The total number of deals made in the past three months reached 20,448 transactions.
Sharjah's real estate sector saw a USD 1.8 billion worth of transactions during the first quarter of 2021, which is higher by 84.9 percent, compared to the first quarter of 2020, the Real Estate Registration Department said in its recent report.
The total number of transactions made in the past three months reached 20,448 transactions, which is 10.3 percent up compared to the same period last year. The total traded area in the emirate reached 60.3 million square feet.
The outcome of the real estate transactions in the emirate during the first quarter of 2021 is evidence of the sector's gradual recovery, said Abdulaziz Ahmed Al-Shamsi, Director General of the Real Estate Registration Department in Sharjah.
Due to the set of incentives, facilities, and exemptions that was presented in November 2020 by the Sharjah government, helped restore investors’ confidence. And moreover, it contributed significantly in supporting entities and institutions in the government, private and business sectors and individuals enabling them to overcome the effects of the COVID-19 crisis in a manner that ensures the continuity of economic development in various sectors.
Al-Shamsi pointed out that the sector benefited greatly from the decision of the Sharjah government to reduce buyer fees for non-GCC citizens from 4 percent to 2 percent of the sale value, making it similar to Gulf citizens’ investors’ fees. The decision entered into force at the beginning of last November, which lead to the increase of real estate deals in the last quarter of 2020 and the first quarter of 2021.
Moreover, the announcement of Sharjah government about launching and implementing several major development projects in the cities of the Eastern Province also represented additional support to revitalize the sector, with plans to return to the normal conditions seen before the crisis.
Investors from 43 nationalities and different countries were involved in property transactions in Sharjah in the first quarter of the year, with a total of 4,125 investors. This number included 3,214 investors from the GCC countries, who purchased 5,771 properties worth USD 1.4 billion and 911 foreign investors, who acquired 1,036 units worth USD 381 million.