Indians and Pakistanis Top in Sharjah Property Investment

The Sharjah Real Estate Registration Department reported a 67.1% increase in property transactions within the emirate, totaling AED 10 billion in the first quarter of 2024. Spurred by the recent policy allowing non-GCC nationals to purchase properties in the region, this is a considerable rise over the previous year.

The latest data reveals that Emiratis lead in property acquisitions with 7,628 transactions, followed by Indian nationals at 683, Syrians at 484, Pakistanis at 275, and Jordanians at 227.

In terms of investment value, UAE nationals invested a substantial AED 4.4 billion, while GCC citizens contributed AED 625.5 million. Investments from Arab nationals stood at AED 2.1 billion, with a total of 94 nationalities participating in Sharjah’s property market in early 2024.

The overall number of property transactions in Sharjah reached 23,478, representing a growth of 9.3% compared to last year, with a total traded area of 28.3 million square feet.

Abdul Aziz Ahmed Al-Shamsi, Director-General of the Sharjah Real Estate Registration Department, reiterated the government’s proactive support for the real estate sector, emphasising Sharjah’s role as a premier investment location. He gave particular attention to the variety of real estate projects initiated across the emirate and the government’s active involvement in events like the Sharjah Real Estate Exhibition (ACRES), which shows the diverse investment opportunities available in Sharjah and bolster confidence in the local real estate market.

The city of Sharjah itself saw the most activity, with 2,514 transactions across 94 zones, accumulating a value of AED 3.3 billion. The Muwaileh Commercial area was particularly active, leading with 481 sales transactions valued at over AED 725.5 million, followed by Rawdat Al-Qart, Al-Mazairah, and Al-Khan.

Mortgage transactions also saw an upward trend, totaling 976 in the first quarter—an increase of 13.1% over the previous year—with a collective value of AED 2.2 billion. This growth portrays Sharjah’s escalating appeal as a key destination for real estate investments.

Original article reference: Khaleej Times.

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