Sharjah Record Realty Transactions in Q3, 2020
The real estate sector in Sharjah recorded a 10 per cent growth in transactions concluded in the third quarter of 2020 as compared to the same period last year. Figures show 14,854 real estate transactions, worth D4.6 billion, were sealed in the third quester of this year. “The support given to a
Published -
Nov 16, 2020 3:37 AM
The real estate sector in Sharjah recorded a 10 per cent growth in transactions concluded in the third quarter of 2020 as compared to the same period last year. Figures show 14,854 real estate transactions, worth D4.6 billion, were sealed in the third quester of this year. “The support given to all government and private entities, business and individual sectors, included an extended three-month exemption of the annual license renewal fees for economic establishments, a discount of 50 per cent on delayed fines and violations for economic establishments, and a discount of 50 per cent on the license fees for industrial establishments to help boost the contribution of the industrial sector to the gross domestic product,” said Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department. A further discount was also granted on the insurance and supply fees of electricity, water and natural gas services for the owners of economic, commercial and industrial establishments who were permitted to pay due fees in instalments over two years to reduce their financial burdens. Reducing the fees on the sale value from 4 per cent to 2 per cent for non-GCC purchasers until March 31, 2020 was also a major decision, he underlined. “This new decision, along with the latest stimulus package, have led to a rapid recovery of the real estate sector here that it continues to play a pivotal role in the progress and prosperity of the emirate,” said Al Shamsi.