Sharjah records Dh6.3b in real estate transactions in Q1 ’22

Date: March 29, 2022

Real estate transactions to the tune of Dh6.3 billion were recorded in Sharjah in the first quarter of 2022, it was reported on Thursday.

The emirate saw as many as 21,615 transactions during this period, the Sharjah Real Estate Registration Department said.March alone saw Dh2.7 billion worth of transactions.

The city of Sharjah accounted for 97 per cent of the total transaction value at Dh6.1 billion, while the Central Region recorded Dh69.7 million in transactions. Khorfakkan saw Dh57.5 million in transaction, followed by Kalba (Dh54.9 million) and Dibba Al-Hisn (Dh6.5 million).

The results reflect the return of investment opportunities to grow and escalate the emirate’s real estate market, said Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, adding that the results indicate the sector’s recovery from the exceptional circumstances brought about by the pandemic and the restoration of sustainability in growth at the beginning of 2022.

“The first three months of this year witnessed a remarkable growth in the performance of the real estate sector in the emirate in terms of monetary value, number of real estate transactions, and the total number of real estate transactions carried out by the various branches across Sharjah.”

March witnessed the highest value of trades, with a total of Dh2.7 billion, recording an increase by 32.3 per cent compared to February, in which the value of trades stood at Dh1.9 billion.

Real estate deals up 5.7%

Of the total 21,615 real estate transactions, property certificates came at the forefront at 12,707, followed by title deeds (6,062), while mortgage transactions stood at 1,641. The total value of mortgages amounted to Dh3.3 billion.

Sales transactions

Sale transactions within the title deeds transactions climbed 21.9 per cent in the first quarter, compared to the year-ago period. These real estate transactions covered a total trading area of 15.8 million square feet.

Residential properties take the lead

Residential units topped the list of properties sold in the emirate of Sharjah in the first quarter — 72.1 per cent share with 1,225 properties, growth of 17.3 per cent.

Commercial lands contributed with a 13.4 per cent share, and saw an increase of 45.5 per cent compared to the year-ago period.

Source: Gulf News