Sharjah’s real estate sector is leading the economic growth of the emirate and is contributing to a balanced share of the emirate’s GDP, said Abdul Aziz Ahmed Al Shamsi, director general of the Sharjah Real Estate Registration Directorate.
Speaking on the second day of the Acres Real Estate Investment Exhibition 2019, he said: “The emirate of Sharjah represents an attractive destination for housing and investment due to its various competitive advantages, including its unique geographical location and availability of all decent life qualities in terms of its advanced infrastructure and outstanding recreational facilities.”
Similarly, Saeed Ghanim Al Suwaidi, chairman of the Real Estate Sector Business Groups at the Sharjah Chamber of Commerce & Industry, noted that Sharjah’s real estate sector forms one of the key pillars of its economic diversity, since the emirate is characterised by a wide urban renaissance which promoted its place as a leading global destination in real estate investment. He also spoke about the importance of the exhibition in showcasing the wide variety of real estate projects across the emirate, as well as the latest in real estate designs.
“The exhibition has witnessed big cutting edge deals for participating firms, in addition to launching new real estate ventures. This reflects the outstanding position of the exhibition, as one of the most important real estate exhibitions in the region,” said Al Suwaidi.
This was confirmed by Sharjah-based developer, Alef Group, which announced that sales of its units at Al Mamsha have crossed 1,200 units.
“An increasing trust among end users, as well as institutional investors, has helped us woo more buyers for the Dh3 billion Al Mamsha development, which is also Sharjah’s first fully walkable community,” said Issa Ataya, Alef Group’s managing director. “More people now want to live in greener surroundings. Al Mamsha’s car-free community is an answer to their needs, and we are highlighting this feature at the Acres 2019. Sharjah’s safe and secure environment makes it a preferred destination for investment regionally and internationally; its distinguished strategic location and the privileged facilities and services it offers to individuals and businesses make the emirate even more attractive.”
Several experts have also highlighted how an increasingly large number of individuals are today willing to invest in real estate due to the recent government announcement regarding long-term visas for real estate investors.
“Overall, the rental yields in the UAE are very attractive when compared with major global cities, and this is likely to raise the investment demand for real estate assets in the country,” said Vijay Valecha, chief market analyst at Century Financial. “The UAE Cabinet has formally approved the 10-year visa scheme for professionals, as well as the five year retirement visa, which should be a game changer for the real estate industry. Retirement visas will be issued to non-Emiratis over 55 who have investment property worth at least Dh1 million or with financial savings of Dh1 million or with a monthly income of Dh20,000 or more. Markets discount future prices and the bottom in UAE real estate prices might be nearer than before.”