In the first quarter of 2023, Sharjah saw 21,486 real estate transactions amounting to Dh5.9 billion.
Sharjah, UAE – In the first quarter of 2023, Sharjah recorded more than 21,000 real estate transactions, with a total value of Dh5.9 billion. This was announced by the Sharjah Real Estate Registration Department (SRERD), which oversees the registration and regulation of real estate activities in the emirate.
According to the SRERD, the number of transactions reflects the robust performance of the real estate sector in Sharjah, which has continued to grow despite the challenges posed by the COVID-19 pandemic.
The SRERD also noted that the majority of the transactions were in the residential sector, which accounted for 70% of the total, while commercial and industrial transactions accounted for 20% and 10%, respectively.The SRERD also noted that the total value of real estate transactions in the first quarter of 2018 had increased by 9.5% compared to the last quarter of 2017, indicating strong investor confidence. Furthermore, new mortgage regulations announced recently are expected to further boost investment activity in the sector.
Commenting on the figures, Abdulaziz Ahmed Al Shamsi, Director General of the SRERD, said: “The first quarter of 2023 witnessed a strong performance by the real estate sector in Sharjah, which reflects the confidence of investors and the stability of the market.”
Al Shamsi added that the department is committed to providing the necessary services and facilities to support the real estate sector and to contribute to the sustainable development of the emirate.
The figures released by the SRERD are in line with recent reports that have highlighted the strength of the real estate sector in the UAE, despite the global economic downturn caused by the pandemic.
According to a report by property consultancy Knight Frank, the UAE’s real estate sector is expected to grow by 3% in 2023, driven by government initiatives and increased investment in infrastructure.
The report also highlighted the UAE’s position as a global hub for real estate investment, with Dubai and Abu Dhabi among the top 30 cities in the world for investment in commercial property.
In Sharjah, the real estate sector has benefited from a range of government initiatives aimed at attracting investment and boosting economic growth.
These include the Sharjah Real Estate Investment Trust (REIT), which was launched in 2018 to provide investors with access to income-generating real estate assets in the emirate.
The REIT has since acquired a number of high-profile properties, including the Al Zahia residential development and the Al Mamsha mixed-use project.
The government has also launched a number of other initiatives, including the Sharjah Economic Development Department’s Business Friendly Emirate Strategy, which aims to create a supportive environment for businesses and investors. It is also working on an integrated roadmap that seeks to diversify the emirate’s economy and make it more competitive. The government is committed to creating an enabling environment for business, providing incentives and support measures to businesses seeking to set up in Sharjah.
The emirate has become a major hub for entrepreneurs, offering great opportunities for investors, start-ups and SMEs, who can benefit from a range of business services and support. In addition, the emirate has world-class infrastructure that provides reliable access to international markets. The emirate also offers investors access to skilled human resources, competitive costs and high standards of living. All this makes Sharjah an attractive destination for businesses seeking to expand or set up operations in the UAE. With its business-friendly environment, Sharjah is the ideal place for entrepreneurs and investors to pursue their dreams.
Overall, the strong performance of the real estate sector in Sharjah in the first quarter of 2023 is a positive sign for the emirate’s economy and its prospects for sustainable growth in the future.
