Sharjah, Ajman remain most affordable property markets in UAE
Cities in the northern emirates remain the most affordable property markets in the UAE, with Sharjah and Ajman witnessing strong growth in Q4 2017
Cities in the northern emirates remain the most affordable property markets in the UAE, with Sharjah and Ajman witnessing strong growth in Q4 2017.
According to dubizzle’s second Northern Emirates report, the two cities have seen a consistent increase in popularity for both buyers and tenants when compared to figures for the corresponding period in 2016.
“Northern Emirates are still deemed as the most affordable cities in the UAE - where fluctuations in sale prices are a result of several factors, including a change in the law in 2014 that allows non-Arab expatriates to purchase property in Sharjah,” said Ann Boothello, property expert, dubizzle Property.
Sharjah’s Al Mamzar area witnessed the largest increase in sale price per sqft by 14%, now standing at $160 (AED591), followed by Al Khan with a 6% increase with prices averaging at $150 (AED550) per sqft.
In comparison, the emirate's other coastal areas experienced a decrease in sale price, including Al Majaz (-4%) and Al Qasba (-15%).
A different trend has emerged in Ajman, with many areas experiencing an increase in price per sqft. Helio recorded an increase in sale prices per sqft (11%), followed by Al Rumailah (5%) and Al Rashidya (3%).
Ajman Industrial area experienced the largest drop in sale price per sqft by (-22%), standing at $100 (AED367), followed by Al Jurf (-19%) and Mushairef (-17%).
The most affordable area to purchase a property in Ajman is Emirates City, with property prices averaging at $71 (AED262) per sqft, the report revealed.
Rental prices in Ajman showed similar trends to those in Sharjah, with an average decrease across the key areas.
When looking at the most popular areas amongst dubizzle users for apartments, Al Rashidya, Al Rumailah, Mushairef and Emirates City were amongst the top areas for both sale and rent.