Sharjah, UAE – Sharjah real estate sector recorded deals worth AED13.4 billion ($3.65 billion) during the first half of 2023, with an increase of 19.2 percent compared to the same period last year, a report by Sharjah Real Estate Registration Department said.
There were 40,843 transactions in the first half of 2023, and the value of real estate mortgages amounted to AED4.1 billion ($1.12bn), the report said.
Sales Transactions by Regions
The total area traded in sales transactions during the first half of this year was 43 million square feet.
Moreover, the number of sales transactions in the various regions of the emirate during H1 2023 reached 4,187 transactions, with a value of AED5.7 billion ($1.55bn).
The city of Sharjah accounted for the largest share of the transactions, with 3,794 transactions which took place in 106 areas, and with a total value of AED5.4 billion ($1.47bn). Muwaileh Commercial area, Mezair’ah, Al-Khan, and Hoshi areas topped the list in Sharjah city.
Benefit Sale transactions reached 355, with a total value of AED497 million ($135.31m).
Residential transactions continue to lead
By classifying sales transactions according to the type of property, residential real estate transactions acquired the largest share, with 3,332 transactions, representing 79.6 percent of the total number of transactions.
Next, industrial real estate recorded 410 transactions, representing 9.8 percent, followed by commercial real estate with 373 transactions, representing 8.9 percent, while agricultural real estate ranked fourth with 72 transactions, representing 1.7 percent of the total number of transactions.
Also, the total number of properties traded in Sharjah reached 4,187, the report added.
The Residential Lands topped with 1,327 properties, followed by the Residential Apartments with 1,293 properties, then by the Residential Built-in Lands with 498 properties.
Investors from 88 nationalities
In terms of investors, 88 nationalities invested in Sharjah during H1 2023. The number of Emirati investors reached 7,033, and the number of Gulf countries’ investors reached 525.
Moreover, the number of Arab investors reached 1,824, and the number of investors from other countries reached 1,278.
The total investment of Emirati investors amounted to AED8.8 billion with 10,877 properties, and the total investment of GCC investors, excluding Emiratis, reached AED 697.9 million with 672 properties.
As for the investment of Arabs, it amounted to AED2 billion with 2,023 properties, while the total investment of investors from other countries was AED2 billion, with 1,181 properties.
UAE nationals were the biggest trading group with 10,877 properties, followed by Syria (633), India (473), Saudi Arabia (302), Jordan (282) and Iraq (248).