By Staff writer
Ahmed Alkhoshaibi, CEO of Arada, said Sharjah bucked the property market trend in the Gulf region
The value of real estate transactions in Sharjah climbed 7.3% in 2019, to $6.5 billion (AED.24.2bn), boosted by a wider variety of investment opportunities for investors.
According to the statistics released by the Sharjah Real Estate Registration Department (SRERD), the number of transactions also increased - up 13.4% to 61,357.
Abdulaziz Ahmed Al Shamsi, director general, SRERD, said, in addition to the diverse investment opportunities, investors have been attracted by the affordable prices of the properties that has helped to open the market to all buyers.
He said most of Sharjah city real estate sales transactions were recorded in Muwaileh Commercial, Al Khan, Al Nahda and Hoshi areas.
"However, the highest number of the Sharjah city real estate sales transactions recorded last year was in Muwaileh Commercial Area where 567 dealings, worth AED1.2 billion were recorded," Al Shamsi explained.
Ahmed Alkhoshaibi, CEO of Arada - the developer behind the emirate's $6.5bn mega-project – described 2019 as an “exceptional year for the Sharjah property market”, which he said “bucked the trend of slowing consumer sentiment witnessed in other markets around the Gulf”.
“It is especially encouraging to see that the greatest number of transactions has taken place in Muwaileh Commercial, which is a major area of focus for Arada,” Alkhoshaibi said.
“We believe that this level of demand will stay strong into 2020 and beyond, and look forward to working with local government authorities to ensure that we deliver first-class communities for Sharjah.”real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.