Business News
Sharjah records Dh4.2b real estate transactions in third quarter of 2019
Nov
Sharjah: Real estate sesctor in Sharjah has recorded Dh4.2billion worth of transactions in the thrid quarter of the 2019 showing an increase of 31.4 per cent compared to same peried in 2018.
Abdulaziz Ahmed Al Shamsi, Director General – SRERD, said the Emirate recorded some 14,974 real estate transactions over July, August and September in 2019 in comparison to 11,393 property transactions recorded in the corresponding period in 2018.
The real estate transactions in Quarter-3 consisted of 646 sales, 1,453 initial sale contracts and 210 evaluations. There were also 694 mortgages transactions worth Dh1.8billion.
Al Shamsi said Sharjah has become an attractive market for local and foreign investors.
“This is mainly due to the directives of His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, who pays much attention to the real estate sector.
“The encouraging business environment has boosted the Emirate’s position as a trust-worthy, economic and investment hub on the regional and international map,” he added.
Al Shamsi added that the Emirate has become a favourite tourist destination for families from the region.
Residential properties ranked first in terms of sales transactions, constituting 64.4% of the total transactions recorded. These were followed by industrial properties (17.9%), commercial properties (13.8%), and agricultural properties (3.9%).
Investors from 41 nationalities worldwide have invested in the real estate sector of the Emirate of Sharjah in the third quarter of 2019.
“GCC nationals’ real estate investments in the Emirate of Sharjah recorded around Dh3.5 billion while the real estate investments of other nationalities valued at about Dh700 million,” Al Shamsi added.