Deals in Sharjah real estate reached $517 million in Q2 2023

Dubai's allure as a tax-free haven and a global luxury destination continues to captivate property investors. The first quarter of 2023 witnessed a notable 5.6% surge in residential property values, marking the ninth consecutive quarter of growth. A recent report underscores Sharjah's robust performance in the real estate sector for the initial nine months of 2023, with transactions amounting to $517 million—an impressive 14.6% increase from the previous year. Throughout this timeframe, Sharjah documented a total of 59,258 transactions, underscoring a robust demand in the real estate market. Sales transactions took the lead, with 6,342 transactions totalling $2.15 billion, reflecting a noteworthy growth rate of 18.9%.

Sharjah secured the lion's share of sales transactions, recording 5,734 transactions spread across 114 areas, accumulating to $2.04 billion. Additionally, there was a substantial upswing in initial sales contract transactions executed by real estate development companies in the emirate, with 4,200 transactions, indicating a remarkable increase of 34.3% compared to the previous year. The thriving performance of Sharjah's real estate market can be attributed to various factors, including the emirate's attractive business environment, burgeoning population, and investments in infrastructure and development. It is anticipated that the market will sustain its strength in the upcoming months as Sharjah continues to attract new residents and businesses.

The elements contributing to Sharjah's real estate appeal encompass an integrated diversity, driven by the strategic location of Sharjah, the diversity of its regions, and the robust legislative structure ensuring the rights of investors, owners, brokers, and developers. This environment is further bolstered by cutting-edge real estate registration services. In Sharjah, residential properties dominated sales transactions, constituting 78.3% of the total. Industrial properties followed at 10.3%, trailed by commercial properties at 9.8%, and agricultural properties at 1.6%. The total number of properties exchanged in Sharjah reached 6,342, with residential lands claiming the largest share at 1,988 properties. This was closely followed by residential apartments at 1,944 and residential built-in lands at 714. Throughout this period, investors from 97 different nationalities engaged in property transactions in Sharjah. The primary group of investors comprised UAE citizens, with active participation from Syrians, Indians, Iraqis, Jordanians, Saudis, Egyptians, and Kuwaitis in the market.