A Quick Overview of the Property Market in SharjahEhsan Bayat

A Quick Overview of the Property Market in Sharjah The Sharjah Real Estate Registration Department has published Sharjah

market performance data for the first half of 2016. According to its report, transactions in H1 2016 totaled roughly 3.3 billion USD, with more than 25 percent occurring during May alone. Of the 1,860 property sales, nearly 90 percent took place in Sharjah City, and the residential market accounted for the majority of all transactions in the broader Sharjah area.

In terms of buyer and investor demographics, the Gulf Cooperation Council (GCC) leaders outside of the United Arab Emirates included Kuwait, Saudi Arabia, and Qatar. The highest number of non-GCC investments came from Syria, Jordan, and Palestine.

Several large-scale projects and key partnerships are slated for the second half of 2016 and beyond. For real estate professionals interested in the latest market activity in Sharjah, here are seven notable developments.

Sharjah Investment Center plots selling well The Sharjah Investment Center (SIC) features two completed phases and

a third in the planning stages. As of May 2016, investors have purchased 350 plots, which comprises 80 percent of the available real estate. SIC sits in Al Arqoub, which is roughly 15 minutes away from Sharjah International Airport.

Once finished, SIC will comprise 32 million square feet of mixed-used industrial real estate. The third phase is expected to include a gated community for residential properties as a complement to the office and industrial parks.

MEIS 2016 benefits Sharjah real estate In May, the 2016 Middle East Investment Summit (MEIS) took place in

Dubai, and Sharjah Investment and Development Authority (Shurooq) served as the Gold Sponsor. Much of the conversation held by international real estate professionals centered on recent growth in the Sharjah property market, which has occurred in large part because of government initiatives.

Shurooq leaders reported that the exposure gained from sponsoring the event led to a variety of networking opportunities. Between MEIS and government efforts to strengthen the appeal for real estate investors, the market appears to have support from multiple angles.

Tilal Properties weighs new opportunity in Sharjah Tilal Properties, a joint venture between Sharjah Asset Management and

Eskan Real Estate Development, has evaluated plans for two new developments in Sharjah valued at 822 million USD. Preliminary reports have revealed that one project is an industrial city and the other a residential housing concept.

Changes to the Sharjah property law regulations in 2014 make projects like these more attractive to developers. The new law enables buyers and investors outside of the GCC to sign long-term lease agreements on real estate in the region.

Zero 6 retail complex set to open in 2017 Real estate developer Alef Group has launched construction on a

37,000-square-meter shopping mall close to Sharjah International Airport. Valued at 57 million USD, the structure is expected to open in April 2017. The Zero 6 title comes from the local telephone code.

As the retail sector is anticipated to grow in Sharjah, Alef Group has made plans to open a series of Zero 6 malls and shopping centers. The first will feature a supermarket, a cinema complex, dining areas, and 13,000 square meters of leasable retail space.

Phase one of Sharjah Waterfront City projected for 2018 Sharjah Oasis Real Estate Development Co., the developer of Sharjah

Waterfront City, has secured funding for the initial phase of the 5.4 billion USD project. The first section will cost roughly 2.6 billion USD and is projected for a 2018 completion date. Once finished, it will feature a central business district with 24 mixed-use towers, a luxury hotel, and a retail complex.

New Omran Properties venture formed In the early part of 2016, Shurooq announced a new partnership with

Eagle Hills and Emaar Properties that has resulted in the formation of Omran Properties, a Sharjah-based real estate venture. The new company will focus on generating new economic investments by strengthening ties among its three parent firms. Eagle Hills and Emaar Properties have agreed to take 33 percent of profits each, and Shurooq will acquire the remaining 34.

Growing Sharjah portfolio exhibited at Cityscape Sharjah has several new developments and master-planned cities under

construction, some of which were announced at the 2015 Cityscape event. Tilal City, for example, is a residential project that will feature four neighborhood zones comprising roughly 2,000 homes. Sharjah Asset Management and Eskan Real Estate Development plan to have the first three zones completed by the end of 2016.

Properties sold in Al Zahia

Located near Sharjah University City, Al Zahia is a mixed-used gated community that will eventually offer living space to more than 12,000 residents. Developers currently aim to complete the entire project by 2019, but several homes have already been purchased and handed over. Townhouses range in size from three to five bedrooms, and apartments feature one- and two-bedroom floor plans.