UAE's Sharjah has recorded up to 18,537 real estate transactions totalling Dh3.6 billion ($979 million) in the first quarter of 2020, according to Sharjah Real Estate Registration Department (SRERD). Up to 729 sales transactions were registered across the emirate during the first quarter. Most of these were recorded in Sharjah city with 632 transactions valued at Dh967 million. These covered 75 regions, led by Al Khan, Al Nahda, and Al Tai, where most apartments were registered, Trade Arabia reported on Tuesday. The Central Region recorded 20 sales transactions, valued at Dh11.6 million, across 19 areas, as compared to 32 transactions, valued at Dh26,180,557, across 13 areas in Khor Fakkan, and 40 transactions, totalling Dh15,830,000, across 18 areas in Kalba city, and five sales transactions, reaching Dh3,623,500, across four areas in Dibba Al Hisn. Abdul Aziz Ahmed Al Shamsi, the director-general of SRERD, said the transactions were recorded in 129 areas in the emirate covering 8.9 million sq ft. Residential properties ranked first in the sales transactions in the first quarter of the year with 507 transactions, that constituted 69.5 per cent of the total transactions. These were followed by the industrial properties with 101 transactions, or 13.9 percent, the commercial properties with 97 transactions, or 13.3 per cent, and finally the agricultural properties with 24 transactions, or 3.3 per cent of the total transactions.
Lauding the recent incentives by the Sharjah government to help private institutions, business sectors and individuals, Al Shamsi said: “These included a three-month exemption from annual fees for economic establishments. The decisions covered all aspects of institutional and community work.” “This also underscores the position of Sharjah as an attractive and supportive environment for business, foreign and direct investments, as well as local, regional and global investors,” stated Al Shamsi. He pointed out that 3,204 title deeds transactions were recorded, in comparison to 883 initial sale contracts transactions besides 750 transactions mortgage deals and 234 assessments transactions. Up to 750 mortgage transactions, worth Dh1.9 billion, were recorded in Sharjah in the first quarter of the year, added Al Shamsi. According to him, investors from 37 nationalities worldwide were involved in the reported real estate transactions in the emirate during the first three months. “These included 2,896 GCC investors who traded 3,614 properties, worth Dh3.1 billion, and 500 foreign investors who traded 473 properties, worth Dh500 million,” he added.
