trade in the emirate of Sharjah saw a significant increase of 35.6 percent in the first half of 2024, as compared to the same period in 2023, according to data released on Tuesday.
The Sharjah Real Estate Registration Department's semi-annual report valued the sector at Dh18.2 billion, primarily due to a rise in sales transactions, which reached 10,809, up from 6,592 in the previous year. This marks the highest real estate trade in H1 since 2012, attributed to the substantial developments in the emirate that have attracted investors and bolstered their confidence in the market, along with Sharjah's unique advantages.
The report highlights a surge of 13.8 percent in real estate transactions, with a total of 46,524 executed in H1 2024, compared to 40,876 in H1 2023. These transactions include ownership certificates, initial sales contracts, deeds, mortgages, and valuations.
Abdulaziz Ahmed Al Shamsi, the director-general of the Sharjah Real Estate Registration Department, emphasized that the sector's impressive growth is integral to the emirate's ongoing economic expansion and reflects the efficacy of its strategic economic and investment plans.
Al Shamsi also noted Sharjah's efforts to strengthen its economic standing through a diversified economy, a robust legislative framework, sustainable development projects, and accelerated urban development across various sectors. The emirate recorded 5,426 real estate sales transactions, spanning 55.1 million square feet across 192 areas, with Sharjah city leading in sales at 4,932 transactions in 109 areas.
Residential lands were the top-selling category with 1,994 properties, followed by residential apartments at 1,454, and built-in residential lands at 788. The main branch of the Sharjah Real Estate Registration Department accounted for 96.5 percent of the total trading value in H1 2024.
During the first half of 2024, seven new real estate projects were launched, including residential complexes and towers, totaling 16.2 million square meters. Notably, two projects were licensed for sale to expatriates and Gulf nationals.
Investment in the emirate spanned 106 nationalities worldwide, with UAE citizens leading in property investments at Dh8.8 billion in 17,390 properties, followed by GCC citizens, Arab citizens, and others.
