Sharjah Property Market Hits Record Dh40 Billion in Transactions for 2024

Sharjah’s property market achieved a record-breaking Dh40 billion in transactions in 2024, marking a 48% surge compared to Dh27 billion in 2023. This growth, attributed to increasing demand from locals, Arabs, and Asians, reflects the emirate’s appeal as a stable and promising real estate investment destination.

Lamia Al Jewaied, head of the studies and research bureau at Sharjah Real Estate Registration Department, highlighted that 2024’s transaction volume was the highest since 2008. Investors from 120 nationalities participated in the market last year, up from 103 in 2023, demonstrating the emirate’s growing global appeal.

The number of properties traded also rose significantly, reaching 45,676 in 2024, compared to 31,229 in the previous year. UAE nationals led the market, with investments totaling Dh19.2 billion, accounting for 48% of the total value. Gulf citizens contributed Dh2.3 billion, while investments from other Arab nations climbed to Dh7 billion. Additionally, investments from citizens of other countries reached Dh11.5 billion, setting a new record.

In terms of properties traded by nationality, Emiratis topped the list with 30,638 transactions, followed by investors from India, Syria, Iraq, Egypt, and Pakistan.

The value of mortgages in Sharjah also surged, reaching Dh10 billion across 2,558 transactions facilitated by 32 financing entities. Muwailih Commercial emerged as the most active area, followed by Tilal and Al-Khan.

The emirate witnessed the registration of 14 new residential, commercial, and industrial projects in 2024, including nine complexes and five towers. Additionally, 20,197 properties were traded within real estate development projects, further reflecting the market’s vibrancy.

Al Jewaied attributed the surge to Sharjah’s robust infrastructure, stable market dynamics, and ease of property transactions. She also emphasized the role of the emirate’s expanding real estate portfolio, with new projects and phases of existing developments driving demand.

“Last year’s Dh10 billion in mortgages highlights the banking sector’s trust in Sharjah’s property market, showcasing its stability and investment potential,” she said.

Despite the remarkable growth, Al Jewaied believes Sharjah’s property market still has significant untapped potential. Studies indicate that investors can expect rental returns of 8-10%, making it an attractive choice for both local and international buyers.

With its strong infrastructure and steady growth, Sharjah continues to solidify its position as a top-tier destination for real estate investment in the UAE.