The value of real estate transactions in Sharjah rose by nearly half in 2024, as the UAE’s third largest emirate attracted more foreign investment, three years after it loosened its real estate laws.
The 2022 freehold law change, which allowed non-Arab expatriates to own property in the northern emirate, has seen the number of nationalities investing rise from 103 in 2023 to 120 in 2024, with a particularly strong uptake from Asian buyers, according to a report by the Savills real estate agency.
The total value of these transactions reached about $11 billion last year, an increase of 48 percent year on year.
“Major developers such as Alef and Arada have capitalised on this demand with large-scale community projects like Masaar, Hayyan, and Aljada, which have seen strong sales,” said Shane Breen, head of Sharjah and the Northern Emirates at Savills.
With rising property prices in Dubai, more buyers are looking at Sharjah as a cost-effective alternative, particularly in well-connected areas such as Aljada, Al Zahia and Maryam Island.
“Affordability is a major driver. With rising prices in Dubai, many homebuyers, particularly families and mid-tier investors are choosing Sharjah for better value while maintaining proximity to Dubai,” said Breen.
According to the latest report for Dubai by ValuStrat, the average cost of buying an apartment increased by 24 percent, while villas rose by 32 percent. About 1.6 million of Sharjah’s 1.8 million population comprises expatriates, many of whom work in Dubai.
Emiratis remain the biggest buying group in Sharjah, but with an influx of a more diverse investor base, developers have been encouraged to tailor offerings to suit international buyers, Breen said.
Rohit Bachani, co-founder of Merlin Real Estate, who was born in Sharjah in the 1980s, has witnessed the emirate’s transformation first hand and says its quaint charm and appeal to more conservative cultures is helping its revival.
“Sharjah has emerged as a viable alternative to the soaring costs in Dubai. The seamless integration of the emirates through national highways is blurring the lines between them, creating a sense of unity and making Sharjah an increasingly attractive and accessible choice for many. It truly feels like one large, thriving country now,” he said.
For a detailed perspective on the property market, visit: Dubai - Review 2024 - Outlook 2025
