Bayut & dubizzle’s Sharjah Real Estate Market Report for Q1 2021: Sales and rental prices experience stability in the first quarter of 2021

• Buying Apartments
• Renting Apartments
• Villas for Sale and Rent
• Top Off-plan Projects

With the first quarter of the year behind us, it’s time to take a look at Bayut & dubizzle’s Q1 2021 Sharjah real estate market report. Using the data gathered from users on Bayut & dubizzle, we have studied the performance of the Sharjah property market during the first three months of the year. Similar to the trends seen in the larger emirates of Dubai and Abu Dhabi, Sharjah’s real estate sector has also seen sales and rental prices remain steady and even grow throughout Q1 2021. Most of the price changes have also been controlled and largely remained within 7%.

For more interesting insights about the market, let’s take an in-depth look at Bayut & dubizzle’s Sharjah real estate market report for Q1 2021. To evaluate how the real estate market has fared over the last quarter, we have compared the property prices in Sharjah for the first three months of 2021 with the last three months of 2020.

For an accurate representation of properties for sale, our Q1 2021 market report compares the average sales price-per-square-foot for an area. Please note that these prices are subject to change based on multiple factors including amenities available, the developer involved in the project, location and other key details.

PROPERTY PRICES IN SHARJAH FOR BUYING APARTMENTS IN Q1 2021

As per the trends observed in Bayut & dubizzle’s Sharjah property market report, neighbourhoods such as Al Khan, Al Majaz and Al Nahda have continued to attract investors and buyers in the first quarter. These established neighbourhoods have continued to appeal to buyers keen on residential neighbourhoods close to the emirate of Dubai.

AL KHAN IS THE MOST SEARCHED AREA FOR BUYING APARTMENTS: BAYUT & DUBIZZLE Q1 2021 SHARJAH REAL ESTATE MARKET REPORT

During Q1 2021, Al Khan has emerged as the most popular area to buy apartments in Sharjah, rising over traditionally popular areas such as Al Majaz. Al Khan’s rising popularity could be attributed to the increasing demand for waterfront residences in the UAE’s cultural capital and the growing inventory of such units in the neighbourhood.

The price per square foot for flats in Al Khan has also averaged at a competitive price of AED 539. Asking prices have also remained attractive with 1-bedroom apartments in Al Khan averaging at AED 545k. When it comes to the bigger units, Al Khan’s 2-bedroom flats have averaged at AED 782k, while the 3-bedroom apartments for sale in Al Khan have averaged at AED 1.2M.

Al Majaz’s waterfront location, healthy rental yield and numerous amenities have ensured its sustained popularity with investors in Q1 2021. The price per square foot for apartments in Al Majaz has remained stable, averaging at AED 355 in Q1 2021. The average asking price of flats in Al Majaz has also been reasonable with 1-beds at AED 320k. For those interested in more spacious units, the 2-bed flats in Al Majaz have averaged at AED 530k, while the cost to buy 3-bed flats in Al Majaz has averaged at AED 782k.

Buyers searching for more areas to invest in can also consider Al Nahda. The price-per-square-foot for Al Nahda flats has shown a moderate decrease from AED 433 to AED 417. The average price of 1 and 2-bedroom apartments for sale in Al Nahda has also been relatively stable at AED 340k and AED 560k respectively, while the sales prices for 3-bed apartments has averaged at AED 964k.

Muwaileh is the fourth most popular area for buying apartments in Sharjah. According to real estate trends in Sharjah, there has been an 8.5% increase in the price per square foot for apartments in Muwaileh, averaging at AED 926.

AL MAJAZ OFFERS GOOD ROI FOR APARTMENTS IN SHARJAH

Al Majaz has offered the highest ROI in Sharjah for Q1 2021, averaging at an impressive 6.6%, based on projected rental yields. Investors can also consider apartments in Al Nahda, which offer healthy returns of 5.2%.

PROPERTY PRICES IN SHARJAH TO RENT FLATS IN Q1 2021

In the first quarter of 2021, Al Nahda, Al Majaz and Al Taawun have held strong as the most preferred areas for tenants interested in flats in Sharjah. To evaluate the performance of rental costs in an area, we have compared the average asking rents for each unit type from Q1 2021 to those in Q4 2020:

AL NAHDA IS THE TOP AREA TO RENT APARTMENTS: BAYUT & DUBIZZLE Q1 2021 SHARJAH REAL ESTATE MARKET REPORT

Al Nahda has once again been the top choice with those searching for rental apartments in Sharjah in Q1 2021. The family-friendly area has remained consistently popular with tenants due to its strategic location and competitive rents.

Compared to Q4 2020, the rents in Al Nahda have remained highly competitive. The 1 and 2-bed apartments in Al Nahda have seen rental costs decline between 4% to 6%, while the average rents for studios have remained stable.

The average rent of studios in Al Nahda has remained stable at AED 16k while 1-bed apartments have averaged at AED 21k during the first three months of 2021. Those interested in larger units have shown an inclination towards 2-bed apartments in Al Nahda which averaged at AED 28k in Q1 2021.

Al Majaz has clinched the second spot in the list of popular areas for rental apartments in this Q1 2021 Sharjah real estate market report by Bayut & dubizzle.

The average rent of studios in Al Majaz has been steady at AED 16k, while 1-bed apartments in Al Majaz have averaged at AED 25k, slightly higher than the prices in Q4 2020. Tenants in pursuit of bigger units have also considered Al Majaz’s spacious 2-bedroom apartments, which have averaged at AED 34k.

The bustling district of Al Taawun has ranked as the third most-searched-for area to rent apartments in Sharjah. The high volume of interest in this community could be attributed to its large repository of waterfront apartments and easy access to amenities.

The average asking rents for studios in Al Taawun have stood at AED 18k, while the rental costs for 1-bed flats in Al Taawun have averaged at AED 24k. The rents for 2-bedroom flats in Al Taawun have remained unchanged during Q1 2021, standing at AED 34k.

Besides these areas, Muwailih Commercial, Muwaileh, Al Qasimia and Al Khan have also generated interest among prospective tenants during Q1 2021.

TOP 10 AREAS TO BUY AND RENT VILLAS IN SHARJAH

The next section of Bayut & dubizzle’s Sharjah real estate report takes a closer look at popular areas to buy and rent villas in the emirate:

AL TAI IS THE MOST POPULAR COMMUNITY WITH HOUSES FOR SALE IN SHARJAH FOR Q1 2021

Al Tai has been the most sought-after area for buying villas in Sharjah. the well-planned area offers access to a variety of local amenities and features spacious family villas. The starting price for 3-bedroom villas in Al Tai is AED 1.1M, while you can buy 4-bedroom houses in Al Tai for attractive prices starting from AED 1.5M. Potential homeowners can also look for 5-bedroom villas in Al Tai, starting at AED 2.2M.

Hoshi ranks second in the list of most popular areas to buy villas in Sharjah. This quiet neighbourhood lies close to Sharjah-Dubai border, ideal for those who frequently need to commute between the emirates. The price of 4-bed villas in Hoshi start at AED 1.8M. Bigger families can also opt for 5-bed villas in Hoshi. Their prices range between AED 2.7M and AED 4.5M.

Another area that has retained its standing as one of the most popular areas for buying villas in Sharjah is Al Rahmaniya. The starting price of houses in Al Rahmaniya stands at AED 1.3M as per Bayut’s current listings.

Those searching for similar properties for sale in Sharjah can also consider Muwaileh, Sharqan, Al Noaf and Al Sabkha.

MUWAILEH HAS THE HIGHEST ROI FOR VILLAS IN SHARJAH

When it comes to strong return-on-investment, Muwaileh has emerged at the top with a healthy ROI of 5.73%. Other areas with good rental returns include Al Sabkha, Hoshi, Al Tai and Al Noaf.

AL JAZZAT IS THE MOST POPULAR AREA TO RENT HOUSES IN SHARJAH FOR Q1 2021

As per the combined data released by Bayut & dubizzle, Al Jazzat has been the firm favourite during the first quarter of 2021 for renting villas in Sharjah. Its close proximity to Sharjah International Airport and key attractions has helped boost its popularity among potential tenants.

The starting price of 3-bedroom villas in Al Jazzat stands at AED 45k, while 4-bed houses are available at AED 50k. For those looking for more options, there is a good inventory of 5-bedroom villas in Al Jazzat starting at AED 115k.

Al Tai has been the second most popular area for renting houses in Sharjah. You can rent a house in Al Tai at a starting price of AED 55k, as per Bayut’s current listings.

Apart from these communities, Sharqan, Al Sabkha and Barashi have also attracted a high volume of interest from tenants.

TOP OFF-PLAN PROJECTS IN SHARJAH

Sharjah’s off-plan market has continued to attract potential homeowners. The most popular off-plan project in Sharjah in Q1 2021 has been Al Zahia in Muwaileh. From retail outlets to recreational facilities, this upcoming development has all the amenities required to enjoy community living in the emirate. Al Zahia currently has off-plan apartments, villas and townhouses available for purchase. 

The second most sought-after project for off-plan sales in Sharjah has been Maryam Island in Al Khan. The project’s name is not new to the list of Sharjah’s off-plan projects. Due to its waterfront location, it has been consistently gaining popularity among investors. Some parts of the project are under-development while others are being handed over.

Offering beautiful views of the sea, Sharjah Waterfront City is another area with highly-anticipated off-plan projects. In particular, Blue Bay Walk has continued to garner attention for off-plan apartments. The units in Blue Bay Walk are still being handed over.

That brings an end to our Sharjah real estate market report for Q1 2021. As evident in the Sharjah property market report, the emirate’s real estate sector has remained resilient during the last three months, while market conditions have remained ideal for both tenants and homeowners. To learn about real estate trends in the other emirates, check our Q1 sales report of Dubai or Abu Dhabi rental market report for Q1 2021.

Disclaimer: The above report is based on prices advertised by real estate agencies on behalf of their clients on Bayut & dubizzle, and are not representative of actual real estate transactions conducted in Sharjah.