Tilal Properties Newsletter

Welcome to our January newsletter. I would like to wish you all a Happy New Year and extend my best wishes to all of you and your families as we begin 2021. Let us enter the new year with the dedication and drive that we showed throughout 2020, which presented us with somewhat unprecedented challenges. Your hard work and commitment enabled us to finish 2020 on a high, with fantastic results and achievements, and I thank you all again for your dedication.

Khalifa Al Shaibani, Director-General, Tilal Properties

Market Review:

In a similar sentiment to our last newsletter, the UAE continues to be a prime destination for real estate. Due to low mortgage rates, higher LTVs, reduced service charges, and developer incentives such as service fee waivers, the UAE is now- more than ever- a buyer’s market. We have seen and will continue to see property buyers and investors flocking to the UAE in search of opportunities for investment. With 40% of economic growth made up of real estate, this is great news for the region.

Sharjah News:

The Ruler of Sharjah has approved the largest ever budget- AED33.6 billion- which is an increase of 12%. The aim of His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, is to achieve the strategic vision of the emirate in economic and social development; enhance financial sustainability; and stimulate the macroeconomic environment.

Sharjah National Oil Corporation (SNOC) recently announced the start-up of its new gas storage project. The project includes the installation of high pressure gas compression units, high pressure pipeline, utilities and support facilities, metering and tie-ins to existing plant and wells. With future expansion plans already being made, the new infrastructure makes way for this.

The Expo Centre Sharjah hosted 20 exhibitions during 2020, in spite of the global pandemic. The exhibitions saw participation from more than 2,500 companies and brands, and followed a number of precautionary measures to ensure the safety of all. The exhibitions included Steel Fab 2020, Come on Kerala Exhibition, the 9th International Government Communication Forum, and the 7th Real Estate Investment Exhibition (ACRES 2020).

TILAL CITY

At the end of 2020, we saw a very positive increase in sales at Tilal City, following the reduction of purchase fees for both citizens and non-citizens of the GCC from 4% to 2% of the sale value. This reduction, which was rolled out as part of the second package of incentives which was directed by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council, Ruler of Sharjah, was a positive action for Tilal, and has resulted in a fantastic increase in sales. Property buyers seeking to find their perfect home in Tilal City can avail this 2% purchase fee of the sale value.

Plot number:
A3653

Usage (heights)
Residential

(G+3)
Build-up area:
31,939.62 sq.ft.
Units:
33 apartments
ROI avg.:
12.10%
Exp. construction
14-18 months
Plot price:
2,497,000 AED

Plot number:
B3573

Usage (heights)
Residential

(G+4)
Build-up area:
46,678.41 sq.ft.
Units:
39 apartments
ROI avg.:
13.21%
Exp. construction
12-18 months

Plot price:
2,198,000 AED

Plot number:
B3646

Usage (heights)

Residential

(G+4)

Build-up area:
46,810.00 sq.ft.
Units:
39 apartments
ROI avg.:
11.70%
Exp. construction
18-24 months
Plot price:
2,601,000 AED

Plot number:
D3327

Usage (heights)

Residential + Offices

(G+P+4)

Build-up area:
94,373.89 sq.ft.
Units:
84 Offices
ROI avg.:
13.11%
Exp. construction
18-24 months
Plot price:
4,446,000 AED

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