April has already arrived, and residents are eager to know how the Sharjah real estate market has performed over the first quarter of 2019. To do so, Bayut’s data analysts have compared the property prices in Sharjah for Q1 2019 to the prices from Q4 2018. Take a look at how the property market in Sharjah has responded in Q1 2019 along with the top areas to rent and buy apartments and villas. Find out which areas have the best rental returns in Sharjah and the most popular areas with off-plan properties.
Bayut’s Sharjah real estate market trends reveal that rental prices for apartments have seen only minor decreases over the first quarter of 2019. Similarly, investors will find that sales prices across Sharjah’s top areas have dipped marginally.
The Sharjah property market remains a strong alternative for investors with notable developments like Maryam Island by Eagle Hills adding to the portfolio of properties available. Meanwhile, Sharjah’s affordable prices and convenient lifestyle, including dedicated school and university districts, continues to appeal to renters in the city.
PROPERTY PRICES IN SHARJAH FOR APARTMENT SALES SEE SLIGHT DECLINES IN THE NEW YEAR
Property prices in Sharjah for apartment sales have declined over the first quarter of 2019, however, the changes have been modest. Bayut’s Sharjah real estate market report reveals that 2-bedroom units across the city’s most popular areas experienced decreases between 2 – 6%.
The bustling, family-friendly neighbourhood of Al Majaz ranks as the most popular area with apartments for sale in Sharjah, continuing the same trend from 2018. Labelled as the happening city centre, Al Majaz’s waterfront views and entertainment options have been favoured by investors. According to Bayut’s report on property prices in Sharjah, buying prices for studios and 1-bedroom apartments in Al Majaz stand at AED 260k and AED 400k in Q1 2019. Meanwhile, prices to buy 2-bedroom apartments in Al Majaz have seen prices dip by 6%, from AED 580k in Q4 2018 to AED 545k in Q1 2019. The apartments for sale in Al Majaz deliver a strong ROI of 6.6%, giving them high investment potential.
The areas of Al Khan and Al Nahda have also attracted significant attention from investors looking at apartments for sale in Sharjah. Both these areas have remained popular due to their proximity to Dubai and affordable lifestyle. In Al Khan, 2-bedroom units for sale have seen prices drop by 2.3% from AED 750k to AED 732.5k in Q1 2019. Similarly, prices to invest in 2-bedroom apartments in Al Nahda have slid down from AED 520k to AED 505k.
Rounding up the top areas to buy apartments in Sharjah are Sharjah University City and Al Taawun. Interestingly, prices for studios and 1-bedroom apartments in Sharjah University City have remained stable in the first quarter of 2019, standing at AED 325k and 567k.
AL TAAWUN AND AL NAHDA HAVE THE BEST RENTAL RETURNS IN SHARJAH FOR APARTMENTS
Investors who are looking at buy-to-let properties in Sharjah should consider the apartments for sale in Al Nahda and Al Taawun. Both areas boast excellent an excellent ROI of 7%, the highest in the Sharjah property market for Q1 2019. The average price for studios for sale in Al Nahda is AED 262.5k, while the buying price for 1-bedroom apartments in Al Taawun is AED 460k.
PROPERTY PRICES IN SHARJAH FOR RENTAL APARTMENTS APPEAR TO STABILISE IN START OF 2019
Bayut’s property prices trends in Sharjah reveal that the city’s rental market has started off on a fairly positive note. The prices for rental apartments in Sharjah have stabilised for certain units. Additionally, some units in popular areas in the Sharjah property market are also seeing an uptick in prices.
In line with 2018 property trends in Sharjah, Al Nahda still holds the winning position as the top area with apartments for rent in Sharjah. The variety of apartments available here appeal to potential tenants, ideal for both families and single professionals. Prices for renting apartments in Al Nahda appear to be bottoming out, as the average price for studios for rent here has remained steady at AED 23k. Continuing in the same vein, 1 and 2-bedroom apartments for rent in Al Nahda have reduced marginally by 3.4% and 2.6% respectively. 1-bedroom apartments in Al Nahda have dipped from AED 29k to AED 28k, while 2-bedroom apartments have decreased from AED 38k to AED 37k.
Similar trends have been noticed in Al Majaz and Al Taawun, both of which rank amongst the top three most popular areas with renters in Sharjah. Prices for studios and 1-bedroom apartments for rent in Al Majaz have remained steady at AED 19k and AED 25k, while 2-bedroom units have dropped from AED 33.9k to AED 33k. Likewise, Al Taawun has seen prices for studios remain stable at AED 17k in Q1 2019, while 1 and 2-bedroom apartments saw prices lower by 3.6% and 2.4% respectively.
Other areas from the property market in Sharjah that have been frequently searched for by renters include Muwaileh, Al Khan, Al Qasimia, Al Muwailih Commercial and Abu Shagara. All price changes in these areas in Q1 2019 have remained under the 8% mark, with the exception of Al Khan and Abu Shagara. Rental prices for 1-bedroom apartments in Al Khan have seen prices drop by 11.1% from AED 27k to AED 24k. Also, studios in Abu Shagara saw rentals drop by 10.5% from AED 19k to AED 17k.
Larger units in family-friendly areas like Muwaileh, Bu Tina and Al Qasba have seen minimal changes. Bayut’s Sharjah property market report shows that prices for renting 2-bedroom apartments in Muwaileh are currently at AED 39k. In Bu Tina prices are at AED 25k and in Al Qasba it is AED 42k. The rising prices suggest a growing demand for family-friendly areas with amenities like schools and attractions.
AL SABKHA IS THE MOST POPULAR AREA TO BUY AND RENT VILLAS IN SHARJAH
In Q1 2019, the area of Al Sabkha pulls ahead to become the most popular place with villas for sale in Sharjah. The locality generated 14.8% of overall searches in Sharjah for villas sales. Primarily a residential area, Al Sabkha has drawn investors’ attention with the number nurseries, supermarkets and retail and entertainment options in the area. The starting price for the villas for sale in Al Sabkha is AED 650k, according to current Bayut’s listings.
The Sharjah real estate market report shows that Sharqan and Hoshi ranked second and third respectively for villas sales. Sharqan drew 13.1% of overall investor interest, appealing to investors due to its prime location opposite Al Fisht Public Beach. The prices for buying villas in Sharqan starts at a higher AED 1.5M. Meanwhile, Hoshi raked in 13% of overall searches in Q1 2019. The area lies along the Al Maliha Road, providing connectivity through the road link. The villas for sale in Hoshi have a starting price of AED 2.2M, as per current listings on Bayut. Other areas from the property market in Sharjah that have caught investors’ attention are Al Suyoh and Al Barashi, amongst others.
Similar to investors, renters also turn to Al Sabkha as their first choice to rent villas in Sharjah. The abundance of family-friendly amenities has made the area popular with potential tenants. The villas for rent in Al Sabkha have starting prices of AED 35k for a 5-bedroom unit.
The area of Al Ghafia has brought in 13.4% of overall interest from potential renters, ranking second for rental villas in Sharjah. Al Ghafia benefits from having parks, schools and other amenities conveniently located in the area. The rental prices for villas in Al Ghafia start from AED 35k, for a 3-bedroom unit.
The popular location of Al Barashi was also amongst the top choices from the Sharjah real estate market for renters. Located close to the Sharjah International Airport, Sharjah National Park and University City, Barashi is a prime location that has drawn in 12.8% of overall interest. Prices for renting villas here start from AED 85k, which will afford renters a spacious 4-bedroom unit.
Also ranking amongst the top areas to rent villas in Sharjah are Al Jazzat, Sharqan and Al Hazzanah amongst others.
TOP AREAS WITH OFF-PLAN PROPERTIES IN SHARJAH
According to Sharjah property trends, Al Tai emerged as the most popular area with investors looking for off-plan properties in Sharjah. Located off the Sharjah-Kalba Road, the area has generated 23.6% of total searches for Sharjah’s off-plan projects. Luxury communities in the area like Nasma Residences by leading developers Arada are catching the eye of buyers in Sharjah. The buying price for off-plan villas in Al Tai starts from AED 890k, according to Bayut’s current listings.
The second-most popular area for off-plan properties in Sharjah is Al Suyoh accounting for 22.1% of total investor interest. Located near the Al Tai area and with connectivity to Emirates Road (E611), Al Suyoh has a number of upcoming upscale apartments and villas. Sales prices for these off-plan villas in Al Suyoh also starts at AED 890k. Also featuring amongst the popular areas for off-plan projects in Sharjah are Aljada, Sharjah Waterfront City and Muwaileh.
Forecast for Q2 2019
Haider Ali Khan, CEO of Bayut, said,
“Over the first quarter of 2019, Sharjah’s property market remains a lucrative opportunity for investors and renters alike. From an investment perspective, the ROI for apartments in Sharjah’s most popular areas stands strong between 6% – 7%. This provides another interesting option to buyers who previously may only have considered Dubai and Abu Dhabi for investment opportunities. The rising interest in the emirate’s off-plan projects coupled with the recent ease of regulations with more freehold developments available for foreign and expat investors, magnifies the fact that Sharjah’s real estate market is one to keep a check on in the near future.”
That completes the Sharjah real estate market report for Q1 2019. We hope the report on property price trends in Sharjah helps investors and end-users find their dream property. Planning to move to or invest in Dubai? Read our in-depth Q1 2019 Dubai real estate market report to learn the best areas for buying and investing in the city. And stay tuned to MyBayut for more articles on Sharjah’s top residential areas!