Sharjah’s real estate sector sees 54,125 transactions valued at US$ 6.12 bn in 2018

Posted on 18th February 2019

Sharjah’s real estate sector sees 54,125 transactions valued at US$ 6.12 bn in 2018
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According to *ME Construction News report, Sharjah’s real estate sector has seen 54,125 transactions valued at $6.12 billion in 2018, according to recently released report by the Sharjah Real Estate Registration Directorate.

As reported by WAM, the directorate said that the real estate deals signed last year covered more than 52 million square feet, while mortgage transactions amounted to $4.05 billion.

Abdul Aziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Directorate, said that this growth was down to the ‘big and diverse’ investment opportunities available in the emirate.

These are apart from the financial facilities offered by banks and banking institutions operating in the private and public sectors in the Emirate, while property prices have become more accessible to all types and levels of investors.

Recent government decisions to offer long-term residence visas of up to 10-years for investors, residents, retirees and those wishing to study in academic institutions have also had a significant impact, Al Shamsi added.

“Foreigners in the emirate have also been given the usufruct to enjoy all the advantages and uses in various real estate projects that include residential, commercial, and industrial,” he said.

This has remarkably added to the trust of local, Gulf, Arab and foreign investors, he underlined. “It also opened the door for new investors and developers.”

As many as 3,459 mortgage transactions, worth over $4.05 billion were recorded, Al Shamsi added.

“These span 2,114 mortgage transactions, 824 mortgage releases and 521 mortgage add-ons,” he explained.

Up to 106 sales transactions were registered in 29 areas over the Central Region, led by Al Dhaid Agricultural Area, Sohaila Commercial Area, Al Dhaid Commercial Area and Al Madam Commercial Area.

“These four areas represent 40.6% of the total deals sealed in the Central regions – exactly 43 transactions, while the remaining 63 deals were concluded in 25 areas,” he said. “The Central Region trading volume exceeded $40 million last year, though,” he said.

Khor Fakkan and Dibba Al Hisn witnessed 134 transactions in 20 areas, led by Al Harrai Commercial Area with 28 transactions and Al Harrai Industrial Area with 21 transactions or 45% of the total deals concluded in Khor Fakkan city.

Kalba city came next with 155 transactions in 26 areas, led by the Industrial Area, followed by Al Saf Area and Soor Kalba Commercial Area; representing 47.1% of the city 73 sales deals, while the remaining 82 transactions spanned 23 areas.

Residential properties ranked first in terms of sales transactions, Al Shamsi pointed out.

“They accounted for the largest share of the sales transactions by up to 67.7% of the total number of properties, followed by commercial properties which stood at 18.4% as compared to 11.4% for industrial properties, and 2.5% for agricultural properties,” he said.

Built properties dealings, residential apartments came first with 921, followed by residential lands with 535 properties, residential built lands with 462 properties, and commercial lands with 347 properties. Investors from 48 nationalities worldwide were involved in the reported real estate transactions in the Emirate of Sharjah in 2018.

“However, GCC nationals top the list with realty investments worth over $5.44 billion, as compared to $680.6 million for investors from other nationalities,” Al Shamsi explained.

*News source: http://meconstructionnews.com/...

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