UAE: Sharjah concludes real estate deals worth Dh1.9 billion in June

18/07/2022

Sharjah: The results of the June report, issued by the Sharjah Real Estate Registration Department (SRERD), revealed that real estate deals were concluded with a total value of cash transactions amounting to 1.9 billion dirhams. This was achieved through 747 sales transactions in 106 areas spread over various regions of the emirate, with a total area exceeding 6 million square feet. The figures include 358 mortgage transactions worth 764 million dirhams.

Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, said: “Despite being impacted by the global economic conditions since last February, the sector has maintained an upward momentum in growth and a positive recovery pace. It has benefited from the increased appetite of investors to conduct real estate transactions. Companies and individuals seek to invest in real estate as it is a safe haven for capital and an ideal way to achieve a decent lifestyle.”

Director General of the Sharjah Real Estate Registration Department continued: “SRERD is committed to complete transparency. It contributes to developing the quality of real estate services by enhancing opportunities and areas to attract investment to the sector. It boosts the acceleration of economic growth towards wider areas of success and stimulates housing, building and construction activities, and major development projects.”

Abdul Aziz Ahmed Al Shamsi added: “These results are in line with the strategic vision of the Emirate of Sharjah in the areas of economic and social development, enhancing financial sustainability, stimulating the macroeconomy, and providing adequate housing for citizens and residents alike, something that embodies what was recently confirmed by His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, when he said that housing has a special value, as it is part of the Sharjah Emirate program, which includes five main items, including housing, employment or source of income.”

Transaction classification

The total transactions executed by the department during the past month amounted to 2,521, including 747 selling transactions, representing 29.6% of the total. Mortgage transactions amounted to 358, or 14.2%, while the rest of the transactions represented 56.2%, or 1,416.

Sales transactions

The June real estate transactions in the emirate covered more than 6 million square feet and included residential, commercial, industrial, and agricultural lands.

According to the type of property, vacant land transactions amounted to 239 (32%). In comparison, built lands amounted to 177 transactions (23.7%), while the separated towers represented 331 transactions (44.3%).

Source: Khaleej Times