Sharjah's real estate transactions hit record AED40 billion in 2024

Sharjah [UAE], January 22 (ANI/WAM): The Sharjah real estate has succeeded in achieving exceptional and unprecedented growth during 2024, with transactions volume amounting to AED 40 billion, and a growth rate of 48 per cent compared to 2023.
Abdulaziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Department, said that this is the highest trading volume achieved by Sharjah's real estate since 2008, reflecting the increasing number of investors of various nationalities and their demand to purchase different types of real estate, benefiting from the emirate's attractive investment environment and stable economic climate.
"The sector has also succeeded in attracting investors from 120 nationalities from different parts of the world," he added.
With regards to the nurturing conditions of this exceptional growth, Al Shamsi stated that the Sharjah real estate enjoys a continuous support from His Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the follow-up of Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Chairman of Sharjah's Executive Council, which is evident in the positive results of the sector.
Al Shamsi also pointed out that there are great developments and procedures supporting the growth of Sharjah's real estate and enhancing its results, indicating that the transactions' continuous increase reflects investors' confidence in Sharjah's real estate market and their determination to own and invest in the emirate.
He stated that there is an increase in the demand for all transactions, including title deeds transactions, sales transactions, and sorting real estate project units' transactions. The initial contract transactions also increased due to the public's interest in development project units, which herald further growth in Sharjah real estate transactions in the future.
Al Shamsi also commented on the role of population growth, saying, "Sharjah has witnessed an increase in demand for real estate as a result of population growth and urban expansion. This demand coincided with large investments in infrastructure projects, such as the development of roads and public facilities, which made Sharjah's real estate more attractive for housing and investment."
Furthermore, Sharjah had witnessed a significant increase in the number of investing nationalities, reflecting the growing demand for investment and ownership in the emirate. The number of these nationalities increased to 120 during 2024, compared to 103 nationalities in 2023, which reflects the positive growth that Sharjah's real estate has been witnessing for several years.
Moreover, the number of properties traded by investors of various nationalities also increased last year to reach 45,676 properties, compared to 31,229 in 2023. This increase is due to several factors, most notably the strength of the infrastructure, the diversity and availability of real estate products, and the decision to allow non-citizens and Gulf nationals to own real estate in Sharjah.
In terms of trading volume by nationality, investments by Emirati citizens amounted to about AED 19.2 billion, which represented 48 percent of the total. The investments by the rest of the Gulf citizens amounted to AED 2.3 billion, and represented 5.7 per cent, while investments by Arab citizens rose to AED 7 billion, which constituted 17.5 per cent of the total. Similarly, investments by citizens of other countries achieved a record increase, which reached about AED 11.5 billion, and represented 28.8 per cent of the total value of investments.
As for the number of properties traded by nationality, Emirati investors traded 30,638 properties, followed by investors from India with 2,698 properties, Syrian investors with 1,761, Iraqi investors with 1,012, Egyptian investors with 957, and Pakistani investors with 865 properties.
The value of mortgages amounted to AED 10 billion, through 2,558 transactions done by 32 financing entities. As for the areas with the highest number of mortgage transactions, "Muwailih Commercial" came first with 457 transactions worth AED 2.1 billion, followed by "Umm Fanain" area with 352 transactions amounting to AED 657 million, "Tilal" area with 247 transactions worth AED 611 million, and "Al-Khan" area with 155 transactions worth AED 1.4 billion.
As for usufruct sales, they reached 652 transactions distributed across 11 regions, and with a total value of AED 1 billion. "Muwailih Commercial" also topped the list with 178 transactions worth AED 166 million, followed by "Umm Fanain" area with 104 transactions amounting to AED 186 million, then "Al-Khan" area with 93 transactions worth AED 82.5 million.
The initial sales contracts reached 10,084 with a value of AED 12 billion. With regards to the areas with the highest number of transactions, "Muwailih Commercial" also took the lead with 3,328 transactions, and a trading value of AED 3.5 billion, followed by "Al-Qasimia City" with 1,168 transactions amounting to AED 825 million, then "Tilal" area with 861 transactions and a trading value of AED 2.9 billion.
Reviewing the statistics of real estate projects, 14 new projects were registered in Sharjah during the last year, with residential, commercial and industrial uses, including 9 complexes and 5 towers. Additionally, 20,197 properties were traded in real estate development projects in the emirate during 2024.
In order to meet the increasing demand for real estate units in the emirate, the number of projects licensed by Sharjah's Real Estate Development Projects Approval Committee for ownership by all nationalities had increased to 25 real estate projects since the issuance of the decision, including 8 projects that obtained approval during 2024.
These projects varied between complexes and towers with residential, commercial and industrial uses, and their licensing came with reference to the Executive Council Resolution No. (30) of 2022 regarding the ownership of real estate by non-citizens and Gulf nationals in Sharjah, which played an important role in supporting the real estate throughout the past 12 months, and sustaining its continued increasing activity during 2025. (ANI/WAM)