Sharjah Real Estate Performance in February 2024
Sharjah real estate sector witnessed in February 2024, transactions amounting to AED3.1 billion ($844 million), as reported by the Sharjah Real Estate Registration Department’s Real Estate Transactions and Mortgages Movement report.
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The month saw a total of 4,458 transactions across various parts of the emirate, showcasing significant growth and prosperity within the sector. This upturn is largely attributed to the influx of local, Arab, and international investments and the high yields these investments have produced, spurred on by the development projects within the emirate.
Government Support and Sector Growth
The ongoing support from the Sharjah government, through a series of incentives and facilities for investors, entrepreneurs, and developers, has greatly contributed to the sector’s success. In February, the detailed transactions included 1,048 sales, representing 23.5% of the total, and 355 mortgage transactions, accounting for 8% of the total with a combined value of AED581.4 million ($158.3 million). The remaining transactions, numbering 3,055, comprised 68.5% of the month’s total.
Distribution and Types of Transactions
The sales transactions were spread across 101 areas in Sharjah, including a total area of 8.7 million square feet and including residential, commercial, industrial, and agricultural lands. The breakdown of traded properties showed 413 lands, 328 units in towers, and 307 built-in land transactions.
Leading Areas in Sales and Volume
The “Muwailih Commercial” area led in sales transactions with 213, and in trading volume with AED382 million. It was closely followed by “Rawdat Al-Qart” with 138 transactions, and both “Al-Mazairah” and “Al-Khan” areas, each with 77 transactions. In terms of trading volume, “Um Fanain” and “Al-Khan” areas followed with AED109.5 million and AED84.2 million, respectively, with “Al-Sajaa Industrial” area coming in next at AED83.3 million.
In the Central Region, “Al-Madina Al-Qasimia” saw the highest number of transactions, with eight, while “Blida” had the highest trading volume at AED13.4 million. For Khor Fakkan, “Al-Bardi 4” stood out with 11 transactions and also led in trading volume in the city at AED6.9 million. Lastly, in Kalba, the “Sur Kalba Commercial” area had the most transactions with four, and “Al-Saaf 7” recorded the highest trading volume at AED1.5 million.
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
Villa prices saw particularly strong growth, with capital values increasing by 33.4 percent year-on-year
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Dubai’s real estate market showed strong performance in the second quarter of 2024, with notable increases across the residential, office, and retail sectors, according to a new ValuStrat real estate report for Q2 2024.
Villa prices experienced particularly strong growth, with capital values rising by 33.4 percent year-on-year.
Haider Tuaima, Director and Head of Real Estate Research at ValuStrat said: “The Dubai real estate market has shown impressive growth and resilience in recent months. The ValuStrat Price Index for Residential Capital Values increased by 6.4 percent quarterly and 28.2 percent annually, reaching 178.2 points.
“Despite severe flooding caused by record rainfalls in April, the quick and effective response from developers and authorities helped to control the damage, ensuring that market activity and property valuations remained robust in the subsequent months.”
The office sector also performed well, with the VPI for office capital values surging by 31.7 percent annually and 9.4 percent quarterly, reaching 212.5 points—the highest quarterly increase in a decade.
In the retail sector, Emaar Properties reported 98 percent occupancy in their prime mall assets, while overall mall occupancy stood at 96 percent during the first quarter of 2024. The hospitality sector also saw growth, with total international guests reaching 8.12 million as of May 2024, a 9.9 percent increase compared to the same period last year. Hotel occupancy reached 81 percent, rising by 1.4 percent year-on-year.
Despite these positive indicators, Tuaima added, “The decline in transaction volumes calls for a closer examination of market dynamics as stakeholders navigate this evolving landscape.”
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
