Property Transactions Hit AED14.6 Billion In 9 Months
Sharjah Real Estate Registration Directorate (SRED) has revealed that real estate transactions reached AED 14.6 billion in the Emirate in the first nine months of this year, reaffirming Sharjah market’s attractiveness and ability to compete with global investment destinations.
The booming sector is witnessing a thorough and incessant growth and expansion based on an advanced infrastructure and powerful legislation that boost investment and trade movement in the ‘Smiley’ Emirate.
As per the latest real estate transactions report of the Sharjah Real Estate Registration Directorate, the 2,415 real estate deals sealed covered 40 million square feet at 171 different areas, while the mortgages transactions amounted to AED 8.8 billion,
Significant growth and investment incentives
H.E Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Directorate, said 37,748 real estate transactions were registered in the Emirate of Sharjah last year.
“The 40,028 transactions recorded until the end of last September registered a growth of 6% as compared to those real estate transactions processed last year.”
Al Shamsi added that this growth is due to the lucrative incentives and big investment opportunities offered.
“This is apart from the diversity of the options available, let alone the financing facilities provided to individuals and investors in pursuance of the directives of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah.
Transactions per branch
The main branch witnessed the largest real estate transactions that stood at more than AED 13,789 billion, followed by Al Dhaid branch with over AED 526,956 million, while Khor Fakkan transactions reached AED 160 million against around AED 124,894 million in Kalba branch.
Nonetheless, records show that last July witnessed the largest transactions that exceeded AED 2,715 billion in comparison to AED 1,865 billion February.
Transaction in detail
The 40,028 transactions registered in the first nine months of this year included 11,747 title deed transactions, 2,436 mortgage transactions, and 28,845 other transactions
Title deed transactions per branch
The biggest of the 11,747 title deed transactions recorded in the first nine months of 2018 was at the main branch which issued 9,994 title deeds.
These are compared to 680 title deed transactions in the Kalba branch, 563 in Khor Fakkan branch, and 510 in Al Dhaid branch.
Mortgage transactions reflect banks’ trust in real estate sector
The biggest of the registered 2,436 mortgage transactions, valued at AED8.8 billion, was at the main branch which processed 2,091 mortgage transactions, followed by Al Dhaid branch with 164 transactions, and 98 in Khor Fakkan, and 83 in Kalba.
Sales transactions by region
Most transactions; exactly 2,075 sales, were recorded in 101 areas in Sharjah city, led by commercial areas in (Al Khan, Al Nahda and Al Majaz-3) that witnessed 875 transactions; most of which (402), were in Al Khan, while the highest transaction was recorded at Muwailah commercial area against AED 588 million.
These were in comparison to 74 transactions of 24 areas in the Central Region, led by Sohaila Commercial Area, Al Dhaid Agricultural Area and Al Madam Commercial Area.
Khor Fakkan and Dibba Al Hisn witnessed 99 transactions in 20 areas, led by Al Harri Commercial Area with 22 transactions, followed by Al Harri Industrial Area with 18 transactions. Kalba city came next with 120 transactions in 26 areas, led by the Industrial Area with 30 transactions, followed by Al Saf area with 20 transactions.
Residential properties on the top
Residential properties ranked first in terms sales transactions, though. They accounted for the largest share of the sales transactions by up to 67.9% of the total number of properties, followed by commercial properties which stood at 18% as compared to 11.8% for industrial properties, and 2.3% for agricultural properties.
As for unbuilt industrial lands, they constituted most of the transactions conducted in terms of total area with about 12 million square feet. As for built properties dealings, residential apartments came first with 687 apartments, followed by residential lands with 369 properties, residential built lands with 330 properties, and commercial lands with 258 properties.
Investors from 43 nationalities
Investors from 43 nationalities worldwide were involved in the reported real estate transactions spanning 13,100 properties in the Emirate of Sharjah in the first nine months of the year.
However, the GCC nationals came on the top with investment in 11,763 properties, worth AED 12.6 billion, while other nationals traded in 1,364 properties valued at AED 2 billion.
