Sharjah's real estate deals in Q1 surge to $1.82bn
SHARJAH, April 25, 2021
Sharjah's real estate sector witnessed transactions valued at AED6.7 billion ($1.82 billion) during the first three months of 2021, registering a growth rate of 84.9 per cent, compared to the first quarter last year, according to a report issued by the Real Estate Registration Department.
The total number of transactions executed in the past three months hit 20,448 transactions, up 10.3 percent, compared to the same period last year. In addition, the total traded area in the emirate reached 60.3 million sq ft.
Abdulaziz Ahmed Al Shamsi, Director General of the Real Estate Registration Department in Sharjah, stated that the outcome of the real estate transactions in the emirate during the first quarter of 2021 is evidence of the sector's gradual recovery.
In addition, investors’ confidence was restored through the benefits of the set of incentives, facilities, and exemptions that was presented in November by the Sharjah government, represented by the Executive Council of the emirate.
People of 43 nationalities and from different countries were involved in real estate transactions in Sharjah in the first quarter taking the total to 4,125 investors.
These included 3,214 investors from the GCC countries, who traded 5,771 properties worth AED 5.3 billion, while 911 foreign investors traded 1,036 properties, at a value of AED1.4 billion.
Al Shamsi said the sector also benefited from the decision of the Sharjah government regarding reducing buyer fees for non-Gulf Cooperation Council citizens from 4 percent to 2 percent of the sale value, which makes it similar to Gulf citizens’ investors’ fees.
It also contributed significantly in supporting entities and institutions in the government and private sectors, business sectors and individuals, which also enabled them to overcome the effects of the Covid-19 crisis in a manner that ensures the continuity of economic development in various sectors.
This decision took effect at the beginning of last November, which encouraged investors to conduct more real estate deals in the last quarter of 2020 and the first quarter of 2021.
Moreover, the announcement of Sharjah government about launching and implementing several major development projects in the cities of the Eastern Province also represented additional support to revitalise the sector, with plans to return to the normal conditions seen before the crisis.-TradeArabia News Service
