Sharjah realty deals surge 5.1% to Dh15.9 billion in 2020

SourceKhaleej Times
SectorReal Estate

Real estate transactions in Sharjah surged 5.1 per cent to 64,459 worth Dh15.9 billion during 2020 on the back of stimulus measures rolled out by the government to overcome the pandemic challenges. Abdul Aziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Department, said the supportive efforts of the government through a series of incentives helped the real estate sector not only overcome the Covid-19 pandemic crisis but rather prosper and grow. Al Shamsi said some of the premium real estate projects, comprising commercial and industrial projects, launched in 2020 had helped revive transactions despite the pandemic. He urged developers to study the realty market, and identify the needs of investors so that they can come up with appropriate and competitive products to suit customers’ tastes. A reduction of fees on the sale value from four per cent to two per cent for non-GCC purchasers has led to a significant increase of 32.5 per cent in the number of the sales sealed last year by non-GCC investors. “This decision, along with the latest stimulus package, has boosted the economy, and attracted direct foreign investments to the real estate sector.” He said more...