In the first quarter of 2020, Sharjah recorded up to 18,537 real estate transactions totalling to Dh 3.6 billion, according to Sharjah Real Estate Registration Department. The transaction value has significantly dropped compared to Dh 5.2 billion in the same period last year.
It is reported that nearly 729 sales transactions were recorded in Dubai during the first quarter of 2020. Of those transactions, 632 were recorded in Sharjah with an estimated value at Dh 967 million. These transactions covered 75 regions, media reports said. Cities such as Al Khan, Al Nahda, and Al Taj saw the highest number of apartment registrations in the first quarter of this year.
The transactions took place in 129 areas sprawling 8.9 million square feet, media reports said. Residential properties ranked first with 507 sales transactions. It accounted for 69.5 percent of the total transactions. That said, industrial properties saw 101 transactions accounting for 13.9 percent of the total, while commercial properties had 97 transactions during this period.
Abdul Aziz Ahmed Al Shamsi, Director-General of Sharjah Real Estate Registration Department, told the media, “These include a three-month exemption from annual fees for economic establishments. The decisions covered all aspects of institutional and community work. This also underscores the position of Sharjah as an attractive and supportive environment for business, foreign and direct investments, as well as local, regional and global investors.”
Investors from 37 countries globally were part of the recorded transactions in Sharjah in the first quarter of 2020, media reports said. It is reported that 2,896 GCC investors traded 3,614 properties worth Dh 3.1 billion. In addition, 500 foreign investors traded 473 properties worth Dh 500 million.