Sharjah’s Real Estate Sector Generated Over $1 Billion in Transactions
2 min
The real estate market in Sharjah has shown remarkable growth, with the Sharjah Real Estate Registration Department reporting transactions worth AED3.9 billion ($1.06 billion) in January 2024. This represents a notable increase from the AED2 billion reported in January 2023, reflecting improved investor confidence in the region’s property market and a strong start to the year.
The volume of transactions in January 2024 increased to 5,412, a significant leap from the 2,999 transactions recorded in January 2023. This increase highlights the escalating interest and activity within Sharjah’s real estate sector.
The breakdown of January 2024’s transactions reveals that sales transactions covered 16.3% of the total, with 879 sales recorded. Mortgage transactions made up 5.3%, amounting to AED548.1 million, while the rest, 78.4%, involved various other real estate transactions.
The real estate deals covered a wide range of assets, including residential, commercial, industrial, and agricultural properties. Sales were recorded across 106 areas in different parts of Sharjah, demonstrating the extensive reach of the market’s activity.
Among the traded properties, there were 358 land deals and 282 built-in land transactions. Tower unit sales accounted for 239 of the total transactions.
Certain areas in Sharjah stood out for their real estate activity in January 2024. Muwailih Commercial led in sales transactions with 122 deals. In the central region, Al-Madina Al-Qasimia recorded the highest trading volume with 46 transactions valued at AED32 million. Khor Fakkan’s Hay Al-Haray Industrial area and the Hayawa 4 district were notable for their trading volumes, with AED3.2 million recorded in Hayawa 4. In Kalba, Al-Tarif 5 saw the highest trading volumes, reaching AED1.5 million.
Muwailih Commercial also led in trading volume with AED164.1 million, followed by the Al-Sajaa Industrial area with AED152.5 million, and then Al-Khan and Al-Mamzar with significant trading volumes as well.
This rush in Sharjah’s real estate transactions highlights the growing dynamism and appeal of its property market, indicating a positive outlook for both investors and the regional economy.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
55-storey residential tower in Downtown Dubai
2 min
Fairmont Hotels & Resorts, a world-renowned luxury hotel brand within the Accor group, has partnered with UAE-based developer Sol Properties to unveil a prestigious residential development in Downtown Dubai, setting new standards in luxury real estate.
The 55-storey Fairmont Residences Solara Tower, the latest addition to Downtown Dubai’s skyline, offers breathtaking views of both the Burj Khalifa and the Dubai Fountain. Construction is currently in progress, with the project slated for completion by the third quarter of 2027.
This development seamlessly integrates Fairmont’s esteemed brand standards in luxury hospitality with Sol Properties‘ extensive expertise in high-end real estate, establishing new benchmarks in urban living. The residences feature meticulously designed spaces, blending elegance with timeless opulence.
Offering a range of spacious layouts and state-of-the-art amenities, these residences epitomize modern luxury living. Expansive terraces provide residents with stunning views of the Burj Khalifa and the iconic Dubai Fountain.
“We at Sol Properties and Fairmont Hotels & Resorts are elated to provide a completely new standard of luxury living in Downtown Dubai,” said its Founder and CEO Ajay Bhatia.
“Our goal is to provide residents with exclusive amenities and personalized services, thereby setting a new precedent for comfort and convenience for end users,” he stated.
“By combining Fairmont’s exceptional hospitality services with our integrated residential environment and attention to quality, this project is certain to offer residents unmatched lifestyle experiences,” he added.
Combining Fairmont’s exceptional hospitality services with Sol Properties’ commitment to quality, this project promises unparalleled lifestyle experiences. The residential development caters to the evolving needs of urban homeowners with a suite of premium amenities and services. Fairmont Solara Tower uniquely stands out by offering private swimming pools in selected apartments.
Residents will have exclusive access to a range of integrated amenities, including gourmet restaurants, fitness centers, and wellness facilities, providing a resort-like experience within their own homes.
Fairmont’s Global Chief Operating Officer Sami Nasser expressed excitement about adding this new branded residence to the Fairmont portfolio. “We are confident that our expertise in the field of luxury hospitality combined with our pioneer approach to residential projects will allow us to redefine the landscape of luxury residences in Dubai and the broader region,” he noted.
The project exemplifies the ongoing expansion and appeal of luxury living in Dubai, especially with the luxury residential real estate market projected to grow by more than 8% by 2029.
“Additonally, the project will redefine the concept of luxury residences with Dubai’s strategic location and investor-friendly regulations, which attract high-net-worth individuals and investors seeking to diversify their portfolios,” said Nasser.
Fairmont Residences Solara Tower Dubai joins a prestigious portfolio of 16 Fairmont-branded residences, with 22 more projects in the pipeline.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
