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Sharjah property market beats 2008 peak with $11bn deals

Suburb, Architecture, Building Arada
A view of the Azalea project in the AED9.5 billion Masaar development in Sharjah

Real estate deals in Sharjah rose 48 percent year on year to AED40 billion ($10.9 billion) in 2024, breaching the 2008 property peak.

The robust performance was led by a surge in the number of investors across the globe driven by the emirate’s attractive investment environment and stable economic climate, the UAE state-run Wam news agency reported, citing Abdulaziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Department.

The emirate, which is one of seven that make up the UAE and is home to 1.8 million residents, has witnessed an increase in demand for real estate because of population growth and urban expansion, he said.

Large investments in infrastructure projects, such as the development of roads and public facilities, supported the growth.

The number of nationalities investing increased to 120 last year, compared with 103 in 2023, Al Shamsi said.

Property transactions reached 45,676 in 2024, compared with 31,229 in 2023, supported by the diversity and availability of real estate products, and the decision to allow non-citizens and Gulf nationals to own real estate in the emirate.

Investments by Emiratis topped at AED19.2 billion, followed by Gulf citizens at AED2.3 billion. Similarly, investments by investors from other countries reached AED11.5 billion, representing 29 percent of the total investment.

Mortgage deals reached AED10 billion through 32 financial entities. However, no comparative figures were given.  

A total of 14 new projects were registered in Sharjah last year, with foreign investors currently allowed to purchase units in 25 projects, including eight approved in 2024.