Sharjah Real Estate Sees a Record-Breaking Month: October 2024
The real estate market in Sharjah is thriving! October 2024 set new records, highlighting the city’s growing reputation as a hotspot for real estate investments in the UAE. Here’s a breakdown of what’s fueling this remarkable momentum.
A Month of Real Estate Milestones
Sharjah’s real estate market experienced an extraordinary month, recording the highest transaction volume in October 2024. According to the Sharjah Real Estate Registration Department, the market hit an impressive AED 4.4 billion ($1.2 billion) with 4,883 transactions covering 14 million square feet of land. Let’s dive into some key statistics that paint a picture of this booming market:
- Total Transactions: 4,883 in October 2024.
- Sales Transactions: 1,415 sales deals make up 29% of all transactions.
- Mortgage Transactions: 443 mortgages, 9.1% of all deals, totaling AED 1.3 billion ($354 million).
- Other Transactions: 3,025 transactions, representing 61.9%.
Types of Properties Changing Hands
The types of properties that saw significant activity included:
- Land Sales: 693 transactions for various land categories.
- Tower Units: 450 transactions for residential and commercial units in towers.
- Built-in Land: 272 transactions for properties with existing structures.
Hot Areas in Sharjah Real Estate
One of the main takeaways from October’s real estate performance is that specific areas remain hotspots for activity and investment.
Top Areas by Sales Transactions:
- Muwailih Commercial: Dominated the market with 257 transactions.
- Al Khan: Recorded 106 sales.
- Muzeirah: Contributed 92 sales.
- Tilal: Accounted for 81 transactions.
Leading Areas by Trading Volume:
- Muwailih Commercial: Led with a trading volume of AED 258.6 million ($70.4 million).
- Tilal: Reached AED 161.6 million ($44 million).
- Al Sajaa Industrial: Recorded AED 130.5 million ($36.5 million).
- Al Khan: Totaled AED 83.2 million ($22.7 million).
Record-Breaking Deals and Land Value
- Al Mamzar Area: Notable for the highest real estate deal at AED 62 million ($16.9 million).
- Al Mamzar also had the highest mortgage transaction, valued at AED 386 million ($106 million).
Regional Highlights
- Central Region: Al Qasimia City led with 193 sales and a trading volume of AED 133.6 million ($36.4 million).
- Khorfakkan: Saw 23 transactions, with Hay Al Zubara area recording AED 2 million ($544.6k).
- Kalba: Had 19 sales, with Sur Kalba Commercial and Al Tarif areas featuring prominently.
Why is Sharjah’s Real Estate Market Booming?
Several factors are driving this growth:
- Strategic Location: Sharjah’s proximity to Dubai and the rest of the UAE makes it attractive for investors.
- Affordable Options: Compared to Dubai, Sharjah offers more budget-friendly residential and commercial spaces.
- Business-Friendly Environment: With continuous development and infrastructure improvements, Sharjah is emerging as a key player in the UAE real estate market.
What Does This Mean for Investors?
The numbers show that Sharjah is ripe for investment. If you’re considering buying property or exploring real estate opportunities in the UAE, Sharjah’s record-breaking performance in October signals a promising future. Areas like Muwailih Commercial and Tilal are especially noteworthy for those seeking high-traffic and high-value investments.
October 2024 wasn’t just a good month for Sharjah’s real estate market—it was historic. With AED 4.4 billion in transactions, it’s clear that the city is on the rise. If you’re looking for a real estate investment opportunity in the UAE, Sharjah is definitely worth a closer look!
