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Sharjah Real Estate Market Sees 10% Increase in Q3 of 2020

Sharjah Real Estate Market Sees 10% Increase in Q3 of 2020
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As reported by the Sharjah Real Estate Registration Department (SRERD), the property market saw an increase of ten percent in the third quarter of 2020, during which the Sharjah realty deals amounted to AED 4.6 billion, with 14,854 transactions taking place over an area of 14.6 million square feet.

According to the Director General of SRERD Abdul Aziz Ahmed Al Shamsi, the growth found in the Sharjah realty deals may be attributed to the increase in stimulus packages and facilities given by the government to combat the effects of the COVID-19 pandemic.  

Expressing his view on the matter, Mr. Al Shamsi said:

“The support given to all government and private entities, business and individual sectors, included an extended three-month exemption of the annual license renewal fees for economic establishments, a discount of 50 per cent on delayed fines and violations for economic establishments, and a discount of 50 per cent on the license fees for industrial establishments to help boost the contribution of the industrial sector to the gross domestic product.”

Furthermore, additional discounts were also given on the insurance and supply fees of utilities such as natural gas, water, and electricity. These discounts are applicable for owners of commercial establishments who were previously allowed to pay their due fees as installments.

While speaking on the Sharjah realty deals, Mr. Al Shamsi further added, “This enhances the regional leadership and global position of the emirate which secures an appropriate environment for investors and customers locally and abroad.”

The fees on sale value for non-GCC buyers until March 31st also saw a reduction from 4% to 2%, and on this the director-general said, “This new decision, along with the latest stimulus package, have led to a rapid recovery of the real estate sector here that it continues to play a pivotal role in the progress and prosperity of the emirate”.  

Development of new projects, such as the Eastern Region send an important message to potential investors about the economic stability of the Emirates, he further expanded upon this idea and said:

“The emirate was not affected by the global crisis thanks to the insightful vision of the prudent leadership and its passion to keep work as per set plans.”

On the main branch accounts for the majority of the total investment value, Mr. Al Shamsi said, “These are compared to 4.3 per cent for other branches: 1.4 per cent for the Central Region branch, 1.6 per cent for Khor Fakkan and Dibba Al Hisn branch, and 1.3 per cent for Kalba branch.”

Below are the different kinds of transactions done per the Sharjah realty deals:

  • 8,743 Property Statement Transactions
  • 3,539 Property Title Transactions
  • 1,675 Initial Sale Transactions
  • 676 Mortgage Transactions
  • 221 Valuation Transactions
  • 1,090 Sales Transactions

Majority of the sales transactions were conducted in Sharjah City, with 928 transactions valued at AED 1.1 billion. Out of the 75 areas covered, the Al Khan area with 159 transactions was on top, followed by Al Tai with 120 sales worth AED 144 million.

The Central Region was recorded with 44 transactions, across 19 areas worth AED 36.4 million, with the highest sales value being in the Al Blida area with t3 sales transactions worth AED 9.2 million.

Furthermore, In Khor Fakkan, amongst 11 different areas, upwards of 38 transactions were recorded, valued at AED 24.1 million. The highest sale in this area was at AED 9.8 million in the Al Midifi area, with 11 sales.

18 more sales were concluded in 5 areas of Dibba Al-Hisn City, all worth AED 12.6 million, of which the highest transaction was at the Western District with four sales worth AED 4.3 million. Along with this, Kalba City recorded 62 sales worth AED 35 million in 21 areas, at the top of these were 9 transactions in the Al Saf area, worth AED 8.2 million.

Amongst these attractive Sharjah realty deals, the Emirate of Sharjah recorded 27 benefit sale in the Q3, worth 41.2 million, at the top of this was Al Saja Industrial area where 7 individual benefit sales were made, worth AED 15 million.  

Related: Dubai Realty Sales Set a Record of AED 2.9 Billion Sale

At the top of the list, residential properties made for 74.6% of the total sales, with 120 industrial transactions coming in second, 108 commercial transactions in third and lastly 49 agricultural transactions; making the total sales a whopping 1,090.

In terms of property types and the quantities of properties sold:

  • 307 Residential Apartments
  • 236 Residential Built-up Lands
  • 193 Residential Vacant Lands
  • 76 Industrial Vacant Lands

In the reported Sharjah realty deals, investors from 47 nationalities were involved, including 3,630 GCC investors, and Emirati nationals involved with 4,483 properties, worth AED 3.5 billion.  

Furthermore, 691 foreign investors also traded in 731 properties worth AED 1.1 billion.

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