Sharjah’s real estate transactions top $6.5bn in 2022
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Sharjah’s real estate transactions top $6.5bn in 2022

Sharjah’s real estate transactions top $6.5bn in 2022

The total number of real estate transactions in 2022 reached 91,507, compared to 84,238 recorded during the previous year

Sharjah’s real estate transactions topped $6.5bn in 2022

Sharjah recorded real estate transactions worth over Dhs24bn ($6.53bn) during 2022, the emirate’s real estate registration department has said.

The emirate’s reported 91,507 real estate transactions last year, increasing 8.6 per cent from 84,238 transactions recorded during 2021. These included ownership deeds, mortgages, initial sales contracts and valuations, among others, official news agency WAM reported.

A total of 7,267 sales transactions were conducted across the emirate last year, growing 15.3 per cent compared to 2021, according to the department’s annual report. Meanwhile, the total number of mortgage transactions stood at 4,648, with a total value of approximately Dhs10.1bn.

Abdulaziz Ahmed Al Shamsi, director-general of the real estate registration department said that the stability of the real estate market in the emirate over the past year reaffirms the investors’ confidence in the emirate’s economic strength and durability, and ability to respond to regional and global economic challenges.

“These factors play a vital role in preserving the status of the emirate of Sharjah as an ideal destination for living and investing,” he added.

Sales transactions were distributed across 198 areas in various cities of the emirate, with the Muwaileh commercial area topping the list. These areas accounted for 1,832 sales transactions with a total trading volume of about Dhs1.7bn, followed by the Al Khan area with 911 transactions at a value of Dhs849.8m.

Residential real estate sales transactions amounted to 5,373 last year, representing 73.9 per cent of the total sales transactions. These were followed by 807 commercial propery transactions, constituting 11.1 per cent. A total of 760 transactions covering industrial real estate made up 10.5 per cent of the total sales transactions, while 327 agricultural real estate transactions constituted 4.5 per cent.

The number of nationalities of investors also increased to 85 last year, compared to 77 during the previous year. Meanwhile, the total number of investors equaled 17,931, of whom 12,948 were GCC citizens and 3,725 belonged to other nationalities.

Investments by the UAE nationals exceeded Dhs16.2bn, while those by other GCC nationals netted Dhs1.4bn. Furthermore, Arab citizens invested Dhs4.2bn, and citizens of other countries ploughed Dhs2.2bn.

The additional package of real estate legislations and rules issued during the past year also offered expatriates and Gulf nationals options to own real estate units.

In the neighbouring emirate of Dubai, a total of 122,658 property transactions were conducted in 2022, valued at Dhs528bn.

Read: Dubai’s real estate sector marks major milestone, value of transactions crosses Dhs500bn in 2022

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