Sharjah’s real estate sector has seen substantial growth in the first nine months of 2024, with transactions valued at AED28 billion (about $7.62 billion), marking a 47% year-on-year increase, according to the Sharjah Real Estate Registration Department. The total number of transactions reached 69,078, up 16.5% from the same period last year, highlighting the emirate’s increasing appeal to investors both locally and globally.
Investors from 114 nationalities contributed to this surge, with UAE citizens leading with investments totaling AED13.7 billion across 22,908 properties. Non-Emirati Gulf Cooperation Council (GCC) citizens invested AED1.7 billion in 1,166 properties, while other Arab investors contributed AED5.1 billion across 4,651 properties. Investments from citizens of other nationalities reached AED7.5 billion, covering 4,587 properties.
Sectoral and Geographic Highlights
Key growth metrics include an increase in the number of title deed issuances, property subdivisions, and development project sales. The Sharjah city area led the emirate with 8,311 transactions in 120 zones, driving a trading volume of AED10.3 billion. The “Muwailih Commercial” area led in terms of transaction volume, with 1,980 transactions worth AED2.2 billion, followed by “Rawdat Al-Qart” and “Tilal.”
Residential property transactions dominated, comprising 83.1% of sales with 7,657 transactions, followed by commercial properties with 758 transactions (8.2% increase), industrial properties with 653 transactions (7.1% increase), and agricultural properties with 148 transactions (1.6% increase).
Strategic Initiatives and Government Support
Abdul Aziz Ahmed Al Shamsi, Director General of Sharjah Real Estate Registration Department, attributed the market’s robust growth to continued support from H.H. Sheikh Dr. Sultan bin Muhammad Al Qasimi and H.H. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, highlighting the government’s real estate development incentives and favorable policies allowing non-citizens and Gulf nationals to invest in Sharjah’s property market. The introduction of streamlined procedures and initiatives has also boosted investor confidence and driven sustained demand for Sharjah’s real estate assets.
Mortgage transactions also saw significant activity, totaling AED7.5 billion across 3,229 transactions. Preliminary contracts, sales, and usufruct arrangements reached 17,000, up from 11,000 last year, as development projects and infrastructural advancements continue to strengthen Sharjah’s real estate outlook.
With 88.2 million square feet transacted in 220 areas, Sharjah’s real estate sector is on a steady upward trajectory, setting the stage for continued growth and reinforcing the emirate’s status as a thriving real estate investment destination.
