Sharjah records $1.14 bn worth of transactions in Q3 2019

Sharjah records 14,794 transactions during Q3 2019 compared to the 11,393 property deals during Q3 2018

Sharjah Real Estate Registration Department (SRERD) has said that the Emirate of Sharjah recorded 14,974 real estate transactions worth $1.14 billion during the third quarter of 2019 compared to 11,393 property deals that were conducted during Q3 2018.

Majority of the real estate transactions were recorded in the Sharjah city branch, which constituted 96.9 per cent of the total transaction value, while residential properties were ranked first in terms of sales transactions. This constituted 64.4 per cent of the total transactions recorded, while industrial properties constituted 17.9 per cent, commercial properties accounted for 13.8 per cent  and agricultural properties recorded the lowest at 3.9 per cent.

Abdulaziz Ahmed Al Shamsi, director-general of SRERD, said: “The figures reflect a significant rise of 31.4 per cent in the number of transactions recorded in the third quarter of 2019 as compared to the same period in 2018.”

“The real estate transactions included 646 in sales, 1,453 in initial sale contracts and 210 in evaluations. These are added to 694 mortgages transactions which are valued at about $490 million,” he added.

Additionally, most of the sales recorded were in Al Khan area with 127 transactions, while the highest transaction value recorded was $69 million in the Muwaileh Commercial Area.

“The other branches recorded 3.1 per cent from the total real estate transaction value reported. These recorded 1.2 per cent at Al Dhaid, 1.1 per cent at Khor Fakkan, and 0.8 per cent at Kalba branch,” Al Shamsi added.

He further said that investors of 41 nationalities have invested in the real estate sector in Sharjah during this quarter.

Al Shamsi concluded: “GCC nationals’ real estate investments in the Emirate of Sharjah recorded around $952 million, while the real estate investments of other nationalities valued at about $190 million.”

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