Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Sharjah registered a 37.2 percent increase in the value of real estate transactions made in the third quarter of 2017 compared to the same period in 2016, according to new statistics released by Sharjah Real Estate Registration Department (SRERD). A total of 34,304 million square feet of real estate was traded during Q3, with a total value of US$ 2.23 billion (AED 8.2 billion).
Residential property transactions drove third quarter growth accounting for about 60 percent of total real estate transactions. New master-planned developments, supported by 2014 revisions to the emirate’s property law have transformed Sharjah’s residential sector. A number of large-scale projects in various stages of development have boosted the availability of both off-plan sales and sales of completed residential units in Sharjah.
Master-planned projects currently in development include the 14 million square foot Al Zahia Community, the 25 million square foot Tilal City and, announced last month, the 2.2 square kilometre Aljada urban residential district and the 3 million square foot Al Mamsha residential community. Collectively the new developments are expected to accommodate about 150,000 people when completed.
According to SRERD, mortgage transactions during Q3 reached 894, including 482 transactions with a combined value of AED 3.4 billion (US$ 0.9b). Overall, the total number of real estate transactions registered by the department stood at 11,853 in the third quarter, of which 2,384 were ownership certificates and 811 were sales transactions. Transactions by sector included 483 residential, 181 commercial, 123 industrial and 24 agricultural transactions.
In August, Sharjah Real Estate Registration Department announced a 46 percent increase in the number of real estate sales transactions during the first six months of 2017, with a 23 percent growth in the number of residential sales transactions.
GCC investors predominate in Sharjah residential property sales, although recent changes to the property law have led to increased investment from foreign expatriates living in the United Arab Emirates. According to global property consultancy Cluttons, rising demand pushed Sharjah villa rental prices up by 11.7 percent during the first six months of 2017.
Source: SRERD, various
