Sharjah’s real estate market is witnessing a substantial upturn, marked by a 13% increase in property values in 2023. This growth is driven by regulatory changes and the introduction of high-end integrated communities, according to ARADA, a leading UAE property developer.
A significant shift occurred in late 2022 when freehold ownership was opened to all nationalities. Prior to this change, only Arab nationals could purchase property in Sharjah. “The most recent development was the opening up of freehold to all nationalities. So prior to 2022, only Arab nationals could buy in Sharjah. However, this has changed,” stated Rosa Piro, Senior Business Development Director at ARADA, in an interview with Arabian Business.
Coinciding with this regulatory shift is a boom in luxury developments. ARADA has reported a 100% increase in sales, reaching AED 7 billion in 2023. The company has pioneered the concept of branded residences in Sharjah, collaborating with Emaar Hospitality for Vida Residences and Rove Home.
“We were really the first mover in integrated communities in Sharjah,” Piro explained. ARADA’s projects have set new benchmarks for luxury living, significantly impacting the broader market. “This raises the value of the real estate transactions and the real estate in Sharjah as a whole,” Piro noted.
Market Impact and Data
The effects of these changes are evident in recent market data. The Sharjah Real Estate Registration Department reported real estate transactions worth AED 1.7 billion in April 2024, spanning a total sales transaction area of 6.5 million square feet and involving 1,632 transactions.
ARADA’s luxury projects have contributed significantly to this market transformation. The Anantara Sharjah Residences project, for instance, achieved record-breaking prices for the emirate, with rates reaching AED 2,500 per square foot. “With this product, we reached the highest rates in Sharjah, 2500 per square foot, which for Sharjah, is incredible,” Piro revealed.
The success of these high-end projects is attracting a more diverse range of buyers to Sharjah. Previously dominated by UAE and Arab nationals, the market is now drawing international investors due to the new freehold rules and luxury offerings.
However, the luxury segment is only part of Sharjah’s evolving real estate landscape. The emirate is experiencing growth across various property types. In April 2024, the transactions included 253 for land, 185 for unit towers, and 141 for built-in lands, indicating a balanced market with opportunities across different segments.
Sharjah’s real estate market is on an upward trajectory, driven by freehold law changes and luxury developments. With international investors flocking to the emirate, the future looks promising for Sharjah’s real estate sector, offering diverse opportunities for a wide range of buyers.
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