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AED 1.9 billion worth of real estate was transacted in Sharjah in June 2022: SRERD

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00

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UAE, Dubai, billion, real estate, Sharjah, Real estate, economic, invest, SRERD,  commercial

According to a report by the Sharjah Real Estate Registration Department (SRERD) for June 2022, 747 real estate sales transactions of AED 1.9 billion were completed in 106 locations of the Emirate of Sharjah, with a total area exceeding 6 million square feet. 358 mortgage transactions totalling AED 764 million are included in the statistics. Residential, commercial, industrial, and agricultural areas made up more than 6 million square feet of real estate sales in the emirate in June.

Abdulaziz Ahmed Al Shamsi, Director General of SRERD, said, "Despite being impacted by the global economic conditions since last February, the sector has maintained an upward momentum in growth and a positive recovery pace. It has benefited from the increased appetite of investors to conduct real estate transactions. Companies and individuals seek to invest in real estate as it is a safe bet for capital and an ideal way to achieve a decent lifestyle." He further added, "These results are in line with the strategic vision of the Emirate of Sharjah in the areas of economic and social development, enhancing financial sustainability, stimulating the macroeconomy, and providing adequate housing for citizens and residents alike, something that embodies what was recently confirmed by H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, when he said that housing has a special value, as it is part of the Sharjah Emirate programme, which includes five main items, including housing, employment or source of income."

The department completed 2,521 transactions all over the previous month, with 747 of those being sales and accounting for 29.6% of the total. Mortgage transactions made up 358, or 14.2% of all transactions, while the remaining transactions made up 1,416, or 56.2 per cent.

There were 239 transactions involving vacant land, broken down by type of property (32 per cent). As opposed to separated towers, which accounted for 331 trades, developed lands constituted 177 transactions (23.7 per cent) (44.3 per cent).

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