Sharjah real estate reached a six-year high and investments by foreign and non-Gulf citizens set new records in 2023.
The Sharjah Real Estate Registration Department has reported a significant 13.1 per cent surge in transaction volume, reaching a substantial AED27.1bn ($7.37bn) in 2023.
It is the highest level of real estate activity in Sharjah since 2017.
Sharjah real estate data
The diversity of investing nationalities expanded to an impressive 103, marking a remarkable 21.2 per cent growth compared to 2022.
Non-Arab foreign investors experienced an increase of 165 per cent in trading volume and a substantial 131.7 per cent rise in the number of properties traded.
Meanwhile, mortgage transactions reached a notable value of AED7.5bn ($2.04bn).
The report highlights a significant 7.5 per cent increase in property deed transactions, totalling 24,842, while sales transactions surged to 8,731 across 232 diverse areas, encompassing more than 89 million square feet.
Utility sale transactions reached 691, amounting to AED947.2m ($257.91m).
Initial sales contract transactions exhibited remarkable growth, with a 38.4 per cent increase over 2022, totalling 6,442 and reaching a value of AED7.5bn ($2.04bn).
Abdulaziz Ahmed Al Shamsi, Director General of Sharjah Real Estate Registration Department, highlighted the robust growth in Sharjah’s real estate sector in 2023, citing strength and versatility as key drivers.
This positive trend, reflective of the emirate’s comprehensive economic development, is supported by the guidance of Sheikh Dr. Sultan bin Muhammed Al Qasimi, Supreme Council Member and Ruler of Sharjah and close oversight from the Executive Council led by Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah.
The results, based on precise data, indicate sustained expansion in the real estate market in terms of size, transactions, area, and investor engagement.
This momentum is further propelled by the launch of significant and diverse real estate and urban projects across commercial, industrial, and residential sectors.
The city of Sharjah dominates real estate trades, capturing an impressive 90 per cent of transactions. Specifically, 7,859 transactions took place in the city, while the remaining 10 per cent were distributed among the central region (434), Kalba (224), Khor Fakkan (193), and Dibba Al-Hisn (21) transactions.
At the forefront of real estate activity is the Muwaileh Commercial area, boasting 1,586 transactions and a trading volume of AED2.1bn($571.8m).
Renowned for its real estate development projects, the area’s transactions predominantly focus on residential properties and lands, with a significant emphasis on spacious properties.
Examining the statistics for 2023, the emirate welcomed five new real estate projects, comprising four compounds and one tower.
The total area of these projects reached 157,493 sq m, with 14,713 properties traded in real estate development projects throughout the year.
The 2023 report on trader nationalities in the emirate shows a notable rise in nationalities from 85 in 2022 to 103 in 2023, showcasing a robust growth rate of 21.2 per cent.
This positive trend underscores the sustained development of the real estate market in Sharjah over years.
Additionally, the total number of properties traded by investors from various nationalities surged by 12.4 per cent from 27,780 in 2022 to an impressive 31,229 properties in the past year.
In terms of trading volume by nationality, UAE citizens played a pivotal role, contributing significantly to the total cash circulation with investments reaching approximately AED15.3bn ($4.2bn), representing 56.4 per cent of the overall sum.
Other Gulf nationals followed suit with investments totalling AED1.6bn ($435.7m), accounting for 6 per cent of the total, while Arab citizens increased their investments to AED4.3bn ($1.2bn), equivalent to 15.9 per cent.
Notably, investments by citizens from other countries reached a record high, amounting to about AED5.9bn ($1.6bn), constituting 21.7 per cent of the total investment value.
In terms of the number of properties traded, Emirati investors led the way with 21,876 properties.
Investors from India followed, trading 1,469 properties with a total volume of AED2.8bn ($762m).
Syrian investors traded 1,299 properties, valued at AED1.1bn ($299.5).
This was followed by investors from Iraq with 609 properties, valued at AED640.1m ($174.3m), Jordan with 559 properties, valued at AED647.4m ($176.3m), Egypt with 555 properties, valued at AED536.9m ($151.6m), and Pakistan with 549 properties, valued at AED842.2m ($229.3m).
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