Thursday September 08, 2022
Sharjah’s property market zooms, records Dhs2 billion deals in August
A breathtaking view of Sharjah, a key attraction for visitors.
The Emirate of Sharjah completed real estate transactions totalling Dhs2 billion during August 2022, according to the monthly report published by Sharjah Real Estate Registration Department (SRERD).
The total number of transactions executed by the (SRERD) during the past month amounted to 2,409, with 747 sales transactions representing 31 percent of total transactions. Mortgage transactions amounted to 303, which is 12.6 percent of the total transactions, with a value exceeding Dhs 710 million. In addition, 1,359 other transactions represented 56.4 percent of the total.
Sales transactions took place in 98 areas across the various cities of the emirate of Sharjah, and the total area of traded real estate reached 6.3 million square feet and included residential, commercial, industrial, and agricultural lands.
Types of real estate included 160 lands, amounting to 21.4 percent of the total, while built lands amounted to 254 (34 per cent), and 333 transactions of subdivided towers accounted for 44.6 per cent.
The reportâ€™s data showed that Muwaileh Commercial topped the list of areas with the highest number of real estate sales deals with 213 transactions, followed by Al Khan area with 104, Al Rigaibah with 39, then Mazairah with 36 transactions.
As for the highest traded areas in the matter of monetary value Muwailih Commercial also topped the areas of Sharjah City with a total trading value of Dhs 187.4 million, then Al Khan area with a total of Dhs 105.9 million, followed by Al Nahda area with a total of Dhs 63.8 million, then Al Rigaibah with a total of Dhs 54.6 million.
In the central region, the sales transactions were concentrated in Al Yafer 2, Al Qasimia City, Al Taybeh 2, and New industrial Area Magdh totalling 15 transactions. Al Yafer 2 traded with worth Dhs 6.4 million, then Al Weshah 1 with a value of Dhs1.6 million. Al Khatm and Al Owaid recorded real estate deals worth Dhs1 million each.
The commercial areas Al Harrai, Al Bardi 1, Al Harrai Industrial area, and Al Lulayyah were the top 4 areas in terms of the number of transactions in the city of Khorfakkan, totalling 10 transactions. Al Lulayyah recorded the highest trading volume with a value of Dhs 2.4 million, followed by the Al Qadisiyah area with a trading value of Dhs 2 million. Al Yarmouk traded with Dhs 1.1 million, while Al Harrai Commercial recorded transactions worth Dhs 951,000.
In the city of Kalba, the Kalba Industrial, Al Bardi, and Sur Kalba commercial areas made ten real estate transactions. The Al Khuwair area acquired the highest trading volume with a value of Dhs 2.2 million. Al Bardi with a value of Dhs 1.4 million, followed by Suhaila 31 area with a value of Dhs1.2 million. The Al Rigaibah area recorded Dhs 1.1 million. Types of real estate included 160 lands, amounting to 21.4 percent of the total, while built lands amounted to 254 (34 per cent), and 333 transactions of subdivided towers accounted for 44.6 per cent.
Meanwhile, the Dubai property market records 9,720 sales transactions worth Dhs24.3 billion in August.
According to Property Finder, the leading MENATâ€™s proptech company, the real estate market in Dubai recorded 9,720 total sales worth AED24.3 billion in August, the highest performing month in terms of sales transactions volume and value in 12 years.
Comparing period-over-period growth, August witnessed a monthly growth rate in volume of around 37.1 per cent and 69.6 percent compared to last year. In terms of value, August registered a month-on-month (MoM) growth of 16.1 percent and around 63.6 percent year-on-year (YoY).
In terms of the growing volume of transactions, total sales for ready properties jumped 27.4 percent over July 2022 at 67.5 percent compared to August 2021. Additionally, the value of transactions witnessed around a 6.7 percent MoM increase at 57.4 percent year-on-year.
The off-plan market transacted 4,392 properties worth Dhs8.5 billion, the highest monthly transaction in 12 years. Considering the transactional volume, the off-plan market presented a significant increase of 51.1 percent MoM at 72.1 percent YoY. In terms of value, the market surged by 38.5 percent MoM at 76.5 percent YoY.
On the other hand, in terms of volume, the mortgage industry experienced an unprecedented growth of 15.7 percent MoM, exceeding previous records year on year by 21.2 percent.
The August rental market recorded an increase of 10.6 percent MoM, whereby rental contracts dipped to 9.3 percent YoY due to the decrease of the renewal rate by 18.9 percent YoY.
Furthermore, annual contracts witnessed around a 12.4 percent growth rate MoM, at 4.4 percent YoY, while non-annual contracts dropped by 52.2 percent YoY. Residential contracts are growing larger than expected, acquiring 70.9 percent in August 7.5 percent MoM unlike contracts for commercial purposes, which witnessed an increase of 21.3 percent MoM with a slight decrease of 0.6 percent YoY.
The off-plan market transacted 4,392 properties worth Dhs8.5 billion, the highest monthly transaction in 12 years. Considering the transactional volume, the off-plan market presented a significant increase of 51.1 percent MoM at 72.1 percent YoY. In terms of value, the market surged by 38.5 per cent MoM at 76.5 percent YoY.