Sharjah property sales touch a Dh12.2b high in H1-21

Stock Sharjah Skyline, Al Khan Lagoon
Sharjah Skyline, Al Khan Lagoon Image Credit: Virendra Saklani/Gulf News

Dubai: Sharjah’s real estate sector witnessed 40,346 transactions worth a substantial Dh12.2 billion in the first-half of 2021, marking a 40.5 per cent increase in year-on-year transactions. February witnessed a major real estate deal worth Dh690 million between developers operating in Sharjah for a new luxury project, and which too added up to the first six months’ total.

There was an increase by 96.1 per cent in comparison to the same period last year when the market had slowed down due to COVID-19. The economic incentives launched by the executive board in November last was a key factor spurring a return of investor confidence this year.

Abdulaziz Ahmed Al Shamsi, General Manager of Sharjah Real Estate Registration Department, said the target remains to achieve a number of objectives aimed at encouraging investment in Sharjah. This will contribute to revitalizing the local economy and enhancing the emirate’s position on the map of local, regional, and global investment.

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The number of transactions in the various regions of Sharjah during the first-half of 2021 was 2,863 transactions. The largest share was acquired by Sharjah city with 2,546 deals, with a value of AED 4.9 billion. The leading areas were Al Khan, Al Rigaibah, Hoshi, Al Nahda, and Al Majaz 3, with 1,435 transactions that accounted for 56.4 per cent of all transactions in Sharjah. Sales in Al Khan reached 398 transactions, accounting for 15.6 per cent of the total number in the city.

As for the Central Region, transactions were 94 transactions and valued at Dh82.3 million. These transactions were concentrated in Tayybah 2 and Al Malha, and they accounted for 29.8 per cent of the total.

Residential transactions accounted for the largest share, with 49.6 per cent, while commercial came to 37.1 per cent and followed by industrial with 11.1 per cent. Among property types, apartments accounted for the largest share with 711 deals, followed by residential land with 634 transactions.