The remarkable AED24 billion in real estate sales in 2022 was disclosed by Sharjah’s Real Estate Registration Department. The UAE’s nationals made investments totalling more than AED16.2 billion, while the rest of the GCC’s nationals made investments totaling AED1.4 billion. Additionally, AED 4.2 billion in investments were made by Arab citizens, while AED 2.2 billion was made by investors from other countries.
According to the department’s annual report, there were up to 7,267 sales transactions, an increase of 15.3 percent from 2021, while there were 4,648 mortgage transactions with a combined value of almost AED10.1 billion.
The progress made in the real estate market, he continued, is a representation of the policies and goals of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, a member of the Supreme Council and the Ruler of Sharjah, as well as the outcome of constant oversight by H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, the Crown Prince and Deputy Ruler of Sharjah.
While the total number of real estate transactions increased, so did the diversity of the investors’ nationalities. The sector was supported by a number of recent, significant real estate initiatives, he added. The additional set of real estate laws and regulations released in 2022 gave expatriates and citizens of the Gulf more choices for owning properties of all kinds.
The real estate transactions carried out in the Sharjah emirate spanned a total area of 67 million square feet, and the selling transactions were dispersed to 198 areas in different cities throughout the emirate, with the Muwaileh commercial area coming out on top of the list.
Al Khan area came in second with 911 sales transactions at a value of AED849.8 million, accounting for 1,832 sales transactions totaling around AED1.7 billion in these locations. 5,373 residential real estate sales transactions were made last year, including apartments and all types of residential lands. These deals accounted for 73.9 percent of all sales transactions. With 807 deals, commercial real estate transactions made up 11.1 percent of the total. There had been 760 transactions for industrial real estate, or 10.5 percent of the total. A total of 327 transactions involving agricultural real estate were made, making up 4.5 percent of the total.
According to the emirate’s usufruct sale transactions, there were 351 transactions in 2022, up 24.5 percent from 2021. These deals totaled AED583.6 million in trading value and involved real estate development projects in the city of Sharjah. With 17,931 investors of all countries, 12,948 of whom were GCC citizens, and 3,725 of whom were of other nations, there were 85 nationalities represented among investors in 2022, up from 77 the year before. Additionally, 1,258 investors traded via the usufruct sale.
In 2022, investors from the Gulf traded 22,531 properties, while Emirati investors traded 20,788 homes, and investors from other nationalities traded 4,115 properties. There were 1,134 properties exchanged through usufruct sales, and buyers came from all around the world. The post AED24 billion worth of real estate transactions were transacted in Sharjah in 2022.