Sharjah sees 46% increase in real estate sales transactions
Sharjah saw an overall 46 percent increase in the number of real estate sales transactions, according to the latest figures released by Sharjah Real Estate Registration Department. Commercial and residential buyers led Sharjah property sales during H1 2017, supported by the availability of new units as developers completed real estate projects in and around Sharjah city. Overall, Sharjah saw AED 11.7 billion (US$ 3.2b) worth of real estate investments over the first six months of 2017, about 3 percent lower than the total for the same period last year.
Sharjah emirate registered a 23 percent growth in the number of residential sales transactions, reaching a total of 1,289 transactions and a 109 percent increase in the number of commercial sector sales transactions, reaching a total of 846 transactions. It is not clear how industrial and agricultural transactions fared over the same period.
GCC and other Arab investors predominated in Sharjah residential property sales, with GCC nationalities trading 5,506 properties during the first half of this year, 3 percent up on the 5,323 properties traded by Gulf nationals during the first half of 2016. Other Arab nationalities traded 936 properties during H1 2017, 6 percent lower than during the same period in 2016.
Rising demand and new residential developments have helped push Sharjah villa rental prices up by 11.7 percent during the first six months of 2017, according to global property consultancy Cluttons. The company recently reported that average villa rents in Sharjah now stand at about AED 112,000 (c. US$ 30,500) per annum and can be expected to grow further by the end of 2017. Growth in house rents is expected, in turn, to play role in supporting property sales.
According to Sharjah Real Estate Registration Department, real estate transactions were concentrated in the areas of development projects in the city of Sharjah, with 2,454 transactions in the city area. Al Khan area led in volume with 395 transactions, while Al Saja’a Industrial Oasis accounted for 329 transactions and Muweileh (near University City) 300. In the Eastern Province, Al Haray Industrial Area led real estate trading in the cities of Khorfakkan and Dibba with 23 trades, while the Kalba and Kalba district accounted for 40 transactions.