Since the Dubai property market swung at full pace in the first quarter of Dubai, the Sharjah property market has also made remarkable transactions in Q1 2024. Since Sharjah blends the rich cultural tapestry among different nationalities and backgrounds, this city remains the gem for residential solutions after Dubai. Sharjah has always been a top-notch property for those who opt for reasonable yet easily connected living styles. Due to its lucrative opportunities & top-notch residential solutions, Sharjah has attracted 94 nationalities for investment purposes. Among these real estate investors, Indians & Pakistanis remain the top buyers of properties in Sharjah.
Who invested in Sharjah properties?
A wide range of buyers and investors play a vital role in the dynamic growth and expansion of the Sharjah real estate market. The Sharjah Real Estate Registration Department’s most recent statistics present a clear image of the investors taking advantage of this thriving market and securing idyllic land pieces at prime time.
Emiratis are in the lead regarding property ownership, with 7,628 houses registered in their names. This domination highlights the local population’s strong sense of confidence in Sharjah’s real estate market and a sense of indigenous investment throughout UAE real estate.
Indian investors are not far behind, having bought 683 properties for sale in Sharjah, demonstrating their strong interest and market presence. Their investments serve as a testament to the strong relationship between the United Arab Emirates and India and the allure of Sharjah as a real estate investment location.
Among the top investors in Sharjah are Pakistanis (invested in 275 properties) and Syrians (secured 484 properties in their names). These figures highlight the city’s multicultural makeup, as people from many walks of life can find success and opportunity in the Sharjah real estate market.
Notably, 227 properties in Sharjah have been acquired by Jordanians, expanding the pool of potential investors. Their presence indicates the city’s increasing attraction to Arab nationals as a desirable location for real estate investment.
UAE nationals have made investments of Dh4.4 billion, demonstrating their considerable financial interest in expanding and developing the business. Contributions from GCC nationals have also been significant, amounting to Dh625.5 million, showing the interest in Sharjah’s real estate prospects throughout the region. Dh2.1 billion in investments have also been made by Arab nationals, demonstrating the diversity of investors propelling Sharjah’s real estate market.
Transactions Data in Sharjah Property Market, released by Sharjah Real Estate Registration Department
The Sharjah property market has started with notable transactions since the start of 2024, indicating the likeness and attraction of foreign investors towards this city’s landscape. The Sharjah Real Estate Registration Department released a report that quoted a significant number of transactions of AED 3.9 billion that occurred in January 2024 alone. This is a notable increase compared to January 2023, when transactions totalled just AED 2 billion!
The report’s most important finding is the significant rise in transactions from 2,999 in January 2023 to 5,412 in January 2024. This spike in sales suggests a growing demand for Sharjah real estate, driven by several factors like improving market conditions and rising investor confidence.
With 879 documented transactions, sales transactions comprised 16.3% of all transactions. With 288 transactions worth AED548.1 million, or 5.3% of all transactions, mortgage transactions were also rather prevalent. With 4,245 transactions left, or 78.4% of the total, the remaining deals showed various real estate market activity.
This data highlights the endurance and appeal of Sharjah’s real estate industry and the city’s status as a booming hub for real estate investment. It is expected that transactional activity will continue to pick up steam as the year goes on, enhancing Sharjah’s standing as a significant player in the local real estate market.
Top performing areas of the Sharjah property market
The property investment landscape in Sharjah throughout the given period indicates a wide range of regions that garnered substantial attention from investors. Of them, “Muwailih Commercial” stood out as the most prominent, having the most significant trading volume and the highest number of sales transactions. This area had an intense activity with 122 registered transactions and a trading volume of AED 164.1 million, highlighting its attraction to investors looking for profitable chances.
The “Al-Mazairah,” “Al-Khan,” and “Hoshi” sectors also attracted significant attention, recording 114, 61, and 43 transactions, respectively, in close succession. These areas provide investors with various residential, commercial, and industrial prospects and are vibrant hubs within Sharjah’s real estate market.
Areas like “Al-Sajaa Industrial” and “Al-Mamzar” showed a lot of traction in trading volume, with trading volumes of AED71.7 million and AED152.5 million, respectively. These regions demonstrate the variety of investment options that Sharjah’s real estate industry offers in several sectors.
Furthermore, “Al-Madina Al-Qasimia” shone out in the central region with 46 transactions and a trading volume of AED 32 million, highlighting the emirate’s wide range of investment opportunities.
Conclusion
Gone are the days when people used to consider Dubai only for real estate transactions. Over the years when the whole UAE landscape of desert has transformed it’s area, Sharajh property market has merges out as one of the promising areas for investment. Not only locals of UAE, multiple nationalities all around the globe have made investment in this city, highlighting the city’s dedication towards futuristic development.
