The Sharjah Real Estate Registration Department (SRERD) reports that the emirate’s real estate sector had exceptional growth in the first quarter of 2023.
The SRERD’s quarterly performance report shows that there were 21,486 total real estate transactions at a total of AED 5.9 billion.
The research also demonstrated the robust status of Sharjah’s real estate industry, which has mortgages on homes worth AED 1.7 billion.
Abdulaziz Ahmed Al Shamsi, Director-General of SRERD, credited the strong foundation of the real estate sector in Sharjah to the leadership of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah.
The results show that there were 2,005 sales transactions, up from 1,738 in 2022, covering a total trading area of 17,8 million square feet, a 12.5% increase. In Sharjah, there were sales transactions in 88 different regions, with the Muwailih commercial sector having the biggest percentage in terms of both quantity and value, followed by the Al-Khan and Al-Rigaibah areas.
According to the report, residential properties accounted for 79.8% of all real estate sold and were the most frequently exchanged. A further increase of 17.5% in initial sale contract transactions was seen during the first quarter of this year.
The study also revealed that Sharjah’s real estate investors came from 62 different nations, with a total investment of AED 3.8 billion. Investments made by Arab nationals totaled AED 1 billion, compared to AED 449 million made by GCC nationals who were not Emiratis. Eventually, investors from other countries invested a total of AED 710.5 million.