Over 27,500 transactions recorded in emirate for first half of year
Over $3.9 billion (AED14.7bn) worth of real estate transactions were recorded in Sharjah in the first half of 2019, according to the Sharjah Real Estate Registration Directorate (SRERD).
Abdul Aziz Ahmed Al Shamsi, director-general of the SRERD, revealed that 27,588 transactions were recorded that covered 24 million square feet in area - most in May with dealings worth over $1.59bn (AED6bn).
“The advanced infrastructure, proactive legislation, economic stability, and strategic location are further elements of attraction that promote the image of Sharjah as a leading global investment destination in the real estate sector,” Al Shamsi was quoted as saying in a report by Emirates News Agency (WAM).
According to the H1 report, 1,893 sales transactions and 1,588 initial sale contract transactions were recorded. In Sharjah city alone, sales stood at 1,704, covering 91 areas, led by Muwaileh Commercial Area, followed by Al Khan, and Al Nahda, which ranked third.
Residential properties ranked first in terms of sales transactions, constituting 69.7 percent of the total recorded. These were followed by commercial properties (17.8 percent), industrial (10 percent), and agricultural (2.5 percent).
Investment came from 37 different nationalities worldwide. GCC nationals’ real estate investments in Sharjah exceeded $3.1bn (AED11.8bn), while the real estate investments of other nationalities were valued at over $746 million (AED2.8bn).