International Finance
Real Estate

Sharjah records property transactions worth Dh14.7 bn in May 2019

Sharjah Real Estate Registration Directorate in its report found that Arabian Gulf nationals had invested Dh11.8 bn which was higher compared to other nationals

The emirate of Sharjah saw a total of 27,588 real estate transactions worth Dh14.7 billion in the first half of the year, according to Sharjah Real Estate Registration Directorate’s (Serd) recent report. 

The top investors in the northern emirate’s real estate market were the Arabian Gulf nationals who made investments worth Dh11.8 billion compared to other nationals who spent Dh2.8 billion, the Serd report said. 

Abdul Aziz Ahmad Al Shamsi, director-general of the Sharjah Real Estate Registration Directorate, said that most of the real estate dealings in the emirate for the first six months took place in May. These dealings were worth more than Dh6 billion.

According to the report, up to 1,893 sales transactions and 1,588 initial sale contracts transactions were recorded in the first six months of 2019. Investors purchased more of residential properties over other forms with a total sales record of 69.7 percent deals. 

The report said that Shajah had the maximum sales deals, with  1,704 transactions covering 91 areas. The most common areas comprised Muwaileh Commercial Area followed by Al Khan and Al Nahda. The report said that Muwaileh Commercial Area ranked highest in terms of value of property deals in Sharjah. 

Al Shamshi told The National, “Advanced infrastructure, proactive legislation, economic stability and strategic location are elements of attraction that promote the image of Sharjah as a global leading investment destination in the real estate sector.”

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