As more and more investors enter the market as a result of Sharjah's decision to allow ownership of real estate, the value of real estate in the emirate has increased by 15-20% since October 2022. The increase in value may also have been facilitated by transactions on the secondary market, especially with recently transferred real estate in prestigious areas.
In projects managed by large developers, the Sharjah real estate market is prepared for more transactions in 2023. If prices continue to rise, there may be a further increase in value and activity in the secondary market, which is still in its infancy.
Almost 70% of buyers of sought-after residences, the cost of which varies from 2 to 4 million dirhams, are end users. Most of the buyers are from India, followed by Pakistani and Arab consumers. There is also considerable interest from Emiratis from Abu Dhabi, Ras Al Khaimah and Fujairah who want to purchase secondary holiday homes.
According to the Sharjah Real Estate Registration Department, in 2022, the volume of real estate transactions reached 24 billion dirhams, amounting to 91,507 transactions compared to 84,238 transactions in 2021.