Sharjah's property market witnessed solid growth in the first nine months with the real estate transactions surging to Dh14.6 billion ($3.9 billion) during the period, thus reaffirming the emirate's attractiveness and ability to compete with global investment destinations.

The booming sector is witnessing a thorough and incessant growth and expansion based on an advanced infrastructure and powerful legislation that boost investment and trade movement in the ‘Smiley’ emirate, said a statement from Sharjah Real Estate Registration Directorate (SRED).

As per the latest real estate transactions report of the Directorate, a total of 2,415 real estate deals were inked during the period covering 40 million sq ft of land in 171 different areas, while the mortgages transactions amounted to Dh8.8 billion, it stated.

"A total of 40,028 real estate transactions had been recorded across the emirate till September 30, up 6 per cent over last year's figures of 37,748," revealed Abdul Aziz Ahmed Al Shamsi, the director general of the SRED.

Of these, 11,747 were title deed transactions, while 2,436 were mortgage transactions and 28,845 belonged to the other transaction caategories.

The lion's share of the 9,994 title deed transactions were registered at the main Sharjah branch, compared to 680 transactions in the Kalba branch, 563 in Khor Fakkan branch, and 510 in Al Dhaid branch.

According to him, the residential properties ranked first in terms of sales transactions. They accounted for the largest share of the sales transactions, up 67.9 per cent over the total number of properties, followed by commercial properties which stood at 18 per cent as compared to 11.8 per cent for industrial properties, and 2.3 per cent for agricultural properties.

On the mortgage deals, Al Shamsi said the major share went to the main branch which processed 2,091 registered mortgage transactions, followed by Al Dhaid branch with 164, Khor Fakkan with 98 and Kalba with 83.

The SRED chief said investors from 43 nationalities worldwide were involved in these real estate transactions spanning 13,100 properties across the northern emirate during the first nine months of the year.

However, the GCC nationals emerged the biggest investors pumping Dh12.6 billion into 11,763 properties, while other nationals traded in 1,364 properties valued at Dh2 billion.

Al Shamsi pointed out that this growth was mainly due to the lucrative incentives and big investment opportunities offered.

“This is apart from the diversity of the options available, let alone the financing facilities provided to individuals and investors in pursuance of the directives of HH Sheikh Dr. Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah," he added.-TradeArabia News Service