Sharjah real estate deals top $6bn during 2018

Sharjah Real Estate Registration Directorate sees total of 54,125 transactions for 52 million sq ft of land
Sharjah real estate deals top $6bn during 2018
Investors from 48 nationalities worldwide were involved in real estate transactions in Sharjah last year.
By Sam Bridge
Sat 16 Feb 2019 02:10 AM

The value of real estate deals in Sharjah totalled AED22.5 billion ($6.13 billion) last year, with 54,125 transactions being completed.

According to the annual realty transactions report published by the Sharjah Real Estate Registration Directorate, 2018 real estate deals covered over 52 million square feet, while the mortgages transactions amounted to AED14.9 billion.

Investors from 48 nationalities worldwide were involved in the transactions, with GCC nationals topping the list with investments worth over AED20 billion, state news agency WAM reported.

Residential properties ranked first in terms of sales transactions (67.7 percent of the total), followed by commercial properties (18.4 percent, industrial properties (11.4 percent), and agricultural properties (2.5 percent).

Abdul Aziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Directorate, hailed the "exceptional growth" to the diverse investment opportunities available in the emirate.

The recent government decisions to offer long-term residence visas up to 10 years for investors, residents, retirees and those wishing to study in the academic institutions nationwide have had a significant impact, he added.

"Foreigners in the emirate have also been given the right 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 and opened the door for new investors and developers, he said.

As many as 3,459 mortgage transactions, worth over AED14.9 billion were recorded, Al Shamsi added.

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