Today on MyBayut, we bring you the final instalment of our H1 2018 market report. Following on from our H1 2018 Dubai market report and our H1 2018 Abu Dhabi market report, this time the data team brings you all the latest trends, sales and rent prices of properties in the Sharjah real estate market. For this H1 Sharjah Real Estate Market Report for 2018, we compared the prices for properties across Sharjah against search trends of the last six months of 2017, to shine a light on how things have fared in the Sharjah property market over the past year.
The data once again showed the rent and sale prices falling, which keeps Sharjah in the running for being the most affordable option for residents in the UAE. With that being said, let’s take a look which areas have emerged as the most popular to buy and rent apartments in the Sharjah property market.
al qasimia ranks number 1 FOR RENTING APARTMENTS IN Sharjah
Sitting right on top of the list of most popular areas to rent apartments in Sharjah is the residential area of Al Qasimia. This area, which is situated between two of the most iconic spots in Sharjah – the King Faisal Mosque and Mega Mall, saw rental prices across the board reduce by 10% on average, with studios in Al Qasimia going for AED 21k, 1-bedroom apartments for AED 27k and 2-bedroom units for AED 33k per year. When we took a closer look at Al Qasimia, the neighbourhood of Al Nud emerged as the most popular as it received 94.17% of searches from Bayut users. Rents for a 1 and 2-bedroom apartment in Al Nud start at AED 22k and 24k respectively.
Coming second for renting flats in Sharjah, we have the popular expat area of Al Nahda, which saw the steepest price falls for renting apartments in Sharjah, with the average price for 1-bedroom flats in Al Nahda falling to AED 31k which is a whopping 16.2% decrease from H2 2017. This was followed by rents for studios in Al Nahda reducing to AED 26k, and 2-bedroom units reducing to AED 41k, both also showing a substantial decrease from H2 2017.
Other popular areas for renting apartments in Sharjah include Al Majaz, Al Taawun, Muwaileh, Al Khan and Al Mamzar. All these areas in the Sharjah real estate market saw a stable decrease across the board in the first six months of 2018 when compared to the last six months of 2017.
INVESTMENT OPPORTUNITies rise due to a reduction of prices FOR BUYING APARTMENTS in Sharjah
The price trends for buying property in the Sharjah real estate market followed in the same vein, showing largely decreased prices, providing investors with multiple options to buy apartments in Sharjah. The largest decreases being for 2-bed flats in Al Nahda, where sale prices reduced by 14.3% to AED 600k.
Although Al Nahda had the most significant decrease, the waterfront destination of Al Majaz took the number one spot as the best area to find apartments for sale in Sharjah. The prices to buy apartments in Al Majaz have largely remained unchanged as 1 BHK flats here are commanding an average of AED 490k, while 2 BHK flats average at AED 741k.
Following Al Majaz for the second spot of the most popular areas to buy apartments in Sharjah is Al Khan, which is another waterfront destination in Sharjah. Investors looking at properties for sale Sharjah will find an opportune investment in 2-bed flats in Al Khan as the average sale price has reduced to AED 750k. The average sale price for a 1-bedroom apartment was AED 313k.
Except for the decrease in sale prices in Al Nahda, the trends for sales prices for flats in the Sharjah has not seen a substantial change, so we can expect prices to remain stable in the coming months.
MOST POPULAR sub-communities in al majaz
If we take a look at the sub-communities within Al Majaz, the neighbourhood of Al Majaz 2 emerged as the most popular for buying flats in Sharjah, with more than 52.61% of searches. Investors looking to buy apartments in Al Majaz 2 will find a range of 1, 2 and 3-bedroom apartment units, with sale prices starting from AED 290k. Following Al Majaz 2 is Al Majaz 3, which offers investors larger 3 and 4-bedroom apartments in Sharjah, with sale prices for apartments starting at AED 620k.
POPULAR AREAS TO RENT AND BUY VILLAS IN THE Sharjah REAL ESTATE MARKET
Overall, the Sharjah property market offers a lot of investment opportunities in terms of villa developments, so let’s take a look at all the popular areas to buy and rent villas in Sharjah.
The area of Sharqan topped the list for the most popular area to rent villas in Sharjah. Those looking at renting villas in Sharqan can find a mix of 3 and 4-bedroom houses, with prices starting at AED 60k per year. This was followed by Al Mirgab which took the second spot. The other areas for renting houses in Sharjah are Al Jazzet, Al Azra, Al Ghafia, Maysaloon, Al Hazannah and Al Rahmaniya.
Investors looking to buy property in the Sharjah real estate market should note that the most popular area to buy villas in Sharjah is Al Falaj, which was closely followed by the areas of Hoshi, Sharqan, Al Ghafia, Al Gharayen and Al Ramla.
Haider Ali Khan, CEO of Bayut, said: “Sharjah prices are at a very attractive point and present a good opportunity for investors to diversify their investment portfolio.”
Khan added: “As the summer months roll in, we expect prices to stay stable in Sharjah through this quarter. With more off-plan projects picking up in Sharjah, with some allowing ownership by folks from outside the GCC, this will help generate more interest and transactions going forward.”
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.