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Sharjah real estate deals hit Dh14.6 billion in 9 months

Sharjah real estate deals hit Dh14.6 billion in 9 months

Khaleej Times, 11 November, 2018

Real estate transactions worth Dh14.6 billion were registered in Sharjah in the first nine months of this year, says a report released by the Sharjah Real Estate Registration Directorate (SRED). Mortgage transactions amounted to Dh8.8 billion.

Investors from 43 nationalities were involved in real estate transactions spanning 13,100 properties in Sharjah from January to end of September 2018. GCC nationals led with investments worth Dh12.6 billion in 11,763 properties, while other nationals traded in 1,364 properties valued at Dh2 billion.

Abdul Aziz Ahmed Al Shamsi, director-general of the SRED, said 37,748 real estate transactions were registered in Sharjah last year.

“The 40,028 transactions recorded until the end of September this year registered a growth of 6 per cent as compared to transactions processed last year.”

Al Shamsi said this growth is due to the incentives and big investment opportunities on offer. “There is also a diversity of options available, plus financing facilities provided to individuals and investors.”

Transactional activity
The main branch witnessed the largest real estate transactions valued at more than Dh13.8 billion, followed by Al Dhaid branch with over Dh526.9 million, while Khor Fakkan transactions reached Dh160 million and the Kalba branch with Dh124.9 million.

Records show that July witnessed the largest transactions whose value exceeded Dh2.7 billion in comparison with Dh1.9 billion in February.

The 40,028 transactions registered in the first nine months of this year included 11,747 title deed transactions, 2,436 mortgage transactions and 28,845 other transactions.

Title deeds, mortgages
The biggest title deed transaction recorded in the first nine months of 2018 was at the main branch which issued 9,994 title deeds. This compares with 680 title deed transactions in the Kalba branch, 563 in Khor Fakkan branch and 510 in Al Dhaid branch.

The biggest mortgage transaction was valued at Dh8.8 billion at the main branch which processed 2,091 mortgage transactions, followed by Al Dhaid branch with 164 transactions, 98 in Khor Fakkan and 83 in Kalba.

Transactions by region
Around 2,075 sales transactions were recorded in 101 areas in Sharjah city, led by commercial areas in Al Khan, Al Nahda and Al Majaz-3 that witnessed 875 transactions; most of which (402) were in Al Khan, while the highest transaction was recorded at Muwailah commercial area worth Dh588 million. These were in comparison with 74 transactions in 24 areas in the Central Region, led by Sohaila Commercial Area, Al Dhaid Agricultural Area and Al Madam Commercial Area.

Khor Fakkan and Dibba Al Hisn witnessed 99 transactions in 20 areas, led by Al Harri Commercial Area with 22 transactions, followed by Al Harri Industrial Area with 18 transactions. Kalba city came next with 120 transactions in 26 areas, led by the Industrial Area with 30 transactions, followed by Al Saf area with 20 transactions.

Residential properties
Residential properties accounted for the largest share of sales transactions at 67.9 per cent, followed by commercial properties which stood at 18 per cent as compared to 11.8 per cent for industrial properties, and 2.3 per cent for agricultural properties.

As for unbuilt industrial lands, they constituted most of the transactions conducted in terms of total area with about 12 million square feet.