AED 6.7 billion real estate transactions in Sharjah during the first quarter, with a growth of 84.9%

The Director General of the Real Estate Registration Department in the Emirate of Sharjah, Abdulaziz Ahmed Al Shamsi, stated that "the real estate sector in Sharjah recorded transactions amounting to 6.7 billion dirhams during the first quarter of this year, with a growth rate of 84.9% compared to the first quarter of 2020."

In a press statement today, he indicated that "the total number of transactions executed in the past three months amounted to 20,448 thousand transactions, an increase of 10.3% compared to the same period last year, while the volume of traded area in the emirate reached 60.3 million square feet."

He added, "The results of the real estate sector transactions in the emirate during the first quarter of 2021 confirm the sector's return to a gradual recovery and restoration of investor confidence, and by benefiting from the second package of the set of incentives, facilities and exemptions provided by the Sharjah government represented by the Executive Council of the emirate last November, which contributed to support Entities and institutions of the government and private sectors, business sectors, and individuals, and enabling them to overcome the effects of the Covid pandemic crisis, in a manner that ensures the continuity of economic development in various sectors.

He explained that "the sector also benefited from the decision of the Sharjah government regarding reducing buyer fees for non-Gulf Cooperation Council citizens from (4%) to (2%) of the sale value in Sharjah, similar to Gulf investors, a decision that took effect at the beginning of last November. Encourage investors to conduct more real estate deals in the last quarter of 2020 and first quarter of 2021.

He pointed out that "what the Sharjah government announced of launching and starting the implementation of a number of major development and development projects recently in the cities of the Eastern Province represented additional support to revitalize the sector and plans to return to normal conditions before the crisis, as well as the growth of trading movement significantly in some areas of the emirate such as Hoshi and Rawdat al-Qurt districts, thanks to the projects proposed by the government in these areas, in which ownership of Arab investors and owners were permitted. "

The Director General of the Real Estate Registration Department stated that the transactions executed during the first quarter of 2021 were divided into transactions of title deeds, real estate valuation, mortgage, property reporting, and initial sales contracts.

He added that mortgage transactions amounted to 696 transactions with a value of 2.6 billion dirhams, while property bond transactions amounted to 5,672 transactions, and initial sale contracts transactions rose to 1,121 transactions, and by 26.9% benefiting from the postponement of the decision to collect initial contract fees, as well as the launch of the real estate developer portal This allowed the developers to electronically document the initial contracts without the need for the contracting parties to attend to the department.

 While the number of valuation transactions reached 272 transactions in various regions and cities of the emirate, and property statement certificates transactions made up the largest share of the period's transactions, with a total of 12,687 transactions due to the need for large segments of society for affidavits to complete various transactions with departments and other entities, which was strengthened by the department by providing the service Through electronic linkage with a number of local and federal authorities, as well as providing them to individuals through their website. 

Al Shamsi stated that the main branch in Sharjah accounted for 96.7% of the total trading volume recorded during the first quarter of 2021, while the volume of trading in the other branches accounted for 3.3% of the total trading volume, as the Central Region branch achieved 1.7% of the total trading volume, and the branch The city of Khorfakkan recorded 0.7% of the total trading volume, while the Dibba Al-Hisn branch recorded 0.1% of the total trading volume, and for the Kalba city branch, it accounted for 0.8% of the total trading volume.

Al Shamsi added that the number of sales transactions in the various regions of the emirate during the first quarter of this year reached 1,392, the city of Sharjah acquired the largest share of them, with 1,225 transactions that took place in 86 regions, with a value of 3 billion dirhams, and it was the most important of them in the areas of Al-Khan and Hoshi, Al Raqiba, Al Nahda, and Al Majaz 3, which all accounted for 59.2% of the total sales transactions in the city, while the highest trading value in Tilal region reached 1.4 billion dirhams, including 690 transactions. One million dirhams.

Al Shamsi stated that the number of utility sale transactions in the Emirate of Sharjah during the first quarter of this year reached 61 transactions, all of which took place in 6 different regions in the city of Sharjah, with a value of 67.6 million dirhams, topped by the "Al Nahda" region with 23 transactions.

Al Shamsi pointed out that residential real estate topped in terms of the volume of transactions in the real estate sector during the first quarter of this year, as the number of transactions reached 1,044 transactions, accounting for 75% of the total transactions, followed by industrial real estate with 157 transactions at a rate of 11.3%. Commercial real estate is in third place with a rate of 11.2% that took place through 156 transactions, and finally, agricultural real estate, by 2.5%, that took place through 35 transactions.

Al Shamsi said that "the nationalities that invested in the real estate sector in Sharjah during the first quarter amounted to 43 nationalities from different countries of the world, with a total of 4,125 investors, including 3,214 investors from the countries of the Gulf Cooperation Council, and the number of traded properties reached 5,771 properties, with a value of 5.3 billion dirhams."

While the number of non-Gulf investors reached 911, they traded 1,036 properties, at a value of 1.4 billion dirhams.

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