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Emirate of Sharjah records $980mn worth of real estate transactions in Q1 2020

Report from Sharjah Real Estate Registration Department revels 18,537 real estate transactions took place in first quarter of the year

The Emirate of Sharjah has recorded up 18,537 real estate transactions totalling $980 million in the first quarter of 2020, a report by the Sharjah Real Estate Registration Department (SRERD) has revealed.

According to the report, said transactions were recorded in 129 areas of the emirate, covering 8.9 million square feet, according to Abdul Aziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Department.

He pointed out that the incentives and decisions recently approved by the Government of Sharjah to assist government and private institutions, business sectors and individuals had a large part to play in the delivery of these results.

“These included a three-month exemption from annual fees for economic establishments. The decisions covered all aspects of institutional and community work.

“This also underscores the position of Sharjah as an attractive and supportive environment for business, foreign and direct investments, as well as local, regional and global investors,” Al Shamsi added.

He noted up to 3,204 title deeds transactions were recorded, in comparison to 883 initial sale contracts transactions, 750 transactions mortgage deals, and 234 assessments transactions.

Up to 729 sales transactions were registered across the Emirate in the first quarter of the year. Most of these were recorded in Sharjah city with 632 transactions valued at $263,367,822. These covered 75 regions, led by Al Khan, Al Nahda, and Al Tai, where most apartments were registered.

The Central Region recorded 20 sales transactions, valued at $3,166,261 across 19 areas, as compared to 32 transactions, valued at $7,127,451, across 13 areas in Khor Fakkan, and 40 transactions, totalling $4,309,593 across 18 areas in Kalba city, and five sales transactions, reaching $989,469 across four areas in Dibba Al Hisn.

Residential properties ranked first in the sales transactions in the first quarter of the year with 507 transactions, that constituted 69.5% of the total transactions. These were followed by the industrial properties with 101 transactions, or 13.9%, the commercial properties with 97 transactions, or 13.3%, and finally the agricultural properties with 24 transactions, or 3.3% of the total transactions.

Up to 750 mortgage transactions, worth $517,260,142, were recorded in Sharjah in the first quarter of the year.

Investors from 37 nationalities worldwide were involved in the reported real estate transactions in the Emirate of Sharjah in the first three months of the year 2020.

These included 2,896 GCC investors who traded 3,614 properties, worth AED3.1 billion, and 500 foreign investors who traded 473 properties, worth AED500 million.

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