From the Newsroom
São Paulo – The property market in Sharjah, United Arab Emirates, recorded transactions of USD 22.5 billion last year, according to the annual report by the local Real Estate Registration Directorate. The emirate posted 54,125 purchases and sales, according to a story published in the Emirates News Agency (WAM), the official news agency in the country.
Investors from 48 nations worldwide did businesses in the emirate. Gulf Cooperation Council (GCC) nationals emerged as the biggest investors, securing more than AED 20 billion (USD 5.4 bilhões) worth of deals. Other nationalities registered AED 2.5 billion (USD 680 million). WAM considered the total amount as “exceptional” and a “boom”.
Abdul Aziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Directorate, attributed the growth to opportunities available in the emirate, financing facilities offered by the banks and the government decision to offer visas up to 10 years for investors and others. “It opened the door for new investors and developers,” said he.
Sharjah was named by the United Nations Educational Scientific and Cultural Organization (UNESCO) as the capital of the Arab culture and houses a series of cultural attractions such as museums, galleries, and historical places. The emirate’s territory comprises deserts, long beaches, and archeological sites. It is strategically located with an extensive shoreline on the Gulf Sea.
Translated by Guilherme Miranda