The real estate sector in Sharjah experienced remarkable growth in the first quarter of this year, with transactions reaching AED 10 bn, a significant 67.1% increase compared to the same period in 2023, Invest-Gate reports.
This surge can be attributed to the rise in various types of property transactions, including sales, leases, and preliminary contracts. There were 6,146 transactions totalling 6,146, compared to 3,011 transactions during the same period last year.
According to the quarterly report on real estate transactions issued by the Sharjah Real Estate Registration Department, 23,478 transactions were recorded during Q1 2024, reflecting a growth rate of 9.3% compared to the corresponding period last year. The total area transacted in sales reached 28.3 million square feet.
Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, attributed this success to the government’s support and directives from His Highness Sheikh Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, as well as the continuous efforts of Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah.
The variety of real estate projects launched by the government across different areas of Sharjah, along with its participation in specialized events like the Sharjah Real Estate Exhibition (Ekar), has played a significant role in showcasing the numerous investment opportunities in Sharjah, boosting confidence in the real estate market, attracting foreign direct investments, and stimulating continuous market activity.
Regarding property transactions during Q1 2024, residential transactions accounted for the majority, followed by commercial, industrial, and agricultural transactions. The total number of properties transacted reached 2,771, with vacant residential plots leading the list.
Also, the report revealed that investors from the UAE, India, Syria, Pakistan, and Jordan were among the top five nationalities conducting real estate transactions in Sharjah during this period.