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Khalifa Al Shaibani: The real estate sector in the Emirate of Sharjah is returning to the path of growth and recovery

His Excellency Khalifa Al Shaibani, Director-General, Tilal Properties, affirmed that the real estate sector in the Emirate of Sharjah is gradually returning to the path of growth and recovery. The package of government incentives provided exemptions and massive reductions across various services and facilities, supporting the growth and stability of the economy. This move further encouraged developers to continue working on their existing projects and complete it in their estimated time.

According to a survey conducted by Tilal Properties in cooperation with Omnes Media, 40 per cent of the public still believe that investing in the real estate sector is safe despite the current circumstances, whereas five per cent believe that investing in real estate is a safe option in terms of protecting investment. A remarkable 44 per cent of those surveyed said that the developer’s reputation is the most important factor affecting their decision to buy a property.

Al Shaibani revealed that they expect the market to improve significantly post the COVID-19 period, as the Emirate is known for providing investment security, economic stability along with zero risk factors. Tilal Properties in particular, is diligently working towards completing several of its projects. Currently, the Naseem villas and residential complexes built in Tilal City is nearing 90 per cent completion and will boast of several state-of-the-art services and facilities, emulating the highest standards of quality. The project is scheduled to be open to the public towards the end of this year.

The Emirate enjoys a diverse economy across many sectors, including, gas, tourism, education, healthcare and logistics services. Besides, its strategic location and strong infrastructure have contributed to strengthening its investment position in the UAE and abroad. Sharjah is also distinguished by a vast and rich history, with culturally and educationally symbolic edifices located throughout the emirate, including museums and traditional markets. The Emirate is also home to several luxurious urban developments located on its coasts and lakes, offering breathtaking panoramic views to its residents. Some of these include the Al Mamzar neighbourhood, Al Khan and Khalid Lake located in the city centre.

Al-Shaibani further stated that, despite the current circumstances caused by the outbreak of COVID-19, work across several large real estate projects and modern high-rise towers continue in full swing. The real estate market has recorded a strong recovery in the post- COVID-19 period, resuming several of its big projects, including launching of one of its finest skyscraper. The goal is to transform the Emirate into a unique residential and tourist hub, which boasts of attractions for individuals across all age groups.