Sharjah real estate transactions record $1.25bln in Q3

UAE Sharjah

The real estate sector in the Emirate of Sharjah recorded a growth of 10 percent in the real estate transactions concluded that took place in the third quarter of 2020, compared to the same period last year. As the value of real estate transactions reached 4.6 billion dirhams, through 14,854 real estate transactions.

Director General of the Sharjah Real Estate Registration Department, Abdulaziz Ahmed Al Shamsi, explained that this growth in the real estate sector in the emirate is mainly due to the series of stimulus decisions recently taken by the government of Sharjah to contain the effects of the Coronavirus pandemic. And represented by extended support to government and private agencies, business and individuals sectors , with an exemption that extends for a period of three months from fees for renewing licenses for economic establishments, a discount of 50% on delayed fines and violations of economic establishments, and a 50% discount on the license fees for industrial establishments. This is to enhance the contribution of the industrial sector to the Gross Domestic Product “GDP”. An additional discount was also granted on the insurance and supply fees for electricity, water and natural gas services for the owners of economic, commercial and industrial establishments who were allowed to pay due fees in installments over two years to reduce their financial burdens.

Al-Shamsi referred to the decision to reduce the fess on the sale value for non-GCC citizens from 4 to 2% until March 31 of next year. He explained that this new decision, in addition to the series of incentives and the previously mentioned decisions taken by the government, all led to a rapid recovery of the real estate sector in the emirate to continue its pivotal role, as it is one of the most important pillars that supported Sharjah’s access to the most advanced stages of progress and prosperity that now enjoy its lush shades.