Sharjah records $4bn real estate transactions in H1
CONSTRUCTION NEWS
Sharjah is fast emerging as a leading global investment destination with real estate transactions worth Dh14.7 billion ($4 billion) recorded for the first half of 2019, according to a report by Sharjah Real Estate Registration Directorate .
A total of 27,588 transactions were recorded during the period covering 24 million sq ft area, stated the Directorate in its report. Of these, most of the deals worth over Dh6 billion were inked in May it added.
According to the H1 report, up to 1,893 sales transactions and 1,588 initial sale contracts were recorded in the first six months. In Sharjah city, alone sales transactions stood at 1,704.
These transactions covered 91 areas, led by Muwaileh Commercial Area, followed by Al Khan, and Al Nahda which ranked third. However, the Muwaileh Commercial Area ranked first in the city of Sharjah in terms of the number of dealings, it added.
"Sharjah's real estate sector has become the main reason of attraction for local, Arab and foreign investors," remarked Abdul Aziz Ahmed Al Shamsi, the Director-General of the Sharjah Real Estate Registration Directorate in Sharjah.
Investors from 37 nationalities worldwide have invested in the real estate sector of the emirate in the first six months. "GCC nationals’ real estate investments topped Dh11.8 billion, while the real estate investments of other nationalities were valued at over Dh2.8 billion," added Al Shamsi.
"The advanced infrastructure, proactive legislation, economic stability, and strategic location are further elements of attraction that promote the image of Sharjah as a leading global investment destination in the real estate sector," he stated.
According to the report, the residential properties ranked first in terms of sales transactions, constituting 69.7 per cent of the total transactions recorded.
These were followed by commercial properties (17.8 per cent), industrial properties (10 per cent), and agricultural properties (2.5 per cent).-TradeArabia News Service
