Sharjah’s property sector registers robust growth during five months

Sharjah’s property sector registers robust growth during five months

Inayat-ur-Rahman The Sharjah's real estate sector has recorded massive growth during the first five months of this year due to increasing demands despite the COVID-19 challenges. The pandemic has proven that the real estate sector in Sharjah is strong and flourishing. in 2020, the industry recorded 5.1% growth compared to 2019 and saw real estate transactions increase to Dhs15.9 billion. Arada, a UAE-based property developer has awarded the first two contracts for Masaar, the 19 million square foot mega community based in the Suyoh district of Sharjah. The Dhs8 billion project was launched in January this year featuring 4,000 villa and townhouses set in eight gated communities, all located in a forested and nature-filled master plan. The contract for infrastructure design and supervision consultancy services at Masaar was awarded to US engineering consultancy Parsons Overseas Limited, which will oversee all aspects of infrastructure delivery for the project, including roads, water, power and drainage, ensuring full integration with the overall master plan. The contract to build the Masaar Experience Centre has been awarded to contracting company ASGC Construction. Construction will begin immediately and is scheduled to be completed in six months. As part of the same contract, Masaar's first property, a