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Record-breaking surge in real estate transactions: Sharjah sees 13.1% growth in 2023

The report highlights a significant 7.5% increase in property deed transactions, totalling 24,842, while sales transactions surged to 8,731 across 232 diverse areas, encompassing over 89 million square feet in Sharjah

Sharjah

The Sharjah Real Estate Registration Department has reported a significant 13.1% surge in transaction volume, reaching a substantial ≈ USD 7.39 billion (AED 27.1 billion) in 2023—the highest recorded since 2017. The diversity of investing nationalities expanded to an impressive 103, marking a remarkable 21.2% growth compared to 2022. Non-Arab foreign investors experienced an astounding 165% increase in trading volume and a substantial 131.7% rise in the number of properties traded, while mortgage transactions reached a notable value of ≈ USD 2.04 billion (AED7.5 billion).

The city of Sharjah takes the lead in real estate transactions

The report highlights a significant 7.5% increase in property deed transactions, totalling 24,842, while sales transactions surged to 8,731 across 232 diverse areas, encompassing over 89 million square feet. Utility sale transactions reached 691, amounting to ≈ USD 257 million (AED 947.2 million). Initial sales contract transactions exhibited remarkable growth, with a 38.4% increase over 2022, totalling 6,442 and reaching a value of ≈ USD 2.04 billion (AED 7.5 billion).

Abdulaziz Ahmed Al-Shamsi, Director General of Sharjah Real Estate Registration Department, highlights the robust growth in Sharjah’s real estate sector in 2023, citing strength and versatility as key drivers. This positive trend, reflective of the emirate’s comprehensive economic development, is supported by the guidance of H.H. Sheikh Dr Sultan bin Muhammed Al Qasimi, Supreme Council Member and Ruler of Sharjah and close oversight from the Executive Council led by H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah.

The results, based on precise data, indicate sustained expansion in the real estate market in terms of size, transactions, area, and investor engagement. This momentum is further propelled by the launch of significant and diverse real estate and urban projects across commercial, industrial, and residential sectors.

The city of Sharjah dominates real estate trades, capturing an impressive 90% of transactions. Specifically, 7,859 transactions took place in the city, while the remaining 10% were distributed among the central region (434), Kalba (224), Khor Fakkan (193), and Dibba Al-Hisn (21) transactions.

At the forefront of real estate activity is the Muwaileh Commercial area, boasting 1,586 transactions and a trading volume of ≈ USD 571 million (AED 2.1 billion). Renowned for its real estate development projects, the area’s transactions predominantly focus on residential properties and lands, with a significant emphasis on spacious properties.

Let’s take a closer look at the stats for 2023

Examining the statistics for 2023, the emirate welcomed five new real estate projects, comprising four compounds and one tower. The total area of these projects reached 157,493 square meters, with 14,713 properties traded in real estate development projects throughout the year.

The 2023 report on trader nationalities in the emirate shows a notable rise in nationalities from 85 in 2022 to 103 in 2023, showcasing a robust growth rate of 21.2%. This positive trend underscores the sustained development of the real estate market in Sharjah over the years. Additionally, the total number of properties traded by investors from various nationalities surged by 12.4% from 27,780 in 2022 to an impressive 31,229 properties in the past year.

In terms of trading volume by nationality, UAE citizens played a pivotal role, contributing significantly to the total cash circulation with investments reaching approximately ≈ USD 4.17 billion (AED 15.3 billion), representing 56.4% of the overall sum. Other Gulf nationals followed suit with investments totalling ≈ USD 435 million (AED 1.6 billion), accounting for 6% of the total, while Arab citizens increased their investments to ≈ USD 1.17 billion (AED 4.3 billion), equivalent to 15.9%. Notably, investments by citizens from other countries reached a record high, amounting to ≈ USD 1.60 billion (about AED 5.9 billion), constituting 21.7% of the total investment value. In terms of the number of properties traded, Emirati investors led the way with 21,876 properties.

Investors from India followed, trading 1,469 properties with a total volume of ≈ USD 762 million (AED 2.8 billion). Syrian investors traded 1,299 properties, valued at ≈ USD 299.18 million (AED 1.1 billion). This was followed by investors from Iraq with 609 properties, valued at ≈ USD 174.49 million (AED 640.1 million), Jordan with 559 properties, valued at ≈ USD 176.33 million (AED 647.4 million), Egypt with 555 properties, valued at ≈ USD 146.25 million (AED 536.9 million), and Pakistan with 549 properties, valued at ≈ USD 229.45 million (AED 842.2 million).