Sharjah real estate booming with $5.2bn of transactions in 2023

The Sharjah Real Estate Registration Department recently disclosed that during the first nine months of the year, real estate transactions in Sharjah amounted to AED19bn ($5.2bn). This impressive figure marks a 14.6% increase compared to the same timeframe last year. Additionally, mortgages during this period were valued at AED4.4bn ($1.2bn).

Diving deeper into the data, the report highlighted that sales transactions across the emirate totaled 6,342, with a combined value of AED7.9bn ($2.2bn). The city of Sharjah itself was a hotspot, accounting for 5,734 of these transactions across 114 distinct areas, summing up to AED7.5bn ($2bn). The Muwailih Commercial area stood out, recording 1,164 transactions valued at over AED1.5bn ($408m), with other regions like Muzaira’a, Al Khan, and Hoshi also seeing significant activity.

Abdulaziz Ahmed Al-Shamsi, Director General of the Sharjah Real Estate Registration Department, observed: “The strong and rising positive results in this sector in Sharjah indicate a promising future for real estate investment that meets the requirements of the next stage, and accommodates the needs of urban development in the emirate, especially with the population growth and the continued launch of major real estate projects in various cities and regions of Sharjah, which are projects that combine sustainability elements to meet the preferences of investors and owners alike”.

Al-Shamsi further noted the diversity of nationalities investing in the emirate, viewing it as a strength that fosters competition and offers a broader range of real estate options to cater to various preferences and needs.

Source: Arabian Business