- Thursday, May 16, 2024
Out of 94 nationalities that invested in Sharjah properties, Emiratis topped the list with 7,628 properties, followed by Indians (683), Syrians (484), Pakistanis (275), and Jordanians (227), reported Khaleej Times.
By: Twinkle Roy
REAL-ESTATE transactions in Sharjah in the United Arab Emirates have shot up 67.1 per cent in the first quarter of 2024 over the same period last year to a value of Dh10 billion, reflecting a growing demand after the emirates allowed non-Gulf Cooperation Council (GCC) nationals to buy property, according to the Sharjah Real Estate Registration Department.
Out of 94 nationalities that invested in Sharjah properties, Emiratis topped the list with 7,628 properties, followed by Indians (683), Syrians (484), Pakistanis (275), and Jordanians (227), reported Khaleej Times.
Value-wise, citizens of the UAE invested Dh4.4 billion, GCC citizens worth Dh625.5 million and those from the Arab Dh2.1 billion, the report added.
Data released by SRERD revealed the total number of transactions to be 23,478, exhibiting a growth rate of 9.3 per cent over the same period in 2023. The total area traded reached 28.3 million square feet, the Khaleej Times report added.
According to Abdul Aziz Ahmed Al-Shamsi, director-general of SRERD, the government of Sharjah has been proactively strengthening the real-estate sector in the emirate to transform it into a prominent investment destination.
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“The diversity of real estate projects launched by the government in various regions of the emirate, in addition to its establishment, sponsorship, and participation in many events and exhibitions, such as Sharjah Real Estate Exhibition (ACRES), have all contributed to highlighting the many investment opportunities that Sharjah abounds, enhancing confidence in the real estate field in the emirate, succeeding in attracting foreign direct investments, new developers, and continuously revitalising the market,” Al-Shamsi was quoted as saying by the newspaper.
The city of Sharjah claimed the lion’s share, witnessing 2,514 transactions dispersed across 94 areas, accumulating a total value of Dh3.3 billion, the report said. Leading the pack in sales transactions was Muwaileh Commercial area with 481, amounting to over Dh725.5 million, followed closely by Rawdat Al-Qart, Al-Mazairah, and Al-Khan.
During the initial quarter of 2024, Sharjah witnessed a total of 976 mortgage transactions across its diverse regions, marking an uptick of 13.1 percent when contrasted with figures from the corresponding period of the previous year. These transactions collectively amounted to a value of Dh2.2 billion.
