Sharjah Rent and Sales Price Drop Slightly in 2017
Bayut.com, the UAE’s data-driven property portal, launches their Year-on-Year real estate report with a focus on Sharjah’s residential market’s ready properties.
- 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.
The average apartment rental price dropped across most areas
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.
The price of apartments in Sharjah mostly dropped
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.
Disclaimer: The above report is based on prices advertised by real estate agencies on behalf of their clients on Bayut.com, and not representative of actual real estate transactions conducted in Sharjah.
The CEO of Bayut.com, Haider Ali Khan, said: “At Bayut.com, our goal is to place extensive data-based reports and area guides at the fore of all UAE house hunting intelligence to help renters and investors alike make sound real estate decisions.”
Khan continued: “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.”
About Bayut.com: Bayut.com is one of the leading property portals in the UAE, currently holding the highest number of rental listings in Dubai. It is a data-centric advertising platform with website, app and blog that support CEO Haider Ali Khan’s aim to make Bayut.com the market leader in providing valuable market insights for renters and investors alike. The company was founded in 2008 and has since won the title of the most well-funded property portal at $29M as well as the ‘Best Property Portal’ at CNBC Arabian Property Awards. The company operates across the UAE, with headquarters in Dubai Design District.