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Sharjah real estate market booms in January 2024: Transactions hit USD 1.06 billion

Real estate transactions in Sharjah hits record highs in January 2024, with a significant increase from the previous year

Sharjah real estate market booms in January 2024: Transactions hit USD 1.06 billion

The volume of real estate transactions in the Emirate of Sharjah reached USD 1.06 billion (AED 3.9 billion) in January 2024, according to the latest monthly report released by the Sharjah Real Estate Registration Department.

This constitutes a huge increase compared to January 2023, when the volume reached only USD 544 million (AED 2 billion). Consequently, the transactions carried out during January 2024 witnessed a significant increase compared to last year, reaching 5,412 during January 2024, while in January 2023, they reached only 2,999.

The department’s statistics show that last January’s total transactions reached 5,412, and the sales transactions reached 879, representing 16.3 per cent of the total transactions. As for the number of mortgage transactions, it reached 288, which represented 5.3 per cent of the total transactions and a total value of AED 548.1 million. The other remaining transactions amounted to 4,245, representing 78.4 per cent of the total transactions.

Sales transactions occurred in 106 areas distributed across various cities and regions of the emirate, including residential, commercial, industrial, and agricultural lands. As for the traded real estate, 358 lands were traded, built-in land transactions amounted to 282, and the number of units sold in tower transactions reached 239 out of the total number of transactions.

The report also showed that “Muwailih Commercial” topped the list of the highest areas in the number of sales transactions in Sharjah, recording 122 transactions, followed by “Al-Mazairah” area with 114, “Al-Khan” area with 61, and “Hoshi” area with 43 transactions.

As for the most active areas in terms of trading volume, “Muwailih Commercial” came first, with a trading volume of USD 44.63 million (AED 164.1 million), followed by “Al-Sajaa Industrial” area with USD 41.51 million (AED 152.5 million), “Al-Khan” with USD 21.57 million (AED 79.2 million), and “Al -Mamzar” with USD 19.52 million (AED 71.7 million).

In the central region, the transactions were concentrated in “Al-Madina Al-Qasimia”, with 46 transactions recorded as the highest trading volume numbers, reaching USD 8.71 million (AED 32 million).

In Khor Fakkan, the “Hay Al-Haray Industrial” area came first, with seven transactions, while the “Hayawa 4” district recorded the highest trading volume numbers, reaching USD 870,000 (AED 3.2 million).

Finally, in the city of Kalba, “Al-Tarif 5” topped with four transactions and was also the highest area in the city regarding trading volume, reaching USD 408,163 (AED 1.5 million).