The extraordinary AED 24B in real estate sales in 2022 was disclosed by Sharjah’s Real Estate Registration Department. The UAE’s nationals made investments totaling more than AED 16.2B, while the rest of the GCC’s nationals made investments totaling AED 1.4B. Additionally, AED 4.2B in investments were made by Arab citizens, while AED 2.2B was made by investors from other nations.
According to the department’s annual report, there were up to 7,267 sales transactions, an increase of 15.3% from 2021, while there were 4,648 mortgage transactions with a combined value of almost AED 10.1B. H.E. Abdulaziz Ahmad Shamis Al Shamsi, Director-General of Sharjah’s Real Estate Registration Department, stressed that the results of the real estate sector during the past year confirm its outstanding contribution to enhancing the economic competitiveness of the emirate, and attracting major investments that consolidate the real estate sector and urban boom, in addition to development of services provided to institutions. “The results also reflect the individuals’ economic well-being and a decent standard of life they enjoy in the emirate,” He said, pointing out that the stability of the real estate market in the emirate over the past year reaffirms the investors’ confidence in the emirate’s economic strength and durability and ability to respond to regional and global economic challenges.
“These factors play a vital role in preserving the status of the emirate of Sharjah as an ideal destination for living and investing,” His Excellency emphasized. The progress made in the real estate market, he continued, is a reflection of the policies and goals of His Highness Sheikh Dr. Sultan bin Mohammed AlQasimi, Supreme Council Member and Ruler of Sharjah, as well as the outcome of constant oversight by His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, the Crown Prince and Deputy Ruler of Sharjah.
H.E. Abdulaziz Ahmad Shamis Al Shamsi said that the emirate’s real estate market had been stable throughout the previous year, with an increase in the growth and diversity of the real estate offering. While the total number of real estate transactions increased, so did the diversity of the investors’ nationalities. The sector was supported by several recent, significant real estate initiatives, he added. The additional set of real estate laws and regulations released in 2022 gave expatriates and citizens of the Gulf more choices for owning properties of all kinds. In accordance with particular terms and circumstances, they may utilize Sharjah’s real estate development regions and projects. This maintained a balance in the population and the distribution of metropolitan areas within the area while serving as an incentive for owners and investors of all nationalities.
The annual report included numerous encouraging statistics, such as an 8.6% growth in real estate sales, which totaled 91,507 in 2022 compared to 84,238 in 2021. Ownership deeds, mortgages, initial sales contracts, valuations, and other legal documents are included in the transactions. With 807 deals, commercial real estate transactions made up 11.1% of the total. There had been 760 transactions for industrial real estate, or 10.5% of the total. A total of 327 transactions involving agricultural real estate were made, making up 4.5% of the total.
According to the emirate’s usufruct sale transactions, there were 351 transactions in 2022, up 24.5% from 2021. These deals totaled AED 583.6M in trading value and involved real estate development projects in Sharjah. In 2022, there were 85 nationalities represented among investors, up from 77 the year before. Of the 17,931 investors overall, 12,948 were GCC citizens, while 3,725 were from other nationalities. In 2022, investors from the Gulf traded 22,531 properties, while Emirati investors traded 20,788 homes, and investors from other nationalities traded 4,115 properties. There were 1,134 properties exchanged through usufruct sales, and buyers came from all around the world.
