How Sharjah property market is performing in 2024?

 Gulf news reported the surge in Sharjah real estate with the highest level of transactions since 2017.

Sharjah property market

Sharjah property market is skyrocketing and is witnessing a run in the luxury properties. But what is causing this and how it is performing in the year 2024? We will explore all of these aspects to gain more fruitful insights into the growing real estate of Sharjah. Capitalists, investors and buyers all are running for the property in Sharjah to invest making it an interesting scenario to investigate in the real-estate segment.

Performance of Sharjah property market in 2024

Upsurge in the sale of the property and the declines are normal in real estate, but for the Sharjah property market, things are like blossom. This market is at 6 years high position and is showing no clue of decline making it one of the most sought-after property markets.

According to the Director General of Sharjah Real Estate Registration Department Abdulaziz Ahmed Al-Shamsi:

“Strength and versatility” are the two catalysts behind the Sharjah real-estate growth in the year 2023.

Sharjah real-estate skyrocketed – Staggering Transactions

During the first quarter of the year 2024, Sharjah real estate touched the mark of property trading value of mind-boggling AED 10 billion. Besides, another astonishing fact about the transactions in the Sharjah property market is that the increase was 67.1% compared to the last year.

One of the major reasons for this huge sale is the various types including sales, initial contracts, and usufruct sales which amounted to 6,146 compared to only 3,011 in the same time last year.

Quarterly Performance of Sharjah Real Estate

According to the Emirates news agency, the WAM figures given were, the total number of transactions climbed to 23,478 a massive growth rate of 9.3%. Moreover, the traded area reached 28.3 million sq. ft. This indicates that the performance of Sharjah real estate is above expectations.

Sharjah property market skyrocketing

What Experts are saying about the Sharjah Property Market?

According to the Director-General of the Sharjah Real Estate Registration Department:

“Thanks to the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and thanks to the follow-up of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of Sharjah Executive Council, Sharjah Government has always been the first to provide all forms of support and assistance to the real estate sector in the emirate, and has been keen to strengthen its position as a distinguished investment destination.”

He added:

“This increase in trading activity reflects people’s aspirations to own property and invest in Sharjah, especially since the emirate is witnessing all types of development, which has been reflected positively on the real estate market.”

Sharjah records groundbreaking transactions

City of Sharjah Real-estate comparison

The performance of the Sharjah market including the Sharjah villa project remained exceptional in Q1 2024. This fact is not a hoax but is backed by the transaction figures which are:

· In the Emirates during the same period of 2024, the transaction reached 2,771 with a total area of 28.3 million sq. ft. This indicates a growth percentage of 47.9% with a massive value of 3.5 billion.

· On the other hand, the Sharjah real estate market with 2,514 transactions taking place in 94 areas and a total value of AED3.3 billion accounted for the largest share.

· Among the best-performing area in Sharjah real estate “Muwaileh Commercial” leads the list.

What contributes to the success of Sharjah real estate?

One of the major project contributions in Sharjah real estate is Masaar by Arada. The project offers exceptional and luxurious living options to individuals. Masaar remained one of the most promising developments in Sharjah.

The outstanding performance of the Masaar project has increased the trust of the real estate players, and investors are no longer funding the project. This has also profited the real-estate portfolio in the long run.

The all-forested project has contributed significantly to the progress of Sharjah real estate as Arada raised Dh 2.41 bn as of 2021 from the sales leading to 40% of sales.

 According to the Gulf News, al forested community of Masaar has captivated the focus of investors and buyers, making it a highly demanding property. Another interesting turn taken by the Sharjah real estate was when The Dubai contractor Drake & Scull International entered.

The player has critical plans of launching property accounting for Dh600 million capital increases. The plan goes with the investment of 2.4 billion shares.

Conclusion

Sharjah property market performed exceptionally well in the year of 2024. The Sharjah market performance with such extraordinary sales in terms of contrast and other aspects was due to the high trust and support from the government. Besides, the contribution of Msaar villas and other projects added a beneficial project in the portfolio of the real estate players. This ultimately benefitted the Sharjah property market.

 

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