Sharjah’s Real Estate Transactions Reach Record AED40 Billion in 2024

General


Sharjah: The Sharjah real estate sector has recorded exceptional and unprecedented growth in 2024, with transaction volumes amounting to AED 40 billion, marking a 48 percent increase compared to 2023. This achievement represents the highest trading volume in the sector since 2008, highlighting the growing interest of investors from various nationalities in Sharjah’s real estate market.



According to Emirates News Agency, Abdulaziz Ahmed Al Shamsi, the Director-General of the Sharjah Real Estate Registration Department, attributed this growth to the emirate’s attractive investment climate and stable economic environment. He noted the sector’s success in drawing investors from 120 different nationalities, a testament to the confidence in Sharjah’s real estate market. Al Shamsi emphasized that the support from His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the active follow-up by H.H. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, played a crucial role in achieving these positive outcomes.



Al Shamsi highlighted the increase in transactions including title deeds, sales, and the sorting of real estate project units, which signifies strong investor confidence and interest in the emirate. He also pointed out that population growth and urban expansion have contributed to a heightened demand for real estate, along with significant investments in infrastructure projects such as roads and public facilities, enhancing Sharjah’s appeal for housing and investment.



The number of investing nationalities in Sharjah rose to 120 in 2024 from 103 in 2023, reflecting a sustained positive trend in the real estate market. The number of properties traded by investors increased to 45,676, up from 31,229 in 2023, driven by robust infrastructure, diverse real estate products, and policies allowing non-citizens and Gulf nationals to own property in Sharjah.



In terms of trading volume, Emirati citizens were responsible for AED 19.2 billion, or 48 percent of the total investments. Other Gulf citizens invested AED 2.3 billion, Arab citizens AED 7 billion, and citizens from other countries accounted for AED 11.5 billion in investments. The number of properties traded varied by nationality, with Emirati investors leading the way, followed by investors from India, Syria, Iraq, Egypt, and Pakistan.



Mortgage transactions reached AED 10 billion through 2,558 transactions facilitated by 32 financing entities. ‘Muwailih Commercial’ led the areas with the highest number of mortgage transactions, followed by ‘Umm Fanain’, ‘Tilal’, and ‘Al-Khan’. Usufruct sales totaled 652 transactions across 11 regions, with ‘Muwailih Commercial’ again topping the list.



Initial sales contracts amounted to AED 12 billion through 10,084 transactions. ‘Muwailih Commercial’ had the highest number of transactions, followed by ‘Al-Qasimia City’ and ‘Tilal’. Additionally, 14 new real estate projects were registered, including residential, commercial, and industrial uses, while 20,197 properties were traded in development projects.



The number of projects licensed for ownership by all nationalities increased to 25, including 8 new approvals in 2024, supported by the Executive Council Resolution No. (30) of 2022 on real estate ownership by non-citizens and Gulf nationals. This resolution has played a significant role in supporting the real estate sector’s growth and continued activity into 2025.