Sharjah Real Estate Registration Department transactions increased by 10.4%; Registration of 4 new residential and commercial real estate projects
Investors from 75 different nationalities executed real estate deals in Sharjah during the first half of 2022. — File photo
Sharjah on Wednesday said it recorded Dh11.2 billion worth of real estate transaction during the first half of 2022 as investors took advantage of the competitive opportunities in the emirate.
In a statement, the Sharjah Real Estate Registration Department (SRERD) said the the total number of sales transactions amounted to 3,327, with a total value of Dh4.1 billion, of which Dh3.9 billion were in the city of Sharjah alone.
“The sale of usufruct transactions amounted to 141 worth Dh243 million, while mortgages recorded a value of Dh5.3 billion. Investors from 75 different nationalities executed real estate deals during this period,” according to SRERD.
In its semi-annual report, the department said that March led the first half of 2022 in terms of trading volume with a total of Dh2.7 billion followed by June with a total of Dh2 billion, and February with a total of Dh1.9 billion.
As for the department’s branches, the Sharjah branch accounted for 96.9 per cent of the total trading volume, with a value of Dh10.9 billion. The four branches of the department witnessed a trading volume of Dh346 million.
Abdulaziz Rashid Al Saleh, director of the Sharjah Real Estate Registration Department, said the real estate sector in Sharjah continues to improve at an accelerating pace, taking advantage of the competitive opportunities enjoyed by investors despite any challenges mainly due to the increase in the volume and number of transactions in the residential sector.
He said the launch of a number of major real estate development projects also motivated investors to expand the transactions and conduct real estate deals, considering real estate the safest and most appropriate haven for their investments in light of the relative increase in inflation rates.
Al Saleh pointed out that the increase in the total number of transactions executed by the SRERD at its headquarters and branches confirms that the sector is heading towards future growth.
Transactions rise by 10.4%
The department’s transactions in the first half of 2022 amounted to 44,485, with an increase of 10.4 per cent compared to the same period in 2021, which amounted to 40,294 transactions, with most of these transactions increasing in the current year at varying rates.
At the forefront came the ownership certificates of 26,729 transactions, representing 60 per cent of the total, while the increase in ownership deeds transactions amounted to 12,614, representing 28.3 per cent of the total, was driven by the rise in sales and sorting transactions.
Similarly, valuation transactions increased by 551, and Mortgage transactions of different types with an amount of 2,560.
Initial sale contracts amounted to 2,031 transactions, with 1,624 transactions for the purpose of ownership representing nearly 80 per cent of the total amount of contracts.
3,327 sales transactions
Sales transactions during the first half of this year increased by 16.2 per cent compared to last year, recording 3,327 transactions. This includes 3,020 transactions in the city of Sharjah, which represents 90.8 per cent of the total; Kalba recorded 108 transactions; the central region had 100 transactions; 89 transactions were recorded in the city of Khorfakkan; while the city of Dibba Al Hisn had ten sales transactions.
Muwaileh Commercial at the forefront
According to the distribution of sales transactions in Sharjah, there is a wide diversity in trading in the city’s areas, with a total of 100 areas. Most notably, Muwaileh Commercial area witnessed sales transactions worth 736 million dirhams, with a number of 716 transactions accounting for 23.7% of the total sales transactions in the city. This was followed by Al Khan and Hoshi areas, where transactions amounted to 1,429, representing 47.3 per cent of total transactions in the city.
In addition, sales transactions were more noticeable in 10 areas which are: Muwaileh Commercial, Al-Khan, Hoshi, Al Majaz 3, AlRigaibah, Al Sajaa Industrial, Rodhat Al Qrt, Al Majaz 2, Al Nahda, and Muzaira’a representing 75.6 per cent of the total sales transactions with a number of 2,282 transactions. And the remaining 738 transactions were across 90 other areas.
128 Usufruct Sale Transactions
The first half of this year recorded 128 usufruct sales transactions in the Emirate of Sharjah, with a total trading value of Dh222.7 million. Muwaileh Commercial area had 62 transactions, accounting for 48.4 per cent with a total trading value of Dh131.3 million. The remainder of the transactions were distributed across Al Khan, Al Nahda, Telal, Al Sajaa Industrial, Al Rigaibah, and Al Majaz 3 areas, with a total of 66 transactions.
13 usufruct resale transactions were recorded in the emirate during the past six months with a trading value of Dh20.2 million. Transactions were distributed with 6 transactions in Muwaileh Commercial, the same in Al Nahda, and one transaction in Tilal.
Classification of traded real estate
Traded real estate properties including residential, commercial, industrial, and agricultural in the Emirate of Sharjah covered an area of approximately 30 million square feet. It was spread across 1,042 vacant lands with an area of 10.1 million square feet.
Built, under construction and agricultural land recorded 843 transactions covering 18.6 million square feet. The number of units sold in towers were 1,142 with an area of 1.3 million square feet.
By classifying properties, residential properties represented 71.9 per cent of the total, followed by industrial with 11.7 per cent, then commercial by 11.1 per cent, and agricultural properties 5.3 per cent.
Investors from 75 countries
During the first half of 2022, real estate investors from 75 different nationalities concluded deals on 14,646 properties. GCC nationals of 6,492 invested in 12,428 properties with 84.8 per cent of the total number of properties traded. The trading volume of GCC nationals amounted to Dh8.2 billion accounting for 73.2 per cent of the total trading volume.
While 2,139 investors from other nationalities invested in 2,218 properties with 15.1 per cent of the total number of properties traded during this period. The trading volume of those investors amounted to Dh3 billion accounting for 26.8 per cent of the total trading volume.