Sharjah’s real estate market achieved a six-year pinnacle in 2023, with foreign and non-Gulf investors setting unprecedented records.
The Sharjah Real Estate Registration Department reported a notable 13.1% surge in transaction volume, reaching a substantial AED 27.1B ($7.37B) in 2023—the highest level of real estate activity since 2017.
Investor diversity expanded to an impressive 103 nationalities, marking a remarkable 21.2% growth from 2022. Non-Arab foreign investors saw a 165% increase in trading volume and a substantial 131.7% rise in property transactions.
Mortgage transactions reached AED 7.5B ($2.04B), while property deed transactions increased by 7.5% to 24,842. Sales transactions surged to 8,731 across 232 diverse areas, covering more than 89 million square feet.
Abdulaziz Ahmed Al Shamsi, Director General of Sharjah Real Estate Registration Department, attributed the robust growth to the emirate’s economic development, guided by Sheikh Dr. Sultan bin Muhammed Al Qasimi and overseen by the Executive Council led by Sheikh Sultan bin Mohammed bin Sultan Al Qasimi.
The city of Sharjah dominated real estate trades, capturing 90% of transactions, with the Muwaileh Commercial area at the forefront, boasting 1,586 transactions and a trading volume of AED 2.1B ($571.8M).
In 2023, Sharjah welcomed five new real estate projects, comprising four compounds and one tower, covering a total area of 157,493 sq m, with 14,713 properties traded, according to Arabian Business.
The report on trader nationalities showed a growth rate of 21.2%, reaching 103 nationalities in 2023. The total number of properties traded surged by 12.4%, reaching 31,229 in the past year.
UAE citizens played a pivotal role, contributing AED 15.3B ($4.2B), representing 56.4% of the total cash circulation. Other Gulf nationals, Arab citizens, and citizens from other countries also made significant investments.
Emirati investors led with 21,876 properties, followed by Indian investors trading 1,469 properties valued at AED 2.8B ($762M). Investors from Syria, Iraq, Jordan, Egypt, and Pakistan also made notable contributions.
