Rent of Sharjah waterfront flats now up to 24% cheaper
Rental values are down by 7-24% across properties in Al Majaz, Al Khan, and Buhaira Corniche
Renting a home with a view is now cheaper in the UAE, with neighbourhoods such as Buhaira Corniche, Al Majaz, Al Majaz 3, and Al Khan highlighted by Dubizzle Property for residents seeking affordable apartments with waterfront views in Sharjah.
Sharjah Real Estate Registration Directorate (Sred) recently reported that there has been a 6% year-on-year growth of real estate transactions in the emirate, with the value of transactions surging to $3.97bn (AED14.6bn) in the first three quarters of 2018.
According to Dubizzle, in line with emirate-wide property price trends, apartments in Sharjah have witnessed a year-on-year decrease in rental values in the first nine months of the year.
Studio apartments in Al Majaz were identified as the most affordable option, averaging at $5,990 (AED22,000) per year, witnessing a decrease of 10% compared to last year. This is followed by Al Majaz 3 at $6,100 (AED22,400) per year, which is a 10% drop since last year. Al Khan rents average at $6,261 (AED 23,000), down 15% since 2017.
In terms of one-bedroom apartments, Al Khan was identified as the most affordable option, averaging at $8,220 (AED30,200) per year – down by 11% year-on-year – followed by Al Majaz at $8,276 (AED30,400), Al Majaz 3 at $8,440 (AED 31,000), and Buhaira Corniche at $9,260 (AED 34,000).
Two-bedroom apartments witnessed similar trends, with apartments in Al Khan averaging at $10,200 (AED37,400), Al Majaz at $10,600 (AED39,000), Al Majaz 3 at $12,000 (AED44,000), and Buhaira Corniche at $13,100 (AED48,000).
Three-bedroom apartment prices in Al Khan stood at an average of $14,000 (AED51,400) making them the most affordable location near the Corniche, followed by Al Majaz 3 averaging at $15,000 (AED55,000), Al Majaz at $16,600 (AED61,000), and Buhaira Corniche at $19,600 (AED72,000).
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Despite the decrease in rental prices, Sharjah has experienced a surge in property transactions so far this year, with more than 40,000 transactions taking place.
“Sharjah is quickly becoming a well-known heritage and cultural destination of the Arab world," commented Samer Abdin, general manager, Dubizzle Property.
"The increase in the number of investments is a testament to the work being done by the government to develop the economic infrastructure of the emirate, as well as boost tourism, and our insights highlight that Sharjah is currently a buyer’s market in the property sector.”
Abdin added: “As Sharjah continues to diversify its offerings for tourists and residents alike, we are confident that the emirate will provide long-term returns for investors who are taking advantage of the investment incentives and offers available in the current market conditions.”