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Sharjah real estate hits $5.17 billion in first 9 months of 2023

The number of transactions witnessed a year-on-year growth of 14.6%.

Sharjah real estate hits $5.17 billion in first 9 months of 2023
[Source photo: Anvita Gupta/Fast Company Middle East]

Dubai’s distinct tax-free status and emergence as a global luxury hub enhance its appeal to property investors. In the first quarter of 2023, residential property values in the emirate saw a 5.6% increase, signifying the ninth consecutive quarter of growth.

A new report shows Sharjah’s real estate market continues its strong performance in the first nine months of 2023, with transactions reaching $5.17 billion, a 14.6% increase from last year.

During this period, the emirate also documented 59,258 transactions, highlighting strong demand in the real estate market. Sales transactions constituted the majority of this activity, with 6,342 transactions amounting to $2.15 billion, reflecting a notable growth rate of 18.9%.

Sharjah claimed the largest portion of sales transactions, with 5,734 transactions across 114 areas, totaling $2.04 billion. Similarly, there was substantial growth in initial sales contract transactions executed by real estate development companies in the emirate, with 4,200 transactions recorded, marking a notable increase of 34.3% compared to the previous year.

The robust performance of Sharjah’s real estate market can be attributed to several factors, including the emirate’s appealing business environment, growing population, and investments in infrastructure and development. It is anticipated that the market will continue to exhibit strength in the coming months as Sharjah continues to draw in new residents and businesses.

Abdulaziz Ahmed Al-Shamsi, Director General of the Sharjah Real Estate Registration Department, said, “The elements of real estate attraction in Sharjah are witnessing an integrated diversity, led by the distinguished strategic location of Sharjah and the diversity of its regions, as well as the strength and durability of the legislative structure guaranteeing the rights of investors, owners, brokers, and developers, in an environment supported by pioneering and advanced real estate registration services.”

In Sharjah, residential properties constituted the majority of sales transactions, representing 78.3% of the total. Industrial properties ranked second at 10.3%, followed by commercial properties at 9.8%, and agricultural properties at 1.6%.

The total number of properties exchanged in Sharjah reached 6,342, with residential lands accounting for the largest share at 1,988 properties. This was followed by residential apartments at 1,944 and residential built-in lands at 714.

During this period, investors from 97 different nationalities participated in property transactions in Sharjah. The largest group of investors consisted of citizens of the United Arab Emirates, with Syrians, Indians, Iraqis, Jordanians, Saudis, Egyptians, and Kuwaitis actively participating in the market.

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