Latest property trend reveals that Sharjah Rent and Sales Price Drop Slightly in 2017
Highlights of the Sharjah’s residential market report by Bayut.com, the UAE based property portal:
• The most in-demand area for both renting and buying flats in Sharjah in 2017 was Al Nahda.
• Al Gharayen was the most popular area for renting villas.
• Homebuyers were most interested in the Muwaileh area for purchasing villas.
Sharjah apartment rents decline
The average apartment rental price dropped across most areas in Sharjah in 2017.
Al Nahda was the most searched for neighbourhood for apartment renters, with 1-beds renting for AED 37k (no change from 2016), 2-beds for AED 45k (18% lower than 2016) and 3-beds for AED 76k (11% more affordable than 2016).
The next most popular area for renters was Muwaileh – also the cheapest neighbourhood of the top areas. 1-beds here were leased for an average of 30k in 2017 and 3-beds for AED 60k – both the same as 2016. The average rent per annum for 2-beds increased slightly by 1% to AED 44k a year.
The only other increase in asking rent across the popular areas was seen in 2-beds in Al Taawun, where rent increased by 2% to AED 51k a year.
Another popular area, Al Khan, saw rents decrease from between 6% and 10% to AED 35k for 1-beds and AED 43k for 2-beds.
When it comes to the most searched for locales for renting villas in Sharjah in 2017, Al Gharayen, Al Jazzet, Mayasaloon, Al Rahamaniah and Al Shahab were Bayut.com’s users top picks.
Property price in Sharjah drops
The price of apartments in Sharjah mostly dropped last year.
In the most popular area for buying apartments in 2017, Al Nahda, the average asking price for 2-bed flats dropped by 6% to AED 580k. The cost of 1-beds and 3-beds
were AED 495k and AED 700k respectively. However due to the large number of off-plan listings in 2017, the price change from 2016 is unrepresentative of the actual market.
The next most popular area for buying apartments, Al Khan, saw prices drop across 1, 2 and 3-beds, to AED 467k, AED 824k and AED 1.05M, respectively.
In nearby Al Majaz, prices of 2 and 3 bed units declined to AED 681k and AED 1.07M. However, the price of 1-beds increased by 5% to AED 500k.
In Al Mamzar, the average selling price of 1 and 3-bed remained stable at AED 47k and AED 1M, respectively. However, the price of 2-beds decreased by nearly 16% to AED 715k.
When it comes to villas, Muwaileh was the most popular area for homebuyers, followed by Al Gharayen, Al Tai, Al Rahmaniah and Al Ramla.
The company states that this is only an indicative pricing and rates, as the data is based on prices advertised by real estate agencies on behalf of their clients on Bayut.com, and not based on actual real estate transactions conducted in Sharjah.
2018 Sharjah Property Market Forecast
Sharjah proerty market is expected to remain affordable and stable in the short term, making it a buyer’s market.
The CEO of Bayut.com, Haider Ali Khan, said: “As more and more off-plan projects are completed in 2018, handed over and put on the secondary market, we can expect prices continuing to attract investors while landlords will have to stay competitive to entice potential tenants. In the long run, as the market and the broader economy move along a trajectory of diversification and maturity, the opportunity for developers and sellers to capitalise on their investment remains strong.”