Government Data showed that the United Arab Emirates, Sharjah had about $11.2 billion ($2.99 billion) in real estate transactions in the first half of 2021.
Sales contributed AED4.1 billion to the total value, while usufruct transactions and mortgages were at AED243 million and AED5.3 billion respectively, according to the Sharjah Real Estate Registration Department (SRERD).
Real estate investments in Sharjah came from 75 different nationalities, the regulator said, while Gulf nationals dominated the mix with 84.8 percent of total number of properties traded.
“The real estate sector in Sharjah continues to improve at an accelerating space, taking advantage of the competitive opportunities enjoyed by investors despite any challenges, mainly due to the increase in the volume and number of transactions in the residential sector,” SRERD director Abdulaziz Rashid Al Saleh said.
The launch of several major real estate development projects motivated investors to conduct real estate deals, he added, as the emirate promotes these projects as a “haven for investments in light of the relative increase in inflation rates.”
March led the first half of trading volume with a total of AED2.7 billion, followed by June with a total of AED2 billion, and February with a total of AED1.9 billion.
The sales transactions were more noticeable in 10 areas, including Muwaileh Commercial, Al-Khan, Hoshi, Al Majaz 3, AlRigaibah, Al Sajaa Industrial, Rodhat Al Qrt, Al Majaz 2, Al Nahda, and Muzaira’a.
At the Muwaileh commercial near the border between Sharjah and Dubai, 716 units sold for $ 736 million. This represents 23.7% of Sharjah’s total sales transactions.