Sharjah’s real estate market is experiencing a significant upturn, with property values rising 13 percent in 2023, driven by regulatory changes and the introduction of high-end integrated communities, according to ARADA, a leading UAE property developer.
The opening of freehold ownership to all nationalities in late 2022 and the development of luxury branded residences are attracting a more diverse investor base to the emirate.
“The most recent development was the opening up of freehold to all nationalities. So prior to 2022, only Arab nationals could buy in Sharjah. However, this has changed,” Rosa Piro, Senior Business Development Director at ARADA, told Arabian Business.
This regulatory shift has coincided with a boom in luxury developments. ARADA, which reported a 100 percent increase in sales to AED7 billion in 2023, has been at the forefront of this trend. The company has introduced branded residences to Sharjah, a concept previously unseen in the emirate.
“We were really the first mover in integrated communities in Sharjah,” Piro explained. ARADA’s projects, including partnerships with Emaar Hospitality for Vida Residences and Rove Home, have set new benchmarks for luxury living in the emirate.
The introduction of these high-end properties has had a ripple effect on the broader market. “This raises the value of the real estate transactions and the real estate in Sharjah as a whole,” Piro noted.
Sharjah’s booming real estate sector
The impact of these changes is evident in recent market data. According to the Sharjah Real Estate Registration Department, the value of real estate transactions in various regions and cities of Sharjah reached AED1.7 billion during April 2024, with a total of 1,632 transactions across 6.5 million square feet of total sales transaction area.
ARADA’s luxury developments have played a significant role in this market transformation. The company’s Anantara Sharjah Residences project, for instance, has achieved record-breaking prices for the emirate. “With this product, we reached the highest rates in Sharjah, 2500 per square foot, which for Sharjah, is incredible,” Piro revealed.
The success of these high-end projects is attracting a more diverse range of buyers to Sharjah. While previously the market was dominated by UAE and Arab nationals, the new freehold rules and luxury offerings are drawing international investors.
However, the luxury segment is just one part of Sharjah’s evolving real estate landscape. The emirate is seeing growth across various property types. Of the transactions recorded in April 2024, 253 were for land, 185 for units in towers, and 141 for built-in lands, reflecting a balanced market with opportunities across different segments.
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