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Sat 1 Jun 2019 12:21 AM

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Sharjah sees $1.4bn real estate deals during Q1

Sharjah Real Estate Registration Directorate says 13,195 transactions covered 10 million sq ft during first quarter of 2019

Sharjah sees $1.4bn real estate deals during Q1
Sharjah saw real estate transactions worth a total of AED5.2 billion in Q1.

Sharjah saw real estate transactions worth a total of AED5.2 billion ($1.42 billion) during the first quarter of this year, according to Sharjah Real Estate Registration Directorate (SRERD).

The latest figures showed that the emirate recorded 13,195 transactions, including 1,131 sales in 122 areas that covered 10 million square feet.

Investors from 31 nationalities worldwide were involved in the business activities which also include 996 mortgage transactions worth AED2.97 billion, state news agency WAM reported.

Abdul Aziz Ahmed Al Shamsi, director-general of SRERD, said the emirate has become a safe environment for local and foreign investors mainly due to the directives of Sheikh Dr Sultan bin Mohammed Al Qasimi, Ruler of Sharjah.

"This has made the real estate sector in the emirate more attractive to local, Arab and foreign investors," he said in comments published by WAM.

The most deals, valued at AED2.2 billion, were concluded in February against AED1.7 billion in March and AED1.3 billion in January.

Residential properties ranked first in the sales transactions, followed by commercial, industrial and agricultural properties.

In February, it was announced that the value of real estate deals in Sharjah totalled AED22.5 billion last year, with 54,125 transactions being completed.

2018 real estate deals covered over 52 million square feet, with investors from 48 nationalities worldwide involved.

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