Sharjah’s real estate deals hit a valuation of Dh6.7b in the first quarter of 2021

Dubai: Sharjah’s real estate sector achieved a volume of transactions amounting to Dh6.7 billion during the first quarter of 2021, up 85 per cent compared to the first quarter of 2020.

The total number of transactions executed in the past three months reached 20,448 transactions, with an increase of 10.3 per cent compared to the same period last year, according to a report issued by the Real Estate Registration Department in Sharjah.

Abdulaziz Al-Shamsi, Director General of the Real Estate Registration Department in Sharjah, said the outcome of the real estate transactions in the emirate was an evidence of the sector’s gradual recovery.

Investor confidence was restored through the benefits of the set of incentives, facilities, and exemptions that was presented in November by Sharjah government, said Al-Shamsi.

“It also contributed significantly in supporting entities and institutions in the government and private sectors, business sectors, and individuals, which also enabled them to overcome the effects of the Covid-19 crisis, in a manner that ensures the continuity of economic development in various sectors,” he added.

Mortgage transactions amounted to 696 transactions with a value of Dh2.6 billion, while ownership deeds amounted to 5,672 transactions. Initial sale contracts rose to 1,121 transactions by 26.9 per cent due to the postponement of collecting initial contract fees.

Meanwhile, the number of valuation transactions reached 272 transactions in various regions and cities of the emirate, and ownership certificates made up the largest share of the period’s transactions, with a total of 12,687 transactions.

The main branch accounted for 96.7 per cent of the total investment value recorded during the first quarter of 2021, while the total investment value for the other branches represented 3.3 per cent.

The central region branch represented 1.7 per cent of the total investment value, Khor Fakkan branch represented 0.7 per cent, Dibba Al-Hisn stood at 0.1 per cent, while Kalba city represented 0.8 per cent of the total investment value.

Residential real estate was at the top in terms of the number of transactions in the real estate sector during the first quarter of this year, as the number of transactions reached 1,044 transactions, which accounted for 75 per cent of the total transactions.

This was followed by industrial real estate with 157 transactions at a rate of 11.3 per cent; commercial real estate took third place by 11.2 per cent with 156 transactions, and finally agricultural real estate by 2.5 per cent with 35 transactions.