KHALEEJ TIMES, Thursday, Feb 10, 2022 | Rajab 9, 1443
Sharjah records Dh26.2b property deals in 2021
Emirates: Sharjah on Wednesday announced that the real estate
trading volume in the emirate recorded the highest value in four years in 2021
as the economy recovered from the global slowdown and the Covid-19 pandemic
aftershocks.
In a statement, the Sharjah Real Estate Registration Department (RERD) said that
the volume of real estate transactions in the emirate amounted to a total of
Dh26.2 billion last year, reflecting a strong year-on-year growth of 64.9 per
cent.
In its annual report, the RERD said the total number of transactions executed
during 2021 amounted to 84,238, showing an increase of 30.7 per cent compared to
the 64,459 transactions recorded in 2020.
Abdul Aziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate
Registration Department, said that the emirate has been actively participating
in efforts and leading initiatives in the country aimed at restoring growth,
resuming real estate movement, recovering real estate transactions, and
increasing the volume of real estate trading.
“This was possible due to support directed at this sector from the UAE
government and under the directives of His Highness Sheikh Dr Sultan bin
Muhammad Al Qasimi, Member of the Supreme Council and Ruler of the Emirate of
Sharjah, and the keen follow-up of the Emirate’s Executive Council, headed by
Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler,”
Al Shamsi said.
He added that the sector’s remarkable recovery is embodied in the launch and
registration of several new real estate development projects aimed at meeting
the needs and goals of those wishing to invest and reside in the emirate, given
the diverse and stable social environment and the advanced urban diversity in
Sharjah.
Al Shamsi pointed out that based on the historical data of the volume of real
estate trading in the emirate in terms of value, the rise in transactions
reflects the level of rapid recovery and rebound in the volume of transactions
in Sharjah’s real estate sector compared to the previous three years.
He explained that these positive results can be attributed to the return of
business to previous levels in the UAE and in the Emirate of Sharjah, and to
society’s adaptation to and natural coexistence with the Covid-19 pandemic.
In addition, the return of investor confidence in the real estate market in the
emirate has been driven by the economic incentives and facilities launched by
the Executive Council of the Emirate in 2020.
“The trading value of real estate transactions in 2021 increased by 64.9 per
cent compared to the same period the previous year, with February witnessing the
highest trading value at a total of Dh3.5 billion, followed by Dh3.3 billion in
December,” Al Shamsi said.
Executing 84,238 real estate transactions
Referring to the transactions report, A Shamsi said the total number of
transactions executed during 2021 amounted to 84,238, reflecting an increase of
30.7 per cent compared to the 64,459 transactions executed in 2020.
He attributed the credit to these results to the department’s efforts, despite
the continuing effects of Covid-19, to ensure the completion of all transactions
while ensuring the safety of employees and customers.
A view of Sharjah skyline. Al Shamsi said that ownership certificate
transactions led the way with a total of 46,715 transactions, followed
by ownership deeds transactions, which witnessed an increase of 84.7 per
cent to reach a total of 22,622 transactions.
He added that the department provided electronic services for some transactions,
and that an appointment reservation system was established for visiting the
department to complete transactions that required the presence of dealers.
Transaction classification
Al Shamsi said that ownership certificate transactions led the way with a total
of 46,715 transactions, followed by ownership deeds transactions, which
witnessed an increase of 84.7 per cent to reach a total of 22,622 transactions.
The rest of the transactions were distributed to 4,710 initial sales contract
transactions, 3,216 mortgage transactions, 1,035 valuation transactions, in
addition to a group of other miscellaneous transactions, with a total of 5,940
transactions.
In addition, mortgage transactions witnessed an increase of 17.2 per cent,
reaching a total value of Dh11.5 billion.
Trading in 197 regions in the emirate during 2021
Al Shamsi said that sales transactions increased by 67.1 per cent, reaching
6,304 real estate deals across 197 areas, including 115 in the city of Sharjah,
36 in the central region, 26 in Kalba, 16 in Khorfakkan, and four areas in the
city of Dibba Al-Hisn.
In terms of total sales transactions, Al Khan, Al Raqeeba, Muwailih Commercial
and Hoshi ranked the highest.
With regard to usufruct sale and resale transactions he indicated that 282
transactions with a total trading value of Dh398.8 million were carried out in
the city of Sharjah.
Land at the forefront of trading
Al Shamsi noted that the total area of real estate traded in the emirate during
2021 amounted to 112 million square feet, with residential land totaling (57.4)
million square feet. As for the number of traded properties, residential
apartment transactions ranked the top with 1,865 apartments. In terms of real
estate classification, residential properties topped the sales transactions with
a total of 4,797 properties.
Registration of seven real estate projects
The past year witnessed the registration of seven real estate projects in the
Emirate of Sharjah to support the sector towards further development and
diversification, taking advantage of the supportive environment for the launch
and success of such projects, and by providing the options of ownership and use
for investors of non-Gulf nationalities. These projects included six residential
/commercial, and one industrial project.
77 nationalities traded 27,347 properties in 2021
Al Shamsi said that the investors from 77 nationalities traded real estate in
the Emirate of Sharjah during the past year, which reflects the strength and
solidity of the infrastructure in the emirate and the diversity of its real
estate product, and the continuous efforts in the legislative environment.p>
The total number of people trading real estate in the emirate in 2021 came to
16,413, with 12,712 Gulf traders and 3,701 traders from non-Gulf nationalities.
The total value of investments by GCC nationals last year amounted to Dh20.6
billion, with 23,103 properties traded, while non-GCC nationals invested Dh5.6
billion through 4,244 properties.