Sharjah Real Estate

Sharjah Real Estate Market

Sharjah is the third-largest city in the United Arab Emirates. Located along the Persian Gulf, Sharjah is the cultural capital of the UAE and is home to a number of museums, art galleries, and cultural centres. The city is also known for its stunning architecture, including the iconic Sharjah Fort and the Sharjah Heritage Area. Sharjah is also known for its vast parks, beautiful beaches, and lively nightlife. The city is home to numerous international universities and attracts visitors from across the globe owing to its blend of modern and traditional culture. 

The real estate market in Sharjah has seen a massive jump in the past few years. It is very dynamic. Recently, the Emirates Executive Council has allowed people from all nationalities to buy real estate in Sharjah. This led to a 9.3% increase in real estate transactions, involving more than 28 million square feet. 

Market Size of Real Estate in Sharjah

The real estate market in Sharjah is expanding rapidly. Most people living in Sharjah choose the city for its close proximity to Dubai. Since the city is less crowded than Dubai, people prefer living here. Even the rent in Sharjah is relatively cheaper than in Dubai. The stakeholders in the real estate market in Sharjah include immigrants from India, Pakistan, Sri Lanka, the Philippines and other nations. One of the main factors in the growth of the real estate market is the Council’s decision to let people of all nationalities buy properties in Sharjah. Therefore, the market size of the Sharjah real estate market has seen a hike. 

The first quarterly report of 2024 saw a significant increase in real estate transactions by 9.3%, and even sales transactions for initial building contracts rose up to 6,146 transactions as compared to 3,011 last year. Sharjah is currently trying to provide all sorts of support to the Emirates to ensure that the city remains one of the prime investment destinations in the UAE. The real estate trading market in Sharjah was able to achieve a value of 67.1%. Other than that, the direct incentives for development projects and ownership facilities also led to an increase in the number of non-citizens and GCC national real estate investors.   

The economic health of the United Arab Emirates has strengthened due to its growing real estate markets. People from the neighbouring cities have also invested in Sharjah as a second property or a holiday home. 

Infrastructure and Connectivity

The government of the UAE is devoted to developing the nation through sustainability and innovation. Sharjah is one of the most investment-friendly cities in the United Arab Emirates. The investors get a plethora of options in terms of educational, economic, healthcare, and recreational facilities. The city falls on the list of the top ten countries with good connectivity. It stands sixth on the list due to the smooth movement of people, goods and services within and outside the city. Mowasalat buses in Sharjah are the most common mode of public transport in the city. The second most used transport system is cab services. Uber and Careem are trusted brands for ride-hailing services. 

Sharjah Roads and Transport Authority connects the residents to various residential and commercial areas, inside and outside the city. Some of the major routes of the town include: 

In terms of connectivity, Sharjah is launching its own passenger train, which will be linked to the Etihad Rail Network. This will significantly reduce the number of passenger traffic cars on the road and provide a huge advantage to more than 14,000 daily commuters. This new train route will link all the major landmarks, residential centres and recreational areas of Sharjah, providing residents with a safe and reliable journey.

Sharjah Airport Authorities have also revealed that they have planned to enhance the cargo centre and logistics services, spending $650 million to expand their airport to a global aviation hub. The project will end soon, increasing the airport’s capacity to 20 million passengers yearly. 

Demographic Statistics By Population

The current population of Sharjah is 1,872,199. The population has seen an increase of 2.2% since 2023 (more than 41,341 residents). This population is made up of 1.2 million expats and 175,000 Emiratis. The Department of Statistics and Community Development analysed that the expat population in Sharjah is much larger than that of the Emiratis. When we talk about the sex ratio, the female population is greater than the male population. However, the expat population consists of more men than women. The largest population bracket in Sharjah is people aged 20-39, over 769,000. This bracket covers college students and working professionals. The languages spoken are Arabic, Hindi, English and Urdu. The majority of the people follow Islam in Sharjah. 

Lifestyle, Home & Living

The majority of people who move to Sharjah do so to save on rent and buy cheaper houses than in Dubai. Most of the ex-pats often land in Sharjah first due to its affordability. Sharjah's lifestyle is pretty laid back. People frequently visit shopping malls, restaurants and other entertainment spots in Sharjah. Most of the people in Sharjah are college students and working professionals. The real estate market in Sharjah is constantly rising. Home buyers will find various properties to choose from, ranging right from modern high-rises to villas. There is something for everyone, from luxury apartments to economical housing options.

The city has a number of educational institutions, hospitals and healthcare facilities, making it a great place to live and raise a family. The cost of living in Sharjah is also relatively low compared to other cities in the United Arab Emirates. Overall, Sharjah is a great place to call home. It is a vibrant city with plenty to offer its residents. With its booming real estate market, it is an ideal place to invest. 

Sharjah is the third most populous city in the UAE, and it is very affordable for families and singles. A single person spends AED 2,800 in the city, excluding rent, while the average monthly cost for a family of 4 is around AED 9,200. The basic utilities for a three-bedroom apartment can cost up to AED 380, and groceries can cost up to AED 51. It costs AED 279 to purchase a monthly bus pass in Sharjah, and a movie ticket can cost as much as AED 45. 

Real Estate Demand & Opportunities

In recent years, Sharjah has become a hotspot for immigrants and students from various countries. This has led to a colossal increase in the demand for real estate in the city. There are several supermarkets, hypermarkets, healthcare facilities, schools, recreational facilities, and more. The demand for property is at an all-time high since the government has allowed people of all nationalities to invest in Sharjah real estate. 

In the first three months of the year, Sharjah recorded more than 23,000 property-related transactions. Out of these, almost 81% were residential units. Most residents preferred to purchase apartments over villas. Citizens from 94 countries decided to invest in Sharjah properties, most of which were Indian. Mortgage transactions rose to 13.1 compared to the previous year, with the total value of home loans reaching DH 2.2 billion. 

These statistics imply that the new market reforms and infrastructural developments have positively contributed to the Sharjah real estate market, and 2024 will be a strong year for this industry. 

Top Localities with Price Trends

The top localities in Sharjah for rent and sale are mentioned below. 

• Muwaileh

Muwaileh is near the Sharjah Industrial Area, located on the outskirts of the city. It is one of the cheapest places to rent an apartment. Apartments for rent in Muwaileh Sharjah are mostly studio, bedroom, and two-bedroom apartments. Muwaileh has many low-rise buildings ranging from 3 to 7 floors. 

• Al Majaz

Al Majaz is located near the Buhaira Corniche. The area is family-friendly and offers many water sports and other outdoor activities. It is a popular location for renters and investors alike. The area is divided into Al Majaz 1, Al Majaz 2, and Al Majaz 3. Al Mazaj 2 is occupied more by renters since it has watersports, restaurants, and splash parks. 1, 2, and 3BR apartments are mostly preferred for rent and sale in the area.

• Al Khan

Al Khan is one of Sharjah’s seafront communities. The main highlight of the area is the Al Khan Lagoon. Most apartments in Al Khan are for rent. The major properties rented are 4 bedrooms and penthouses. The area also has some freehold regions for foreigners to invest in. Most apartments in Al Khan region overlook waterfronts, making it a desirable place to buy properties for Thalassophiles. 

• Al Nahda

Al Nahda lies between Dubai and Sharjah, making it ideal for people who work in either city. Since living in Sharjah is more economical than living in Dubai, many people wish to live there and work there. Al Nahda has villas and apartments and is known for purchasing and selling homes. It is a family-friendly location, offering many recreational activities. Most families choose two bedroom apartments for rent in Al Nahda. 

• Muwailih Commercial

Muwailih Commercial is a mixed-use area located in Sharjah. It is close to Dubai, which instantly makes it the first choice for investors and renters. Muwaileh Commercial is known for its rental apartments. The proximity to Sheikh Mohammed Bin Zayed Road and the University City of Sharjah makes it a good place to invest. The most sought-after properties are studio, 1, 2, and 3-bedroom apartments. 

• Aljada

Aljada was established in 2017 and developed by Arada Developments LLC. The community offers both residential and commercial projects. Aljada is where many expats live when they arrive first. The area is close to DXB Airport and Sharjah Airport. The city offers studio, 1, 2, and 3-bedroom apartments.

• Al Sajaa

Al Sajaa is an industrial city developed by Sharjah Asset Management Holding (SAM). It is a mixed-use city with ample space for retail, commercial, and residential entities. The area has nearly 353 industrial buildings. The city is close to the Al Hamriya Port. This area is mainly home to warehouses, labour camps, commercial spaces, industrial plots, and shops. 

• Al Taawun

The Al Taawun neighbourhood is one of the best residential places in Sharjah for families with kids and adults. It is located near the Stadium Metro Station, and residents can enjoy a comfortable lifestyle in Al Taawun with dozens of urban amenities, like Nesto Hypermarket, Al Majaz Park and Al Mamzar Beach. 

• Al Qasimia

Al Qasimia is known for its affordable urban amenities, quiet surroundings, and friendly neighbourhood. It is best suited for people who want to escape the hustle and bustle of Sharjah. Al Qasimia is located near the King Faisal Mosque, Ittihad Square Park, and many other urban amenities, including schools, hospitals, and shopping malls. 

Projects in Sharjah: New Project Highlights

Sharjah is the hotspot for several new projects. Some of them are listed below. 

• Nasma Residences
• Alef Hayyan Villas 
• Masaar by Arada Developments 
• Sharjah Sustainable City
• Khorfakkan Residence 
• Eagle Rimal Residencies

Why Invest in Sharjah Real Estate?

Sharjah is the third largest emirate in the UAE, and it is known for its cultural and historical significance. The city has a diverse population and a strong economy, with a thriving industrial sector and a growing tourism industry. The real estate market in Sharjah has been steadily growing in recent years, with new developments and projects being announced regularly. The city offers a range of property options, including apartments, villas, and commercial spaces, at various price points.

One advantage of investing in properties in Sharjah is that the cost of living is generally lower than in neighbouring Dubai, making it an attractive option for those looking for more affordable real estate options. On the other hand, Sharjah is a city where settling in, especially for expats, is easier than in Dubai. The rent or purchase of spaces in the city is still cheaper in Sharjah. Due to its proximity to Dubai, Sharjah has a high potential for turning into the next real estate hub for hotel chains, builders for commercial and residential projects, and recreational areas like malls, indoor activities, and other such projects.

However, like any investment, there are also risks associated with investing in real estate. It is important to thoroughly research the market and seek advice from financial experts before making any investment decisions.

Sharjah gave impressive investment returns in the first quarter of 2024, and even the reports of April 2024 hint at the surge in the number of real estate-related transactions. The sales transactions for the month accounted for 35.5% of the total land deals, which is very impressive for a developing city. This massive growth in the number of transactions and heavy investments in physical infrastructure hints that Sharjah is a profitable city for real estate investors. 

Sharjah Top Real Estate Companies:

Sharjah houses some of the top real estate companies in the world. These organisations are driven by development through innovation. Some of the top real estate companies in Sharjah are mentioned below. 

• Arada Developments LLC

Arada Developments LLC is a reputed real estate developer based in Sharjah. Currently, they are working on 16 projects and have completed four projects. They lead by the principle of creating spaces that inspire the residents. 

• Sharjah Holding

Sharjah Holding aims to celebrate happiness and joy throughout the Emirate. The developers are focused on the economic development of the nation. The company focuses on bringing forth innovation and improving the quality of life for the people of Sharjah. 

• FAM Holding 

FAM Holding is known to construct state-of-the-art residential and commercial properties throughout the UAE. Since 2006, the real estate company has delivered luxurious projects close to all the hotspots of the city. The headquarters of FAM Holdings is in Dubai. 

• Eagle Hills

Headquartered in Abu Dhabi, Eagle Hills have spread its wings all across the UAE, Africa and Europe. Their clients not only choose them for their facilities and opulence but also for their sustainable and eco-friendly methods. 

• Alef Group

With the aim of indulging in eco-friendly development projects, Alef Group is known for its luxurious green building projects. The company was established in 2013 and is headquartered in Sharjah. They are involved in mixed-use projects and developing walkable communities. 

• Shoumous Properties

The company was founded in 2004 and has since become a leading developer in the UAE, with a focus on creating high-quality, innovative, and sustainable real estate projects. Shoumous Properties is a venture of Albatha Real Estate and MAG Group. 

• Arthur Mackenzy Properties Group

The Arthur Mackenzy Group is mainly located in Dubai. However, it caters to the rest of the UAE, India, Europe, Africa and most of Asia. They are known to have developed some of the best projects the world has seen. The company is involved in property development and other real estate facilities. 

• Tilal Properties

Established in 2008, Tilal Properties has since become a prominent player in the real estate industry of the UAE. They developed Tilal City in Sharjah. The community has schools, religious spaces, supermarkets, and industrial, residential and commercial units. 

• Al Thuriah Group

Al Thuriah Group is famous for its multi-purpose projects in Sharjah. Since its inception in 1996, Al Thuriah has covered everything from construction, interior design, properties, and facilities management. The organisation is focused on delivering the best to its clients. 

• Al Ghurair Real Estate

Al Ghurair Real Estate owns one of the largest portfolios of land and properties in the UAE and offers a wide range of spacious and well-maintained residential units in the town's prime locations.