(WAM) — The Emirate of Sharjah recorded up to 28,710 real estate transactions, worth AED6.2 billion, in the first half of 2020; a rise of 4.1 percent as compared to the transactions recorded over the same period last year.

The sales transactions recorded in the first six months of the year covered 15.3 million square feet, as per the latest report of the Sharjah Real Estate Registration Department, SRERD, published on Wednesday.

Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department, said this proves that the real estate sector in Sharjah is founded on strong bases thanks to the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the follow-up of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of Sharjah Executive Council.

Al Shamsi appreciated the stimulus packages and decisions recently approved by the Government of Sharjah in support of government and private institutions, business sectors and individuals.

“These included a three-month exemption from annual fees for economic establishments. The decisions covered all aspects of institutional and community work,” he said.

Al Shamsi said the Government of Sharjah pays much attention to the infrastructure development projects across the emirate.

“The advanced roads, new tourist utilities, and development projects in all the cities of Emirate have considerably attracted the investors and businessmen to stay and invest in the emirate, and add to their trust in the emirate’s economy and promising future,” he noted.

The recent government decisions to offer long-term residence visas up to 10 years for investors, residents, retirees and those wishing to study in the academic institutions nationwide have had a significant impact in this regard, he pointed out.

“Foreigners in the Emirate have also been given the usufruct to enjoy all the advantages and uses in various real estate projects, and that has remarkably boosted the trust of local, Gulf, Arab and foreign investors,” he emphasised.

Al Shamsi said the main branch accounted for 96 percent of the total real estate transactions recorded in the first half of this year.

Up to 1,166 mortgage transactions, worth AED2.8 billion, were recorded in Sharjah in the first half of the year.

Also, up to 1,218 sales transactions were registered across the Emirate in the first half of the year. Most of these were recorded in Sharjah city with 1,030 transactions valued at AED1.6 billion. These covered 86 areas, led by Al Khan, Al Nahda, and Al Tai; constituting 46 percent of the total city transactions. Up to 183 sales transactions, worth AED229 million, were recorded in Al Khan area.

The Central Region recorded 39 sales transactions, worth AED32.9 million, across 23 areas. The highest turnover in the Central Region was AED8.3 million that was recorded in the Blida area.

Up to 57 transactions, worth AED44.9 million, were recorded across 15 areas in Khor Fakkan. The highest turnover in the Khor Fakkan was AED7.1 million that was recorded in the Hayawa area.

These are compared to 11 sales transactions at four areas in Dibba Al-Hisn city, led by the North District, which recorded six transactions valued at AED3 million. The Kalba city recorded 81 sales transactions, worth AED32.2 million, in 24 areas, led by a transaction, worth AED4.6 million, at Al Saf area.

Residential properties have topped the list of sales transactions in the first half of the year with 845 trading, that constituted 69.4 percent of the total transactions. These were followed by the commercial properties with 166 transactions, or 13.6 percent, the industrial properties with 166 transactions, or 13.6 percent, and finally the agricultural properties with 41 transactions, or 3.4 percent of the total transactions.

As for the number of traded properties – be they residential, commercial or industrial, these were led by 393 transactions of constructed lands, followed by 365 empty lands transactions, and 340 residential apartments transactions.

Investors from 44 nationalities worldwide were involved in the reported real estate transactions in the Emirate of Sharjah in the first six months of the year 2020.

These included 4,392 GCC investors who traded 5,584 properties, worth AED5.4 billion, and 630 foreign investors who traded 633 properties, worth AED853 million.