The Real Estate Registration Department of Sharjah revealed the astounding AED24 billion in real estate sales in 2022.
More than AED16.2 billion in investments were made by citizens of the UAE, while AED1.4 billion in investments were made by citizens of the other GCC nations. Additionally, investments totaling AED 4.2 billion were made by Arab nationals, compared to AED 2.2 billion by foreign investors.
According to the department’s annual report, there were 4,648 mortgage transactions, totaling about AED10.1 billion, and up to 7,267 sales transactions, a rise of 15.3 percent from 2021.
According to Abdulaziz Ahmed Al Shamsi, Director-General of the Real Estate Registration Department, the results of the real estate sector over the previous year confirm its outstanding contribution to raising the emirate’s economic competitiveness and luring significant investments that support the real estate sector and urban boom, in addition to the expansion of services provided to institutions.
He emphasized that the stability of the emirate’s real estate market during the previous year has restored investors’ faith in the emirate’s economic strength, durability, and capacity to address local and global economic difficulties. Al Shamsi noted that “these elements play a significant part in maintaining the position of the emirate of Sharjah as an attractive place for living and investing.”
The annual report included several positive statistics, such as an 8.6% growth in real estate sales, which totaled 91,507 in 2022 compared to 84,238 in 2021. Ownership deeds, mortgages, initial sales contracts, valuations, and other legal documents are included in the transactions.
The real estate transactions carried out in the Sharjah emirate spanned a total area of 67 million square feet, and the selling transactions were dispersed to 198 areas in different cities throughout the emirate, with the Muwaileh commercial area coming out on top of the list.
Al Khan area came in second with 911 sales transactions at a value of AED849.8 million, accounting for 1,832 sales transactions totaling around AED1.7 billion in these locations.
5,373 residential real estate sales transactions were made last year, including apartments and all types of residential lands. These deals accounted for 73.9 percent of all sales transactions.
With 807 deals, commercial real estate transactions made up 11.1 percent of the total. There had been 760 transactions for industrial real estate, or 10.5 percent of the total. A total of 327 transactions involving agricultural real estate were made, making up 4.5 percent of the total.
According to the emirate’s usufruct sale transactions, there were 351 transactions in 2022, up 24.5 percent from 2021. These deals totaled AED583.6 million in trading value and involved real estate development projects in the city of Sharjah.