The epidemic has demonstrated that the real estate market in Sharjah and the UAE is robust and thriving. In 2020, the industry grew by 5.1 % over 2019, with real estate sales reaching Dhs15.9 billion.

This was said by Issa Ataya, CEO of Sharjah-based Alef Group, in an exclusive interview with Gulf Today, who added that the stimulus packages and incentives offered by UAE leaders, including the lowering of fees on the selling value from 4% to 2% for non-GCC buyers, played a major role in the real estate industry thriving and increasing.

Although the COVID-19 epidemic affected several companies and sectors, Alef Group continued to expand and thrive.

“We announced a 34% rise in revenues for our Al Mamsha project in the first half of 2020. That demonstrates the strength and endurance of the Sharjah real estate industry, and the unwavering devotion of our staff amid extraordinary circumstances. The management team at Alef Group implemented a comprehensive crisis management strategy and the outcomes were overwhelmingly good.

Ataya explained the idea of Alef Group, stating that Alef Group is a private lifestyle experience provider formed in 2013 by the late Sheikh Khalid Bin Sultan Al Qasimi. Alef Group, established in Sharjah, is a pioneer in the development of top lifestyle communities, attractions, and experiences via investment and strategic joint partnerships.

“Our purpose and vision are inextricably linked, to develop top integrated lifestyle neighborhoods in Sharjah and beyond, and becoming an inspired living experience provider that improves people's lives,” he said.

In response to a query concerning future initiatives, Ataya stated that various interesting initiatives and advancements were in the works as Alef Group continued to grow and expand.

“In due course, we will declare and start various initiatives, and we will continue to fulfill and satisfy the expectations of all stakeholders, investors, and all people,” he added.

“Due to our performance in 2020 and 2021, we won't have to take any cost-cutting measures throughout the business.” Our customers can be certain that we will keep delivering projects to the high standards they have come to expect from us.

“We try to deliver excellent projects with world-class designs, cutting-edge facilities and services, and high-grade finishes, and we never compromise the quality of our innovations.” He went on to say.

As per Ataya, the 06 Mall is one of the most prominent shopping and entertainment destinations in the Emirate of Sharjah, with a variety of retail stores, restaurants and cafes, world-class entertainment venues, and other activities and events which the mall conducts, leads to providing an integrated shopping experience that fits all preferences and caters to the needs of the modern customer. In 2021, the mall experienced increasing foot traffic, introducing new brands to our collection and providing customers with even more high-quality services.

“All attention will be on the UAE for Expo 2020, and we are thrilled to be a part of the world's largest expo. It is an ideal platform for attracting investment possibilities and will benefit enormously the country's economy in all industries. The Emirates stock index increased by 4% when Dubai effectively bid for Expo.

“The event has created and will continue to produce thousands of new employment, and increased demand not just of the real estate sector, but also hospitality, tourism, retail, education, technology, and healthcare,” Ataya concluded.

According to a study released last month by Sharjah's Real Estate Registration Department, the emirate's real estate industry reached a volume of sales totaling Dhs 6.7 billion during the first quarter of 2021, representing an increase of 84.9 % over the first quarter of 2020. The overall volume of transactions completed in the last three months totaled 20,448 transactions, a 10.3 % spike over the same period last year. Furthermore, the emirate's overall trading area surpassed 60.3 million square feet.

In this regard, Abdulaziz Ahmed Al-Shamsi, Director General of Sharjah's Real Estate Registration Department, indicated that the result of the emirate's real estate sales in the first quarter of 2021 is proof of the sector's steady recovery. Furthermore, investors' trust was rebuilt because of the advantages of the Sharjah government's package of incentives, facilities, and exemptions presented in November by the emirate's Executive Council.