Home / Economy / AED3.9bn volume of real estate transactions in Sharjah during Jan.

AED3.9bn volume of real estate transactions in Sharjah during Jan.

According to a monthly report on the “Real Estate and Mortgages movement” issued by Sharjah Real Estate Registration Department, it was revealed that the real estate sector in Sharjah has recorded a significant growth during January 2024, as the volume of real estate transactions in the emirate reached AED 3.9 billion.

This rate constitutes a huge increase compared to January 2023, where the volume of real estate transactions reached only AED 2 billion. Consequently, the number of transactions carried out during January 2024 witnessed a significant increase compared to last year, as it reached 5,412 during January 2024, while its number in January 2023 reached only 2,999 transactions.

Prospering year for real estates
These impressive results promise a prosperous year full of success and achievements for the real estate sector in the emirate, as it has become an important destination for investors, exhibitors, and real estate developers in the UAE, the region, and the world. It also shows that the emirate continues to succeed in consolidating its position as a leading regional destination for investment in real estate, in light of the economic stability and diversity, legislation and organized laws, and the unprecedented facilities and incentives offered by the Sharjah Government. In addition, the emirate offers a dynamic real estate market that demonstrated its ability to provide everything new in the field of real estate investment, and contributed to opening broader horizons to revive, develop, and grow this sector, while highlighting the major urban renaissance witnessed by the emirate and the country.

Transactions’ classification
The department’s statistics show that the total transactions implemented last January have reached 5,412, as the number of sales transactions reached 879, representing 16.3% of the total number of transactions. As for the number of mortgage transactions, it reached 288, which represented 5.3% of the total transactions, and a total value of AED 548.1 million. The other remaining transactions amounted to 4,245, and represented 78.4% of the total number of transactions.

Sales transactions across 106 areas
Sales transactions took place in 106 areas distributed across various cities and regions of the emirate, and they included residential, commercial, industrial, and agricultural lands. As for the type of traded real estate, 358 lands were traded, built-in land transactions amounted to 282, and the number of units sold in tower transactions reached 239 out of the total number of transactions.

“Muwailih Commercial” topped the list
The report also showed that “Muwailih Commercial” topped the list of the highest areas in the number of sales transactions in Sharjah, recording 122 transactions, followed by “Al-Mazairah” area with 114 transactions, “Al-Khan” area with 61 transactions, and “Hoshi” area with 43 transactions.

As for the most active areas in terms of trading volume, “Muwailih Commercial” area came first, with a trading volume of AED 164.1 million, followed by “Al-Sajaa Industrial” area with AED 152.5 million, “Al-Khan” area with AED 79.2 million, and “Al -Mamzar” area with AED 71.7 million.

In the central region, the transactions were concentrated in “Al-Madina Al-Qasimia”, with 46 transactions, which also recorded the highest numbers in terms of trading volume, reaching AED 32 million.

In Khorfakkan, “Hay Al-Haray Industrial” area came first, with 7 transactions, while “Hayawa 4” district recorded the highest numbers of trading volume, which reached AED 3.2 million.

Finally, and in the city of Kalba, “Al-Tarif 5” topped with 4 transactions, and was also the highest area in Kalba in terms of trading volume, which reached AED 1.5 million

About Latifa Al Ali

Check Also

UAE holds firm at 10th place globally in Brand Finance Soft Power Index 2024

The UAE continues to hold its position at 10th place in the Brand Finance Soft ...