D.bn in Sharjah Real Estate Transactions in First...

The total value of real estate investments implemented in the first six months of 2016 amounted to AED12.1 billion, while the total number of real estate transactions carried out by the Department during the same period reached 25,474, Abdul Aziz Ahmed Al Shamsi, General Director of the Sharjah Real Estate Registration Department, has revealed. Al Shamsi indicated that May 2016 witnessed a record increase of 114 per cent in the total volume of real estates trading, which stood at AED3.4 billion, compared with AED1.6 billion in the same period of 2015.

As many as 25,474 real estate transactions were executed during the first half of 2016, compared with 25,850 transactions in the same period last year. These included 14,411 ownership certificates transactions, 8,165 title deed transactions, 1,943 mortgage transactions and 955 valuation transactions, which showed a remarkable increase of 35.8 per cent over the same period last year.

According to the first half data and statistics, a slight change took place in the number of transactions and trading volume, despite the continuing economic slowdown and political instability in the region in general, Al Shamsi said. This indicates that property prices have not changed substantially in comparison with the same period last year, creating a convenient atmosphere of confidence among investors and owners.

Total real estate transactions in first half of 2016

Transaction

Number

Percentage

Ownership Certificates

14,411

56.6

Title deeds

8,165

32

Mortgage

1,943

7.6

Valuation

955

3.8

Total

25,474

100

The title deed transactions conducted in the first half of 2016 were classified under 21 types of transactions, most notably sorting transactions at 1,783, sales transactions at 1,860 and initial sales contracts at 1,236, with the rest varying between charitable donation transactions, absolute, limited or mortgage-based ownership transactions, and waiver, bequeathing, modification, installation (changing land use) and initial sales contract attestation transactions, among others.

It is noted that the charitable donation granted from the government and limited restricted ownership transactions rose from 20 in the first half of 2015 to 198 in the first half of 2016, up by 890 per cent, and so did the installation changing land use transactions, which surged by 1200 per cent to 208 in comparison with 16 only in the first half of 2015. Other kinds of transactions witnessed slight ups and downs with minor changes.

While 1,137 mortgage transactions were conducted in the first half of this year, up by 42.5 per cent over the same period last year, redemption transactions rose to 306, up by 30.2 per cent, and mortgage-increase transactions fell by 57.5 per cent to 500, over the same period of 2015.

Meanwhile, a total of 1,860 sales transactions were conducted in the Emirate of Sharjah, including 1,665 transactions in Sharjah City, accounting for 89.5 per cent of the total transactions.

These sales transactions covered 102 areas in Sharjah City, with Al Khan maintaining its lead with 240 sales transactions, followed by Al Majaz 3 with 173 transactions, Sajaa Industrial Area with 159 transactions, Al Nahda with 111 transactions and Muwaileh Commercial District with 105 transactions. The remaining 877 transactions were carried out in other areas in the city.

In Khorfakkan and Dibba Al Hisn, some 95 sales transactions were conducted in 19 areas, led by Khorfakkan's Al Haray Commercial Area with 23 transactions, followed by Al Haray Industrial Area with 16 transactions, and Al Bardi 2 with 12 transactions.

As for Kalba, 100 sales transactions were accomplished, including 24 in Kalba Industrial Area and 19 in Sour Kalba Commercial Area. The remaining transactions were conducted in 20 other areas in the city.

Residential areas accounted for the majority of sales transactions implemented in the first half of 2016. As many as 1,048 transactions were conducted in the residential sector, accounting for 56.3 per cent, compared with 405 transactions in commercial areas, accounting for 21.7 per cent, 358 transactions in industrial areas, accounting for 19.2 per cent and 49 transactions in agricultural areas, accounting for 2.6 per cent.

Sharjah's sales transactions by type of area in first half of 2016

Type of Area

Number

Percentage

Residential sector

1,048

56.3

Commercial sector

405

21.8

Industrial sector

358

19.3

Agricultural sector

49

2.6

Total

1,860

100%

As far as the classification of traded land and property is concerned, a total area of approximately 39.2 million square feet was sold, including idle and built-up land plots. The idle industrial land that was sold spanned an area of 12.6 million square feet and comprised 262 real estates, while the built-up industrial land covered 2.3 million square feet, encompassing 96 real estates.

Some 278 real estates of idle commercial lands spanning a total area of 1.9 million square feet were sold, whereas the real estates of built-up commercial lands totalled 108 and covered an area of 643,000 square feet.

As many as 198 real estates of idle residential land plots, occupying an area of 9.2 million square feet, were sold, as compared with 281 real estates of built-up land plots with an area of 2.7 million square feet.

The total area of traded agricultural land was 9.1 million square feet and comprised 49 land plots.

As many as 405 apartments with a total area of 525,000 square feet were traded during the first half of 2016, and so were 175 residential parking lots covering an area of 24,000 square feet. The remaining 26 real estates, covering a total area of 14,000 square feet, varied between residential studios, shops, offices and warehouses.

Sharjah's sales transactions by type of property in first half of 2016

Type of property

Number of sold real es

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