Sharjah’s Real Estate Sector Generated Over $1 Billion in Transactions
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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
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
