Sharjah's real estate market has witnessed a remarkable surge, with property transactions soaring to a record Dh40 billion in 2024. This growth is attributed to increasing investments from both local and expatriate communities, reflecting the emirate's appeal as a stable and lucrative investment destination.
Key Takeaways
- Property transactions in Sharjah increased by 48% from 2023.
- Emiratis led the investment with Dh19.2 billion, followed by significant contributions from expatriates.
- The emirate attracted investors from 120 nationalities, up from 103 in the previous year.
- A total of 45,676 properties were traded in 2024, marking a significant rise from 31,229 in 2023.
Record Growth in Property Transactions
The Sharjah Real Estate Registration Department reported that property transactions jumped by 48% in 2024, reaching an unprecedented Dh40 billion, compared to Dh27 billion in 2023. This surge is driven by a combination of new project launches and the overall stability of the emirate's real estate market.
Lamia Al Jewaied, the director of the studies and research bureau at the department, noted that this is the highest transaction volume in the emirate's history. The number of properties traded also saw a significant increase, with 45,676 properties changing hands in 2024.
Diverse Investor Base
The investment landscape in Sharjah is becoming increasingly diverse, with investors from various nationalities contributing to the market. Emiratis topped the list of buyers, investing Dh19.2 billion, which accounts for 48% of the total transactions. Other notable contributors included:
- Gulf Citizens: Dh2.3 billion
- Arab Citizens: Dh7 billion
- Investors from Other Countries: Dh11.5 billion
The rise in foreign investment is indicative of Sharjah's growing reputation as a desirable location for property investment, attracting individuals from countries such as India, Syria, Iraq, Egypt, and Pakistan.
Mortgage Activity and New Projects
In 2024, the value of mortgages in Sharjah reached Dh10 billion, facilitated through 2,558 transactions by 32 financing entities. The areas with the highest activity included Muwailih Commercial, Um Fanain, and Tilal.
Additionally, the emirate saw the registration of 14 new residential, commercial, and industrial projects, including 9 complexes and 5 towers. A total of 20,197 properties were traded in real estate development projects during the year.
Factors Driving Demand
Several factors are contributing to the increasing demand for real estate in Sharjah:
- Strong Infrastructure: The emirate boasts a well-developed infrastructure that supports both living and investment.
- Low Volatility: The stability of the real estate market makes it an attractive option for investors.
- Ease of Transactions: The process of buying and selling properties in Sharjah is streamlined, encouraging more investors to enter the market.
Lamia Al Jewaied emphasized that the property market in Sharjah has not yet reached its peak, indicating further growth potential. Investors can expect rental returns of 8 to 10% when purchasing property in the emirate, making it a lucrative opportunity for both local and expatriate investors alike.
As Sharjah continues to attract a diverse range of investors, its real estate market is poised for sustained growth, solidifying its position as a key player in the UAE's property landscape.