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Sun 3 Nov 2019 04:38 PM

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Sharp rise in Sharjah real estate transactions in Q3

Ahmed Alkhoshaibi, CEO of Arada, said 'impressive quarter' shows Sharjah real estate sector remains strong

Sharp rise in Sharjah real estate transactions in Q3

Sharjah saw a 31.4 percent rise in the number of transactions recorded compared to last year.

There were AED4.2 billion ($1.12bn) worth of real estate deals completed in Sharjah in the third quarter of 2019.

Abdulaziz Ahmed Al Shamsi, director-general of Sharjah Real Estate Registration Department (SRERD), revealed that the emirate saw a 31.4 percent rise in the number of transactions recorded, up to 14,974 over July, August and September, in comparison to 11,393 property transactions recorded over the same three months in 2018.

“Real estate transactions included 646 in sales, 1,453 in initial sale contracts, and 210 in evaluations. These are added to 694 mortgages transactions which are valued at about AED1.8 billion ($490 million)," he said.

Residential properties ranked first in terms of sales, constituting 64.4 percent of the total transactions recorded. These were followed by industrial properties (17.9 percent), commercial properties (13.8 percent), and agricultural properties (3.9 percent).

Investors from 41 nationalities worldwide have invested in the real estate sector in Sharjah during the third quarter of 2019, with GCC nationals accounting for AED3.5bn ($953m) and other nationalities AED700m ($190.6m).

Ahmed Alkhoshaibi, CEO of Arada, said: “The impressive growth in the number of transactions in the third quarter yet again shows that the Sharjah real estate sector retains strong demand despite a difficult period for UAE property overall.

“Our own experience shows that there is exceptional demand for homes in 'New Sharjah', especially in areas such as Muwaileh and Al Tay.

“In the first eight months of 2019, we have seen a 30 percent rise in the value of our sales compared to the same period last year, and we look forward to seeing that trend continue.”

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