AED 1.3 Billion Real Estate Transactions in Sharjah's Central, Eastern Regions

Photo : WAM

A newly released report from the Sharjah Real Estate Registration Department has highlighted the strong growth in real estate transactions across the “Central and Eastern” regions of Sharjah. According to the report, the cash trading volume in these areas reached AED 1.3 billion during the first nine months of 2024, marking an impressive 57.6 percent increase compared to the same period last year.

The total number of real estate transactions in the department’s branches amounted to 22,059, covering a vast area of 37 million square feet. This surge in activity is attributed to a combination of factors, including ongoing government investment in infrastructure and legislative support, which has created a favorable environment for investors.

Omar Al Mansouri, Director of the Branches Department at the Sharjah Real Estate Registration Department, emphasized the role of the Sharjah Government’s efforts in developing infrastructure and legislation, which have been key to boosting the real estate sector in the emirate. “The real estate sector in the Central and Eastern regions has reached new record levels. The government’s continued attention to development has provided robust support to investors, significantly strengthening the sector across all cities and regions of Sharjah,” said Al Mansouri.

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He further noted that the launch of numerous real estate and tourism projects in the region, including road development, hotels, and resorts, alongside improvements in infrastructure, has made these areas increasingly attractive to both local and international investors. This has, in turn, contributed to the marked growth in the real estate market in these regions.

Al Mansouri also provided a breakdown of the trading volumes across Sharjah’s four branches, revealing that transactions in the Central and Eastern regions represented 4.7 percent of the emirate's total trading volume. In terms of cash volume, the Central region accounted for AED 810.3 million (2.9 percent of total transactions), Khorfakkan city contributed AED 262.4 million (0.9 percent), Kalba city had AED 234.6 million (0.8 percent), and Dibba Al Hisn recorded AED 15.5 million (0.1 percent).

Delving into specific cities, Al Mansouri shared that the number of sales transactions in the Central region reached 577, spread across 41 different areas. These transactions had a total value of AED 464.9 million. The city of Al Qasimia led the way with the highest number of transactions, accounting for 60 percent of all sales in the region, with 346 transactions. The Al Maashi area followed with 24 transactions, and the Maghsa Industrial area recorded 23 transactions.

In Khorfakkan, 194 sales transactions were completed across 23 areas, amounting to AED 114.6 million in value. The largest volume of transactions took place in the Hay Al Harai Industrial area, which accounted for nearly 19.1 percent of all sales in the city with 37 transactions. Other notable areas included Hay Hayawa 4 with 25 transactions and Hay Al Bardi 4 with 24.

Kalba city, too, saw a substantial number of real estate transactions, with 118 transactions across 33 areas, valued at AED 78.9 million. The Al Tarif 5 area led the city’s sales with 25 transactions, or 21.2 percent of the total sales. Other key areas in Kalba included Sur Kalba commercial and Kalba Industrial, with 15 and 13 transactions, respectively.

Lastly, Dibba Al Hisn city recorded a smaller volume of transactions, with 16 sales taking place across three areas, amounting to AED 12.3 million. A large proportion of these transactions, 68.8 percent, were concentrated in the Hay Al Shamali area, which saw 11 transactions.

Al Mansouri concluded by reiterating the importance of strategic planning and the department's role in implementing standards and regulations that contribute to economic growth. "We continue to implement regulations that support the prosperity of the real estate sector and ensure sustainable development in the region,” he said.

Nov. 9, 2024 5:53 p.m. 461

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