During quarter one of the year 2021, the real estate sector in Sharjah observed a volume of transactions valued at AED 6.7 billion. In comparison to the first quarter report issued by the Real Estate Registration Department for the year 2020, the growth rate is 84.9 percent.

With further comparison to the same period of last year, the total number of transactions that took place in the past three months was 20, 448 transactions with a growth rate of 10.3 percent. Furthermore, the traded areas in the emirates as counted are 60.3 million square feet.

According to the director-general of the Real Estate Registration Department in Sharjah—Abdulaziz Ahmed Al Shamsi, the emirates’ real estate transaction’s outcome, during the first quarter of the year 2021, is evidence of the gradual recovery of the sector.

In addition to this, the confidence of the investors was restored by the advantages of the set of incentives, facilities, and exemptions that were introduced in the month of November by the government of Sharjah, represented by the Executive Council of the emirates. Also, they contributed significantly by supporting the entities and organizations in all government, private, business sectors, and individuals. This helped them in overcoming the crisis of the COVID-19 in a way that promises the continuation of economic development in many other sectors.

Al Shamsi further added that the sector was also on advantage by the decisions taken by the Sharjah government in the context of minimizing buyer fees for the non-Gulf Cooperation Council citizen from 4 percent to 2 percent of the total value of sales. However, this decision took an effect in the initial month of November that motivated the investors to conduct more deals in the real estate sector in the ending quarter of the year 2020 and the initial quarter of the year 2021.

Moreover, following this major growth of the trading activity in many emirates’ areas, like—Hoshi and Rodhat Al Qrt, and because of the projects offered by the administration in these areas, the ownership was allowed for investors and owners of the Arab.

Furthermore, the announcements made by the government of Sharjah regarding the launching and implementation of many important development projects in the Eastern Province’s cities also presented extra assistance to revitalize the sector, with plans to return to the mainstream conditions observed before the crisis.

43 nationalities and different nations’ investors were involved in Sharjah’s real estate investors in the first quarter of the year, with 4125 investors in total. This includes 3214 investors from the GCC countries, who further traded 5771 properties that are worth AED 5.3 billion, while the total of 911 investors from foreign traded 1036 properties at a value of AED 1.4 billion.

Source: Khaleej Times