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real estateFebruary 10, 2022

Realty trading volume in Sharjah reaches its highest level in 4 years

The Sharjah Real Estate Registration Department (RERD) announced that during 2021, the real estate trading volume in the Emirate of Sharjah recorded the highest value in four years. The department’s annual report revealed that the volume of real estate transactions in the emirate amounted to a total of Dhs26.2 billion last year.

Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, explained that the emirate has been actively participating in efforts and leading initiatives in the country aimed at restoring growth, resuming real estate movement, recovering real estate transactions, and increasing the volume of real estate trading. This was possible due to support directed at this sector from the UAE government and under the directives of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of the Emirate of Sharjah - may God protect him, and the keen follow-up of the Emirate’s Executive Council, headed by His Highness Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler.

He added that the sector’s remarkable recovery is embodied in the launch and registration of several new real estate development projects aimed at meeting the needs and goals of those wishing to invest and reside in the emirate, given the diverse and stable social environment and the advanced urban diversity in Sharjah.

He pointed out that based on the historical data of the volume of real estate trading in the emirate in terms of value, the rise in transactions reflects the level of rapid recovery and rebound in the volume of transactions in Sharjah’s real estate sector compared to the previous three years.

He explained that these positive results can be attributed to the return of business to previous levels in the UAE and in the Emirate of Sharjah, and to society’s adaptation to and natural coexistence with the Covid-19 pandemic. In addition, the return of investor confidence in the real estate market in the emirate has been driven by the economic incentives and facilities launched by the Executive Council of the Emirate in 2020.

Al Shamsi stated that the trading value of real estate transactions in 2021 increased by 64.9 per cent compared to the same period the previous year, with February witnessing the highest trading value at a total of Dhs3.5 billion, followed by Dhs3.3 billion in December.

Al Shamsi added that with reference to the transactions report, the total number of transactions executed during 2021 amounted to 84,238, an increase of 30.7 per cent compared to the 64,459 transactions executed in 2020, noting that these results were due to the department’s efforts, despite the continuing effects of Covid-19, to ensure the completion of all transactions while ensuring the safety of employees and customers.

He added that the department provided electronic services for some transactions, and that an appointment reservation system was established for visiting the department to complete transactions that required the presence of dealers.

He said that ownership certificate transactions led the way with a total of 46,715 transactions, followed by ownership deeds transactions, which witnessed an increase of 84.7 per cent to reach a total of 22,622 transactions. The rest of the transactions were distributed to 4,710 initial sales contract transactions, 3,216 mortgage transactions, 1,035 valuation transactions, in addition to a group of other miscellaneous transactions, with a total of 5,940 transactions. In addition, mortgage transactions witnessed an increase of 17.2 per cent, reaching a total value of Dhs11.5 billion.

The Director General of the Sharjah Real Estate Registration Department stated that sales transactions increased by 67.1%, reaching 6,304 real estate deals across 197 areas, including 115 in the city of Sharjah, 36 in the central region, 26 in Kalba, 16 in Khorfakkan, and four areas in the city of Dibba Al-Hisn.

In terms of total sales transactions, Al Khan, Al Raqeeba, Muwailih Commercial and Hoshi ranked the highest.

With regard to usufruct sale and resale transactions he indicated that 282 transactions with a total trading value of Dhs398.8 million were carried out in the city of Sharjah.

Al Shamsi noted that the total area of real estate traded in the emirate during 2021 amounted to 112 million square feet, with residential land totaling (57.4) million square feet. As for the number of traded properties, residential apartment transactions ranked the top with 1,865 apartments. In terms of real estate classification, residential properties topped the sales transactions with a total of 4,797 properties.

The past year witnessed the registration of seven real estate projects in the Emirate of Sharjah to support the sector towards further development and diversification, taking advantage of the supportive environment for the launch and success of such projects, and by providing the options of ownership and use for investors of non-Gulf nationalities.