• Kevin Murphy

U.A.E Real Estate: Sharjah

Sharjah, UAE

The small Emirate of Sharjah is now the UAE's third largest economy providing 5.8% of the GDP in 2018 for the Emirates. Over ten years to 2018 the economy of Sharjah has increased by 17.1% according to data by Knight Frank.

The small emirate has had residential sales prices have fallen by 4.0% and rents have declined by 9.6% in the 1Q of 2019. One reason cited is the release of more affordable housing units made available in neighbouring Dubai. However, legislation of property ownership by foreign buyers is expected to increase housing demand.

The Khaleej Times recently reported that that the total amount of real estate transactions was Dh22.5 billion last year with the Sharjah Real Estate Registration Directorate reporting that buyers represented 48 nationalities. Nationals from the GCC invested over Dh20 billion of the transaction total.

Dr. Faisal Ali Mousa, chairman of FAM Holding seems a stable market overall:

"The Dubai market has a lot of players, but that is not the case for Sharjah."

"Supply is more or less equal to the demand from buyers and investors. We are happy with the state of our sales."

"We love competition, and this is a healthy market. If there is no competition, then it is not a good situation to be in. What we are focused on is distinguishing ourselves in the market through our unique product offering."

Dr. Mousa also predicts that demand for unique living and lifestyles should increase development construction. He says that current housing unit prices are at Dh600 per square foot.

A new residential for Sharjah is being planned :

"We only start on another development once we sell around 80-90 per cent of our latest project. We have plans for another tower which will be a ground plus 50 floors in the Al Mamzar area called FAM Tower."

As for lifestyle offerings Issa Ataya Alef Group'smanaging director says in the Khaleej Times that the new Dh3 billion Al Mamsha development with 9.3 million square feet:

"We are Sharjah's first fully walkable and pedestrian community."

"The development offers an excellent environment for investors and their families. We are also very focused on sustainability and green spaces. In the first phase, the first seven buildings of the project are expected to complete by December 2020. The remaining eight buildings will be handed over to the buyers in June 2021. Prime location and early unit delivery prospects are fueling the demand for units at Al Mamsha."

Available financing plans are now available to help a wide range of buyers.

Mr. Ataya:

"People today are investing wisely, and we are focused on ensuring that we are their choice when it comes to having the right product and right financing plans."

Abdallah F. Al Shakra, chairman of Ajmal Makan - Sharjah Waterfront City, reports that with the availability of foreign ownership in 2014 Sharjah's real estate has increased dramatically.

"The new laws and regulations, especially regarding freehold, have been driving interest in projects across the emirate."

"The market has matured and investors from the European, Chinese, and Subcontinent markets are taking a keen interest'

The Ajman Makan Ajmal Makan - Sharjah Waterfront City is the largest freehold waterfront developments in Sharjah and will feature eight islands that will be visible from outer space and expected to cost Dh25billion and provide residences and amenities for 60,000 people with 1,500 villas and townhouses with a 95 high-rise residential and commercial towers. The first phase is at Sun Island with 321 waterfront villas with Phase Two, Blue Bay Walk, will have six residential buildings.


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