$653 million worth of real estate was sold in Sharjah in May

Experts estimate that in May 2023, real estate transactions worth AED 2.4 billion ($653.4 million) were made in Sharjah.

A total of 3,540 transactions took place in all cities and districts of the emirate. Such data was collected by Sharjah Real Estate Registration Department (SRERD).

According to the department's report, the real estate sector has become the most popular destination for investors who want to invest in the Sharjah economy. The growing demand for real estate is observed in several districts of the emirate.

Out of 3,540 real estate transactions, 733 were made using mortgages. The total amount of mortgage loans amounted to AED 709.7 million ($193 million).

Among the districts of the emirate, the leaders in the total amount of transactions were as follows:

Muwaileh - AED 160.6 million ($43.7 million);

Al-Nahda – AED 75.8 ($20.64 million)

Al-Sajaa – AED 63.2 million ($17.21 million)

Sharjah is a relatively conservative emirate of the UAE. Before the rise of Dubai, the emirate was second only to Abu Dhabi in economic development. Sharjah has a developed infrastructure, including schools and hospitals, as well as parks and shopping centers. The road network allows you to get to the center of Dubai in 15-20 minutes.

Since November 2022, it has been possible to buy rea estate in Sharjah on the freehold principle; so far only from one developer, Arada. In December 2022, the government allowed foreigners to own real estate in new territories that developers are developing.