Sharjah records real estate transactions worth AED1.7 bn in March 2023

Sharjah records real estate transactions worth AED1.7 bn in March 2023

SHARJAH, 12th April, 2023 (WAM) -- The real estate sector in Sharjah continued to thrive during March 2023, as the volume of real estate transactions in the emirate reached AED1.7 billion.

This reflects the continued growth and prosperity of the real estate sector in Sharjah, and its success in building and ensuring a motivating, attracting, and supportive environment for business and investment.

The "Mortgage Movement Report" issued by Sharjah Real Estate Registration Department (SRERD) has indicated that 3,386 transactions were recorded in various areas across the emirate during the past month, as the total volume of traded land in sales transactions reached more than 5.1 million square feet.

The results prove the important role that the real estate sector plays in the economy of the emirate and affirms its success over the past years in attracting local, Arab, and foreign investors, as Sharjah has become a preferred destination due to its strategic location, social security, economic stability, solid infrastructure, and unique competitive advantages.

Sharjah Real Estate Registration Department statistics have indicated that the total number of transactions during March has reached 3,386. The number of sale transactions amounted to 595, representing 17.6 percent of the total transactions, and the total mortgage transactions amounted to 319, or 9.4 percent of the total transactions, with a total value of AED 838.6 million. Other transactions were 2,472, representing 73 percent of the total number of transactions.

The sale transactions were done across 88 different areas and regions in the emirate. These properties included residential, commercial, industrial, and agricultural lands.

With regard to the type of real estate transactions, 157 lands were traded, while the built-land sales amounted to 207 transactions. The number of units sold in towers was 231.

The report also showed that Muwailih commercial area topped the list of sales traffic areas by recording the highest number of sales transactions in Sharjah with 116 transactions.

Mazairah and Al-Khan areas came next on the list with 68 transactions each, followed by Al-Rigaibah area with 38 transactions.

As for the highest traded areas regarding the monetary value, Muwailih commercial area topped the list with a turnover of AED140.8 million, followed by Al-Sajaa Industrial area with a volume of AED75.2 million, Al-Khan area with a turnover AED69.8 million, and then Al-Nahda area with a volume of AED52.4 million.

The transactions executed in the central region were mostly focused in Al-Qasimia area with three transactions, while the highest area in cash trading volume was in Blida region, with a trading volume reaching AED6.4 million.

While in Khorfakkan, the East area recorded the highest number of trading with three transactions, while the Al-Mudaifi area had the highest volume of transactions amounting to AED3.7 million.

As for Kalba region, Kalba and Al-Khuwair industrial areas witnessed three sale transactions each, while Al-Baraha was the highest area in terms of trading volume, which reached AED3 million.