The Sharjah real estate sector has witnessed unprecedented growth, with October 2024 marking the most active month of the year. A report by the Sharjah Real Estate Registration Department revealed that transactions reached AED 4.4 billion ($1.2 billion), spanning 14 million square feet across 4,883 deals. This milestone underscores the emirate’s rising prominence in the UAE’s real estate landscape.
Diverse Transactions Highlight Market Strength
Sales transactions made up 29% of total activity, amounting to 1,415 deals, while mortgage transactions accounted for AED 1.3 billion, representing 9.1%. Other transactions dominated the figures, contributing 61.9% to the total, showcasing Sharjah’s diverse and dynamic property market.
Government Initiatives Drive Demand
Sharjah’s growth in real estate is underpinned by investor-friendly policies, including freehold laws that attract foreign investors and support a variety of residential, commercial, and industrial projects. The government’s commitment to creating an attractive investment environment continues to fuel interest from local and international buyers.
Land Deals Dominate Activity
Land transactions emerged as a key growth driver, with 693 deals for various types of plots, including residential, commercial, industrial, and agricultural properties. Built-in land accounted for 272 transactions, while 450 units were sold in high-rise towers. Notably, the Al Mamzar area recorded the largest single land deal, valued at AED 62 million, while the highest mortgage deal was on vacant land, worth AED 386 million.
Top Performing Areas
The Muwailih Commercial area led sales activity, registering 257 transactions, followed by Al-Khan (106), Muzeirah (92), and Tilal (81). In the central region, Al Qasimia City recorded the most sales, with 193 transactions valued at AED 133.6 million. Khorfakkan and Kalba also saw steady activity, with Hay Al-Zubara and Al-Tarif leading transactions in these areas.
A Record-Breaking Year So Far
Sharjah’s real estate market has experienced a 47% surge in transaction volume in 2024 compared to the previous year. Over the first nine months, AED 28 billion in deals were completed, involving 69,078 transactions—a 16.5% increase. Investors from 114 nationalities contributed to this growth, highlighting the emirate’s appeal on a global scale.
Investment Diversity
UAE nationals remain the largest contributors, investing AED 13.7 billion across 22,908 properties. Non-Emirati GCC citizens, Arab nationals, and other foreign investors also played significant roles, with combined investments exceeding AED 14.3 billion.
Sharjah’s Bright Future
As Sharjah continues to balance tradition and modernity, its real estate sector remains a cornerstone of economic growth. With robust government support, a surge in foreign investments, and strategic development projects, the emirate is poised for sustained success in the years to come.
Sharjah’s real estate boom reflects not only the emirate’s appeal but also its strategic vision to create a thriving, inclusive economy for residents and investors alike.
