Sharjah records $517m in real estate transactions for July

Total transactions reached 2,783 last month, of which 684 were sales deals

Buildings near Al Qasba area in Sharjah. There were real estate sales in 96 areas of the emirate in July. Pawan Singh / The National

Sharjah recorded a total of 2,783 real estate transactions worth Dh1.9 billion ($517.3 million) in July, amid strong demand and robust economic growth.

The number of sales transactions reached 684 – or 24.6 per cent – of the total number of transactions during the month, Sharjah Real Estate Registration department said on Thursday.

Sales transactions were executed across 96 areas, distributed over various regions of the emirate and with more than 6 million square feet of traded area, the department said. These properties included residential, commercial, industrial and agricultural lands.

In sales transactions, 180 lands were traded. The built-in land amounted to 256 transactions, while the number of subdivided towers reached 248 transactions out of the total number of transactions.

The property market in Sharjah remains buoyant in 2023. Last year, the emirate’s government took a decision to allow all nationalities to own a property in the emirate, with no time restriction, to help grow the real estate sector.

Sharjah is also experiencing strong growth after its government took measures to support businesses and residents to mitigate the effects of the Covid-19 pandemic.

The emirate’s gross domestic product grew by 5.2 per cent annually to Dh136.9 billion last year, Sharjah's Department of Statistics and Community Development said in May.

Mezair’ah topped the list of areas with the highest number of sales transactions in the emirate last month, with 132 deals. It was followed by Muwaileh Commercial (102 transactions) Al Khan area (78 transactions) and Al Majaz 3 (36 transactions).

The number of mortgage transactions reached 447 in July, nearly 16.1 per cent of the total number of transactions, with a value of Dh420.1 million. Other transactions accounted for 59.3 per cent, with 1,652 different deals.

For the areas with the highest volume in terms of monetary value, Muwaileh Commercial topped the list with a value of Dh82.8 million, followed by Al Sajaa Industrial (Dh57.8 million), Al Rigaibah (Dh42.8 million) and Al Khan (Dh38.6 million).

As for the transactions executed in the emirate's central region, it was mostly focused in Al Qasimia and Al Blida areas with eight transactions each, the registration department said. The area with highest monetary value was Al Blida, with a value of Dh15.5 million.

In Khor Fakkan, the Al Haray industrial and Al Haray residential areas recorded three transactions each.