Sharjah records Dhs4.2bn worth of real estate transactions in Q3

Sharjah recorded real estate transactions worth Dhs4.2bn during the third quarter of 2019, as per a report issued by the Sharjah Real Estate Registration Department (SRERD).

A total of 14,974 deals were recorded in July, August and September, compared to 11,393 transactions over the same months in 2018, marking a rise of 31.4 per cent, said Abdulaziz Ahmed Al Shamsi, director-general, SRERD.

Those included 646 deals in sales, 1,453 in initial sale contracts and 210 in evaluations, adding on to 694 mortgages, a statement said.

Overall, investors from 41 nationalities invested in property in the emirate during Q3, it said.

GCC nationals accounted for around Dhs3.5bn worth of transactions, while investors from other nationalities made deals worth about Dhs700m.

The total area covered in the sales transactions in Sharjah reached 9.5 million feet.

Al Khan recorded the most number of deals at 127, while in terms of values, a transaction worth Dhs253m in the Muwaileh commercial area topped the list.

Residential properties topped the sales category, constituting 64.4 per cent of total transactions, followed by industrial properties (17.9 per cent), commercial properties (13.8 per cent), and agricultural properties (3.9 per cent).

“The encouraging business environment has boosted the emirate’s position as a trustworthy, economic and investment hub on the regional and international map,” said Al Shamsi.