Every month, Bayut.com takes a comprehensive look at the market trends for buying and renting properties in Sharjah to help you understand the real estate industry of the emirate based on the data presented to us by our end users. This Wednesday, let’s take a detailed look at how the Sharjah property market fared in February 2018.
Al Taawun scores over Al Nahda for Apartment Rentals in Sharjah
In February 2018, the most popular area to rent apartments in Sharjah was Al Taawun, ahead of the usually more popular Al Nahda. This may have been because of new projects handed over in the area recently, opening up more buildings for tenants. Average rents for apartments in Al Taawun also remained more or less stable, with the exception of studios which reported a 2.1% increase from January 2018. The asking prices for studios here are at AED 24k, 1-bedroom apartments are at AED 35k and 2-bedroom flats are at AED 50k.
Coming in at a close second is apartments in Al Nahda, where rental trends were a little more erratic. Studios in Al Nahda commanded average rents of AED 26k, the same as what it was in January 2018. Average rents for 1-bedroom units have gone down by 8.8% to AED 31k, while 2-bedroom units have gone up by 1.25% to AED 40.5k.
The third most sought-after area to rent apartments in the Sharjah real estate market was Muweilah, where prices showed a trend similar to that in Al Nahda. Average rents for studios dropped by 8.3% to AED 16.5K, while 1-bedroom apartments are stable at AED 30k. There was a significant 5.2% increase for 2-bedroom apartments where average rents are AED 40k.
The other popular areas to rent apartments in Sharjah are Al Majaz and Al Khan, where prices across all units have remained stable in February 2018.
Compared to the trends in the Sharjah property market report for 2017, these numbers indicate a steady rental market in the emirate in the early quarter of 2018.
In terms of villas for rent in Sharjah, the most popular areas are Al Gharayen, Maysaloon, Al Hazana and Al Jazzat.
Asking Price for Apartments on Sale in Sharjah Drop on Average
For real estate investors interested in the Sharjah property market, the general trend in 2018 has been falling prices for apartments on sale. The most popular areas for buying apartments in Sharjah is currently the cultural centre of the city, Al Majaz. Average asking price for studios remained stable at AED 490k and 1-bedroom apartments showed barely any change since last month, at AED 735k. The only marked difference in apartment prices in Al Majaz was for 2-bedroom units, which fell by 13.1% to AED 912.5k.
The next sought after location for buying apartments in the Sharjah real estate market was Al Khan. Several luxury off-plan projects were delivered here this year, making it hard to comment on the average prices for buying apartments in Al Khan. With Tiger properties, Eagles Hills and even master developer Emaar announcing The Palace Al Khan project, interest will, however, continue to remain high in this area. The resurgence in off-plan projects in Sharjah also indicates a bright future for real estate investments in the emirate.
The third most popular area to buy apartments in Sharjah was Al Qasba; studios here remained at a stable AED 225k, at one-bedroom apartments dropped by 8.3% to AED 550k.
When it comes to villas for sale in Sharjah, the top areas are Al Gharayen, Al Tai, Muwaileh and Shargan.
The Sharjah property market appears to be settling well into 2018, with several high profile projects launching from the get-go. Although property prices have dropped slightly in certain areas, there is a definite interest in the region in terms of property investments. The fact that Sharjah is still one of the most sought-after locations for affordable family living in the UAE also ensures a continued interest in properties in the emirate.
Now that you are all caught up on the Sharjah property market, don’t forget to check out how the Dubai property market fared for February 2018. Stay tuned to UAE’s best property blog for more updates on property trends, tips and more.