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Sharjah sees boom in real estate as buyers invest

Sharjah sees boom in real estate as buyers invest

Gulf News, 12 February, 2019

The real estate deals sealed last year covered over 52 million square feet, while the mortgage transactions amounted to Dh14.9 billion, according to a top official.

Investors from 48 nationalities worldwide were involved in the reported real estate transactions.

GCC nationals emerged as the biggest investors, securing more than Dh20 billion worth of deals, while other nationalities registered Dh2.5 billion in investments.

Abdul Aziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Directorate, attributed the exceptional growth in transactions to the big and diverse investment opportunities available in the emirate.

This is apart from the attractive financing facilities offered by the banks and financial institutions operating in the public and private sectors.

The recent government decision to offer long-term residence visas up to 10 years for investors, residents, retirees and those wishing to study in the academic institutions nationwide has also had a significant impact.

“Foreigners in the emirate have also been given the usufruct to enjoy all the advantages and uses in various real estate projects that include residential, commercial, and industrial,” he said.

“It also opened the door for new investors and developers.”

As many as 3,459 mortgage transactions, worth over Dh14.9 billion were recorded, Al Shamsi said. “These span 2,114 mortgage transactions, 824 mortgage releases and 521 mortgage add-ons.”

Most of the 3,254 sales transactions registered were carried out in Sharjah city, while 2,859 deals were done in 105 other locations.

“These were led by the commercial areas in Al Khan, Al Nahda, Al Majaz-3 and Hushi that witnessed 1,431 transactions; most of which (509) were in Al Khan, while the highest transactions recorded were at the Muwailah Commercial Area which saw 152 deals worth AED 853,652, 212,” he added.

Up to 106 sales transactions were registered in 29 areas over the Central Region, led by Al Dhaid Agricultural Area, Sohaila Commercial Area, Al Dhaid Commercial Area and Al Madam Commercial Area.

“These four areas represent 40.6 per cent of the total deals sealed in the Central regions – exactly 43 transactions, while the remaining 63 deals were concluded in 25 areas,” he said. “The Central Region trading volume exceeded Dh147 million last year, though,” he said.