Sharjah’s real estate sector recorded a 5.1 percent growth year-on-year in 2020, media reports said. According to official figures, around 64,459 real estate transactions, worth Dh15.9 billion were completed last year. If we look to further break them down, Sharjah recorded 12,248 ownership deeds, around 4,644 initial sale transactions, 2,745 mortgage transactions, 39,444 ownership certificate transactions, 765 valuation transactions, and 4,613 other transactions during the period.
Abdul Aziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Department told the media, “This is apart from the supportive efforts of the government that has adopted a series of stimulating decisions that helped the real estate sector not only to overcome the crisis caused by the Covid-19 pandemic but prosper and grow.”
He also praised the support of the leadership and highlighted its contribution towards the recorded growth despite economic uncertainties and the pandemic. He further said, “This major decision, along with the latest stimulus package, has boosted the economy of the emirate, and attracted direct foreign investments to the real estate sector.”
It was also reported that Dubai’s real estate sector recorded around 51,414 sales transaction worth Dh175 billion in 2020 despite the coronavirus pandemic and economic uncertainties, according to a report by the Dubai Land Department (DLD). During the period, Dubai attracted 31,648 new investors and investments worth over Dh73.2 billion.
Last year, Dubai issued a new decree to update the way it deals with unfinished and cancelled real estate projects. The emirate established a new committee to oversee all projects that are cancelled or unfinished. It was reported that the decree was issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai.