Sharjah has announced an increase in real estate transactions during 2020, rising to AED15.9 billion ($4.3 billion), despite the impact of the coronavirus pandemic.
The real estate sector in the emirate recorded 5.1 percent growth compared to 2019, with a total of 64,459 transactions.
Abdul Aziz Ahmed Al Shamsi, director general of the Sharjah Real Estate Registration Department, said the government had adopted a series of “stimulating decisions that helped the real estate sector not only overcome the Covid-19 pandemic crisis but rather prosper and grow”.
Al Shamsi added that the premium real estate projects launched in 2020 have helped revive transactions despite the pandemic.
Reducing the fees on the sale value from 4 percent to 2 percent for non-GCC purchasers led to a significant increase of 32.5 percent in the number of the sales sealed last year, Al Shamsi revealed.
“This major decision, along with the latest stimulus package, have boosted the economy of the emirate, and attracted direct foreign investments to the real estate sector,” he said in a statement.
The real estate deals recorded across the emirate last year included 12,248 ownership deeds, 4,644 initial sale transactions, 2,745 mortgage transactions, 39,444 ownership certificate transactions, 765 valuation transactions, and 4,613 other transactions.
Up to 3,773 sales transactions were recorded last year compared to 3,328 in 2019; constituting a growth of 13.4 percent, covering a total area of 56 million square feet. Most of these were recorded in Sharjah city with 3,292 transactions valued at AED4.6 billion.
Residential deals made up 75.3 percent of the sales transactions while commercial properties ranked second with 11.1 percent.
According to latest figures, 61 different nationalities invested in Sharjah last year including 11,230 GCC and Emirati investors who traded 14,583 properties, worth AED12.9 billion, and 2,189 foreign investors who traded 2,303 properties, worth AED3 billion.
Follow us on
