Staggering 67.1% growth is witnessed in the Sharjah property market within the emirates worth AED 10 billion in the Q1 of 2024. This information is highlighted by The Sharjah Real Estate Registration Department which also provided the information that the major reason for this unprecedented growth is the non-GCC national policy. This market is already outperforming the other markets with massive property transactions including Emiratis, Indians, Syrians, Pakistanis and Jordanians. In this blog let’s know more about the Sahrjah property market which witnessed the AED 1.7 billion transaction in April 2024.
Top Reasons and Insights of Sharjah Property Market Boom
Let’s immerse ourselves in the insights of one of the massive and exclusive Emirates real-estates that is Sharjah real estate.
Insights of Sahrjah Real-estate – Notable and progressive growth
Sharjah property market has proved itself as one of the most attractive and exclusive global destinations for capitalists, buyers and investors.
As reported by Khaleej Times, the Sharjah property market recorded a massive property transaction with a volume of 1,632.
This data indicates the growing and prosperous trend in Sharjah which is becoming the place where buyers are hurdling.
Insights of Sales Transactions – Spread Wide Across Sharjah
Property in Sharjah is exceptional and the sales transactions took place in 89 areas which are distributed in Sharjah’s various cities.
These properties include commercial, industrial, residential and agricultural lands. The type of the traded land includes:
- Land Transactions: 253
- Tower Units: 185
- Built-in Land Transactions: 141
Areas of Transactions – Exclusive areas
As the total number of transactions reached 527 in Sharjah the area that led with the highest transaction was Muwailah Commercial with 114 transactions.
The other areas are also witnessing unusual sales after the Muwailah commercial including Rwadat Al-Qart with 55 transactions Al-Kahn with 45 sales volume and Hoshi with 32 transactions.
The trading volume of the Muwailah commercial topped AED 168.4 million. The other regions with trade volume include:
- Saja’s Industrial with AED 75.1 million
- Tilal with AED 66.5 million
- Hoshi generated AED 48.6 million.
Non-GCC policy Implementation – Proactive Decision for the Sharjah Real-estate
Sharjah property market has seen massive growth in property sales as the non-GCC policy has been introduced.
According to real-estate experts:
“Multiple factors have driven the development, especially the introduction of the law in late 2022 which allowed non-GCC nationals to own property in certain freehold areas. Moreover, many new projects with a lot of units which suit all kinds of buyers were launched by different developers in Sharjah, which attracted new types of investors from different countries across the globe,”
Buyers are interested in Sharjah Property Market
The Emiratis and the non-GCC individuals both are showing great interest in the properties of Sharjah. Due to the policy relaxation and other benefits of the Sharjah property market, buyers are converging their attention towards this market.
If you want to buy an apartment in Sharjah real estate then some of the preferred neighbourhoods include:
- Al Jazzat
- Al Nahda
- Al Qasimia
- Al Khan
- Muwaileh
- Al Tai
Sharjah Real-Estate Stability – Prices are not fluctuating
The rise of the price also remains general with no significant rise. This is also one of the major reasons that the Sharjah real estate is booming.
The average apartment prices remains between the range of AED 601,000 million and AED 1.01 million.
The most desirable area in Sharjah is Al Khan with an average price of AED 948,000 and a staggering ROIR of 3.51%.
Shift of Interest – Investors are looking beyond
Image-showing-lush-green-spaces-in-Sharjah
Investors are looking the properties not only in Dubai or Abu Dhabi but are now focusing more on other prestigious and well-performing markets including Sharjah real estate.
As reported by the CEO of a reputable firm:
“Nearly all villas and flats categories have observed an uptrend in price, this is due to the world-class amenities, and the excellent and reasonable price. Timely completion of the projects without the delay is also one of the major causes for this surge in price.”
What else Drives the Sharjah Property Market?
Sharjah property market is experiencing groundbreaking trends as it has just witnessed a transaction of AED 1.7 billion. Economic stability, investor interest shifting, price fluctuations reducing, a rich culture, and a convenient lifestyle are driving the growth of the Sharjah property market. The escalation in the real-estate trend is due to the numerous factors leading to a convenient life. Sharjah real estate is vibrant and exclusive which is one of the major factors of real-estate development.
Conclusion
The surge in Sharjah real estate is due to various factors that have led to the massive transaction of AED 1.7 billion in April 2024. This growth of the Sharjah property market is driven by economic stability, the shift of interest in investors, less fluctuation in price, a rich culture and a convenient lifestyle. The real-estate market of Sharjah is experiencing the usual influx of demand which is also contributing positively and significantly to the growth of the whole segment.
