Sharjah property market booms with residential transactions dominating the real-estate market contributing a massive 80.9% of all transactions in Q1 2024. According to the Sharjah Real Estate Registration Department, the total transactions were 23,478 indicating a 9.3% increase from the previous year. it has also been revealed from reputable sources and the quarterly report on the real-estate performance by Sharjah Real Estate Registration Department, that the total area traded was 28.3 million square feet. However, the Sharjah property market is accommodating the buyers and performing well. What could be the reasons, as are thinking? This blog will answer all your queries.
Major Factors Causing Sharjah Property Market to Perform Well
Let’s discuss how the Sharjah property market is performing and what factors are acting as a catalyst to the performance.
Performance of Sharjah Real Estate Market – Setting Records
According to the reports in the first quarter of 2024 Sharjah real-estate market performed exceptionally well. The segment maintained its reputation and managed to achieve transactions worth AED 10 billion.
This growth of the market is the total investment including various types of property including luxury properties in Sharjah, apartments and more. Besides, the massive amount also includes sales, initial contracts and sales.
These total transactions number reached 6,146 which was 3,011 during the previous year’s same time.
Distinguished Areas Topping the Chart! – What areas are included?
Although the number of $2.7 billion achieved by Sharjah real estate included various areas which offered exclusive living, serene views and world-class amenities, the following are the areas that topped the chart:
- Muwaileh Commercial Area
- Rawdat Al-Qart
- Al-Mazairah
- Al-Khan
Connectivity and Infrastructural Development – What’s so special
Among various other reasons, one of the evident benefits of investing in the Sharjah real-estate market includes the availability of exclusive infrastructure and connectivity.
Most of the property for sale in Sharjah offers architecture that leads to elevated living standards. The comprehensive road network, Utilities availability and the road network make the Sharjah market attractive for buyers.
Further, the strategic and convenient location of the properties in Sharjah also offers availability to reach key regions of the district easily. This is the reason Sharjah is also considered the transportation hub.
Exclusive Lifestyle and Cultural Attractions
As the Sharjah market transactions soared to $2.7 billion, another major aspect that has contributed to this unprecedented scenario is the exclusive lifestyle and culture of Sharjah.
Buyers are shagging the property in Sharjah and investors are also waiting with their funds to invest in the right project. In both scenarios, the property offers a lifestyle full of heritage sites, Art galleries, cultural experiences and a vibrant atmosphere.
The demand of the Sharjah property market also upsurges as the properties are full of recreational activities, parks, beaches, leisure facilities and shopping malls.
The Emirates of Sharjah is constantly trying to offer unparalleled living, making the property attractive for bachelor and family-oriented buyers.
Appealing Sharjah Market! – Low prices are attracting buyers
Another major reason for the high transaction record made by Sharjah Real Estate is the lower prices of the property. Property for sale in Sharjah is of low prices due to which investors are more attracted.
However, the price will increase as the demand is constantly increasing making the property more exclusive.
According to comparison the property in Dubai is more costly making it unaffordable for the buyers. However, the perfect property and strategic location of Sharjah make it budget-friendly.
Expert Opinion – What others are Saying about this Tremendous growth of Sharjah
Following are the opinions of real-estate experts regarding the unprecedented growth-driven Sharjah property market.
According to the Abdul Aziz Ahmed Al Shamsi, Director-General of Sharjah Real Estate Registration Department:
“I am Thankful for the directive given by Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Sahrjah Ruler and special thanks to Crown Prince and Deputy Ruler of Sharjah Sheikh Sultan bin Mohammed bin Sultan Al Qasimi for providing all the required support and assistance for the real-estate sector, as they are committed to strengthening the position of Sharjah”
He added:
“Among the other directives for the increase real-estate development, there are also specific orders for the developments related to the non-citizens and GCC nationals.”
Conclusion
Sharjah property market is breaking ground with exceptional transactional records of $2.7 billion. This high standard set by the properties of Sharjah indicates the true potential of the beast. From the future perspective also, infrastructural development and the presence of amenities, convenient location and comparatively low prices are among the major drivers of Sahrjah real estate that have boosted its performance. The exceptional support from the respective authorities and the positive attitude of the developers is what allows the property market of Sharjah to break records in real estate.
