Sharjah's June real estate transactions valued at AED 1.9 billion

A total of 747 real estate sales transactions in 106 areas in the Emirate of Sharjah were concluded with a total value of cash amounting to AED 1.9 billion, with a total area exceeding 6 million square feet.

This is according to a June report by Sharjah Real Estate Registration Department (SRERD).

The figures include 358 mortgage transactions worth AED 764 million.

Abdulaziz Ahmed Al Shamsi, Director General of SRERD, said, "Despite being impacted by the global economic conditions since last February, the sector has maintained an upward momentum in growth and a positive recovery pace. It has benefited from the increased appetite of investors to conduct real estate transactions. Companies and individuals seek to invest in real estate as it is a safe haven for capital and an ideal way to achieve a decent lifestyle."

Al Shamsi added, "These results are in line with the strategic vision of the Emirate of Sharjah in the areas of economic and social development, enhancing financial sustainability, stimulating the macroeconomy, and providing adequate housing for citizens and residents alike, something that embodies what was recently confirmed by His Highness Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, when he said that housing has a special value, as it is part of the Sharjah Emirate programme, which includes five main items, including housing, employment or source of income."

The total transactions executed by the department during the past month amounted to 2,521, including 747 selling transactions, representing 29.6 per cent of the total. Mortgage transactions amounted to 358, or 14.2 per cent, while the rest of the transactions represented 56.2 per cent, or 1,416.

The June real estate transactions in the emirate covered more than 6 million square feet and included residential, commercial, industrial, and agricultural lands.

According to the type of property, vacant land transactions amounted to 239 (32 per cent). In comparison, built lands amounted to 177 transactions (23.7 per cent), while the separated towers represented 331 transactions (44.3 per cent).