Real estate transactions in the emirate of Sharjah has reached a total value of AED1.9 billion ($517.3 million) in June, regulator data showed.
This represents 747 sales and 358 mortgage transactions, state news agency WAM has reported, with a total area exceeding 6 million square feet.
“Despite being impacted by the global economic conditions since last February, the sector has maintained an upward momentum in growth and a positive recovery pace. It has benefited from the increased appetite of investors to conduct real estate transactions,” Abdulaziz Ahmed Al Shamsi, director general of Sharjah Real Estate Registration Department said.
He said investors see real estate as a haven for capital and an “ideal way to achieve a decent lifestyle.”
Sharjah, a close neighbour of glitzy Dubai, has been transforming its local industries, including real estate, as part of the wider UAE’s campaign to modernise its economy away from oil dependence.
“These results are in line with the strategic vision of the Emirate of Sharjah in the areas of economic and social development, enhancing financial sustainability, stimulating the macroeconomy, and providing adequate housing for citizens and residents alike,” Al Shami said.
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