Sharjah real estate: Freehold law changes, luxury communities drive 13% value increase
The real estate market in Sharjah has experienced a significant upturn, with property values rising by 13% in 2023, attributed to regulatory reforms and the introduction of high-end integrated communities, according to ARADA, a prominent UAE developer.
Regulatory Changes and Luxury Residences Propel Growth
One of the pivotal changes driving this growth is the decision to open freehold ownership to all nationalities, a shift from the previous restriction to Arab nationals. This policy revision has broadened the investor base significantly, attracting international interest to Sharjah’s real estate sector. ARADA has been a key player in this transformation, reporting a notable increase in sales to AED 7 billion in 2023. The developer has introduced luxury branded residences like Vida Residences and Rove Home, setting new standards for upscale living in Sharjah.
Impact on Market Dynamics
The introduction of these luxury properties has had a ripple effect across the market, enhancing the overall value of real estate transactions in Sharjah. Recent data from the Sharjah Real Estate Registration Department highlights a robust market performance, with transactions totaling AED 1.7 billion in April 2024. This activity spanned various regions and included a diverse range of property types, reflecting a balanced growth trajectory.
Record-breaking Prices and Diverse Investor Base
Projects like ARADA’s Anantara Sharjah Residences have achieved unprecedented prices, reaching up to AED 2500 per square foot, signaling strong demand and confidence in Sharjah’s evolving real estate landscape. The success of these high-end developments is not only reshaping buyer demographics, traditionally dominated by UAE and Arab nationals, but also attracting international investors seeking premium real estate opportunities.
Diversified Market Opportunities
While luxury developments have driven growth, Sharjah’s real estate market remains dynamic and inclusive, catering to various segments such as land, tower units, and built-in lands. This diversity underscores Sharjah’s position as a favorable destination for both investors and residents looking for diverse property investment options.
In conclusion, the surge in Sharjah’s real estate market value reflects a strategic blend of regulatory foresight and innovative development initiatives, positioning the emirate as a key player in the regional property market landscape.
Reference: Arabian Business
