Sharjah’s Real Estate Market Sees Significant Growth in 2024
The real estate sector in Sharjah continues its strong upward trajectory in 2024, with the latest “Real Estate Transactions” report from the Sharjah Real Estate Registration Department highlighting record-breaking activity. According to the report, October witnessed the highest transaction volume of the year, reaching AED 4.4 billion across 4,883 transactions, covering a total area of 14 million square feet.
Rapid Expansion of the Real Estate Sector
Sharjah’s real estate market is among the fastest-growing sectors in the UAE, playing a crucial role in strengthening the local economy and meeting the increasing demands of the population. Recent years have seen substantial growth, driven by government policies that encourage foreign investment and support new residential, commercial, and industrial projects. The introduction of freehold laws allowing foreign ownership in specific projects has significantly contributed to attracting investors and capital from both inside and outside the country.
4,883 Transactions Recorded in October
The report provides detailed insights into real estate activity, revealing that a total of 4,883 transactions took place in October. Of these, sales transactions accounted for 1,415, representing 29% of the total, while mortgage transactions amounted to 443, making up 9.1% with a total value of AED 1.3 billion. Other types of transactions reached 3,025, constituting 61.9% of the total.
Sales Transactions Across 126 Areas
Real estate sales were distributed across 126 different areas within Sharjah, covering residential, commercial, industrial, and agricultural lands. The breakdown of property types in sales transactions included 693 land deals, 450 unit sales in towers, and 272 transactions involving built-in lands.
Major Deals and Active Areas
The highest-value real estate transaction in October was recorded in the “Al-Mamzar” area, where a land deal reached AED 62 million. Additionally, the highest mortgage transaction was also recorded in the same area, involving a vacant land valued at AED 386 million.
Muwailih Commercial Leads in Sales Activity
With a total of 1,145 sales transactions recorded, “Muwailih Commercial” emerged as the most active area, leading with 257 transactions. It was followed by “Al-Khan” with 106, “Muzeirah” with 92, and “Tilal” with 81 transactions. In terms of trading volume, “Muwailih Commercial” also topped the list with AED 258.6 million, followed by “Tilal” with AED 161.6 million, “Al-Sajaa Industrial” with AED 130.5 million, and “Al-Khan” with AED 83.2 million.
Real Estate Activity in Other Regions
In the Central Region, 226 sales transactions were recorded, with “Al-Qasimia City” leading the way with 193 transactions, making it the highest in trading volume at AED 133.6 million.
Meanwhile, in “Khorfakkan,” a total of 23 sales transactions took place, with the “Al-Harai Industrial District” and “Al-Harai Commercial District” leading with five transactions each. The highest trading volume was recorded in “Hay Al-Zubara,” amounting to AED 2 million.
In “Kalba,” 19 sales transactions were completed, with “Sur Kalba Commercial” and “Al-Tarif 5” recording the highest number of transactions at three each. “Al-Tarif 1” recorded the highest trading volume, reaching AED 4.1 million.
With these impressive figures, Sharjah’s real estate market continues to grow rapidly, solidifying its position as a key player in the UAE’s property sector.
