Real Estate Transactions In Sharjah Hit AED5.2b In Q1, 2019

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Real estate transactions in Sharjah hit AED5.2b in Q1, 2019

SHARJAH, (UrduPoint / Pakistan Point News / WAM - 19th May, 2019) Real estate transactions valued AED 5.2 billion in the Emirate of Sharjah in the first quarter of this year, according to Sharjah Real Estate Registration Directorate, SRERD.

The latest figures show that the Emirate recorded 13,195 transactions, including 1,131 sales in 122 areas that covered 10 million square feet. Investors from 31 nationalities worldwide were involved in these business activities which also include 996 mortgage transactions worth AED 2.97 billion.

Abdul Aziz Ahmed Al Shamsi, Director-General of SRERD said the Emirate has become a safe environment for local and foreign investors mainly due to the directives of H.H Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, to secure a nurturing environment for real estate investment.

"This has made the real estate sector in the Emirate more attractive to local, Arab and foreign investors," he added.

Al Shamsi said the real estate deals in Sharjah reached AED5.2 billion in the first three months of the year. He explained that the main branch accounted for AED4.9 billion or 95.3 percent of total deals sealed in Q1 against 4.7 percent, in other branches. The Central Region branch recorded 2.4 percent of these deals compared to 1 percent in Khor Fakkan branch and 1.3 percent in Kalba branch.

The highest deals, valued at AED2.2 billion, were concluded in February against AED1.7 billion in March and AED1.3 billion in January.

Residential properties ranked first in the sales transactions, followed by commercial, industrial and agricultural properties.

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