Sharjah Real Estate Transactions Reach Dh19 Billion in the Initial Nine Months of 2023

The Sharjah real estate market witnessed a substantial surge, with a staggering Dh19 billion in transactions during the initial nine months of 2023. This impressive figure represents a 14.6% increase compared to the same period the previous year. Additionally, mortgages during this timeframe reached a total value of Dh4.4 billion.

Among the key highlights were 6,342 sales transactions amounting to Dh7.9 billion across various regions of Sharjah, reflecting an impressive growth rate of 18.9%. These sales transactions encompassed a cumulative area exceeding 59 million square feet. Notably, 5,734 transactions totaling Dh7.5 billion took place within the city of Sharjah, with the Muwailih Commercial Area leading the way with 1,164 transactions totaling more than Dh1.5 billion, followed by Muzaira’a, Al Khan, and Hoshi.

Furthermore, the market saw 549 usufruct sale deals amounting to Dh736 million. The Tilal neighborhood emerged as the frontrunner in this category, recording 183 transactions totaling Dh136.5 million, while the Muwailih Commercial Area significantly contributed with 146 transactions totaling Dh258.6 million.

Sharjah's real estate development companies also made significant strides, with a total of 4,200 initial sales contract transactions during the same period, reflecting a remarkable growth rate of 34.3% from the previous year.

In terms of property types, residential properties dominated, comprising 78.3% of all sales with 4,968 properties. Commercial properties followed with 618 sales (9.8%), industrial properties with 653 transactions (10.3%), and agricultural properties with 103 deals (1.6%). The total properties exchanged in Sharjah reached 6,342, with residential lands accounting for the majority (1,988), followed by residential apartments (1,944), and residential built-in lands (714).

Sharjah's appeal extended to investors from 97 different countries during this period. UAE residents made a significant contribution, purchasing 15,857 houses with a total investment of Dh11.1 billion. Residents of Arab nations invested Dh3 billion in 3,166 properties, while inhabitants of Gulf Cooperation Council (GCC) countries (excluding Emiratis) contributed Dh1.1 billion in 952 properties. Foreign nationals owned 2,290 properties, with a total investment of Dh3.8 billion.

Among the leading nations participating in property transactions in Sharjah were the UAE, Syria, India, Iraq, Jordan, Saudi Arabia, Egypt, and Kuwait.