Bayut & dubizzle’s Sharjah market report for Q3 2022

• Buying Apartments
• Renting Apartments
• Buying and Renting Villas
• Sharjah Off-Plan Projects

Bayut and dubizzle’s Sharjah real estate market report Q3 2022 offers an in-depth insight into the real estate trends observed in the emirate from July to September 2022.

A look at the Sharjah property price trends observed on Bayut & dubizzle for Q3 2022 reveals:

• The average price-per-square-foot for apartment sales increased by up to 7.63%.

• Rental costs for apartments in Sharjah remained largely stable.

• Prices for villa sales decreased, whereas villa rentals in the emirate recorded price upticks in the most popular areas.

For this Bayut and dubizzle Sharjah real estate market report, our data experts have compared the property sales and rental price trends observed during Q3 2022 to those in Q2 2022.

Bayut and dubizzle’s Sharjah Property Market Report Q3 2022: Prices for buying Apartments

POPULAR AREAS	ROI	PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2022	1-BED APTS	2-BED APTS	3-BED APTS
Al Khan	ROI 3.50%	PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2022 743 3.71%	1-BED APTS 525,000	2-BED APTS 785,000	3-BED APTS 1,104,000
Al Majaz	ROI 5.75%	PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2022 407 4.01%	1-BED APTS 352,000	2-BED APTS 573,000	3-BED APTS 859,000
Al Nahda	ROI 5.95%	PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2022 385 -0.59%	1-BED APTS 388,000	2-BED APTS 504,000	3-BED APTS 830,000
Muwaileh	ROI 2.72%	PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2022 895 7.63%	1-BED APTS 624,000	2-BED APTS 1,043,000	3-BED APTS 1,433,000
Al Taawun	ROI 5.48%	PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2022 416 -19.35%	1-BED APTS 415,000	2-BED APTS 573,000	3-BED APTS 1,082,000

Al Khan is the most popular area for apartment purchases

According to our Sharjah property market report Q3 2022, Al Khan continued to attract the most interest for apartment sales. The area’s status as a waterfront community, with the availability of several mid to high-rise apartment complexes, potentially contributes to the continued high demand:

• The average price-per-square-foot for properties in this well-established community witnessed an uptick of 3.71% to average at AED 743.

• During Q3 2022, the flats for sale in Al Khan reported average costs of AED 525k for 1-bed, AED 785k for 2-bed and AED 1.1M for 3-bed apartments.

Another established area, Al Majaz emerged as the next most popular option for apartment sales in Sharjah, according to Bayut & dubizzle’s Sharjah real estate market statistics Q3 2022:

• The average price-per-square-foot for apartments for sale in Al Majaz witnessed an increase of 4.01% to stand at AED 407.
• The cost to buy flats in the area averaged at AED 352k for 1-bed units, AED 573k for 2-bed apartments and AED 859k for 3-bed flats.

Al Nahda ranked third with buyers keen on purchasing flats in Sharjah according to data gathered for Bayut & dubizzle’s report on the emirate’s property market during Q3 2022:

• The price-per-square-foot for the properties in Al Nahda – which strategically lies near the Dubai-Sharjah border – decreased slightly by 0.59%, standing at AED 385 in Q3 2022.
• Those keen on buying flats in Al Nahda were looking at paying average prices of AED 388k for 1-bed, AED 504k for 2-bed and AED 830k for 3-bed units.

Aside from the aforementioned areas, property investors also focused their interests on Muwaileh and Al Taawun. According to the property price trends observed in Q3 2022 for apartment sales, Al Taawun exhibited the highest drop in price-per-square-foot – by approximately 19.35%. This drop can mostly be attributed to an influx of lower-priced property listings for Al Taawun in Q3 2022, with owners looking to entice market interest through competitive asking prices.

Al Nahda has the highest rental yield for apartment sales in Sharjah

As per apartment sales trends observed for Bayut & dubizzle’s Sharjah real estate market report Q3 2022, the following areas yielded the highest ROI:

• Al Nahda offered the most healthy rental yields for buy-to-let flats — approximately 5.95%.
• The ROI for apartment sales in Al Majaz, based on rental yield averaged at 5.75%.
• Al Taawun had projected rental yields of 5.48%, on average.

Property prices in Sharjah Q3 2022 for renting apartments

Based on Bayut & dubizzle’s Sharjah real estate market report Q3 2022, prospective tenants were most interested in rental flats in these areas:

• Al Nahda
• Muwaileh
• Al Majaz

To evaluate rental costs in an area, we have compared the average rents of each unit from Q3 2022 against those of Q2 2022. As per our data, rental fees remained relatively stable across most major bed types in Sharjah, although prices increased for 2-bed units in most of the popular areas.

POPULAR AREAS	STUDIOS Avg. Yearly RentChange from Q2 2022	1-BED APTS Avg. Yearly RentChange from Q2 2022	2-BED APTS Avg. Yearly RentChange from Q2 2022
Al Nahda	STUDIOS Avg. Yearly RentChange from Q2 2022 16,000 0.00%	1-BED APTS Avg. Yearly RentChange from Q2 2022 22,000 5.68%	2-BED APTS Avg. Yearly RentChange from Q2 2022 30,000 6.24%
Muwaileh	STUDIOS Avg. Yearly RentChange from Q2 2022 13,000 9.90%	1-BED APTS Avg. Yearly RentChange from Q2 2022 21,000 0.00%	2-BED APTS Avg. Yearly RentChange from Q2 2022 32,000 3.00%
Al Majaz	STUDIOS Avg. Yearly RentChange from Q2 2022 16,000 0.00%	1-BED APTS Avg. Yearly RentChange from Q2 2022 24,000 0.00%	2-BED APTS Avg. Yearly RentChange from Q2 2022 35,000 4.08%
Al Taawun	STUDIOS Avg. Yearly RentChange from Q2 2022 20,000 12.30%	1-BED APTS Avg. Yearly RentChange from Q2 2022 24,000 7.35%	2-BED APTS Avg. Yearly RentChange from Q2 2022 33,000 3.15%
Muwailih Commercial	STUDIOS Avg. Yearly RentChange from Q2 2022 12,000 0.00%	1-BED APTS Avg. Yearly RentChange from Q2 2022 22,000 0.00%	2-BED APTS Avg. Yearly RentChange from Q2 2022 34,000 2.04%
Al Qasimia	STUDIOS Avg. Yearly RentChange from Q2 2022 14,000 0.00%	1-BED APTS Avg. Yearly RentChange from Q2 2022 18,000 0.00%	2-BED APTS Avg. Yearly RentChange from Q2 2022 24,000 -3.55%
Al Khan	STUDIOS Avg. Yearly RentChange from Q2 2022 22,000 1.17%	1-BED APTS Avg. Yearly RentChange from Q2 2022 25,000 -2.34%	2-BED APTS Avg. Yearly RentChange from Q2 2022 38,000 4.11%
Abu Shagara	STUDIOS Avg. Yearly RentChange from Q2 2022 14,000 0.00%	1-BED APTS Avg. Yearly RentChange from Q2 2022 19,000 0.00%	2-BED APTS Avg. Yearly RentChange from Q2 2022 24,000 0.00%
Bu Tina	STUDIOS Avg. Yearly RentChange from Q2 2022 10,000 0.00%	1-BED APTS Avg. Yearly RentChange from Q2 2022 16,000 10.19%	2-BED APTS Avg. Yearly RentChange from Q2 2022 21,000 10.12%
Al Mahatah	STUDIOS Avg. Yearly RentChange from Q2 2022 13,000 9.85%	1-BED APTS Avg. Yearly RentChange from Q2 2022 17,000 0.00%	2-BED APTS Avg. Yearly RentChange from Q2 2022 21,000 -8.78%

Al Nahda is the most popular for rental flats

Potential tenants searching for apartments in the third-largest emirate showed a keen interest in Al Nahda during the third quarter of 2022:

• The price of rental studios has remained stable while the cost of 1 and 2-BHK apartments rising by 5.68% and 6.24%, respectively.
• The cost to rent flats in Al Nahda averaged at AED 16k for studios, AED 22k for 1-bed and AED 30k for 2-bed units.

Muwaileh was the second most popular area to rent flats in Sharjah during Q3 2022:

• The rent of studios in the area increased by about 9.90% while the cost of 1-bed apartments for rent remained stable. The cost of the 2-beds increased by 3%.
• To rent flats in Muwaileh, tenants paid an average of AED 13k for studios, AED 21k for 1-bed and AED 32k for 2-bed apartments.

Those wanting to rent property in the UAE’s cultural capital also showed interest in Al Majaz:

• Rents across studio and 1-bed units in this popular family-friendly community remained relatively stable. However, the cost of spacious 2-bedroom apartments increased by 4.08%.
• To rent flats in Al Majaz, tenants paid an average of AED 16k for studios, AED 24k for 1-bed and AED 35k per annum for 2-bed units in Q3 2022.

Aside from the communities already detailed, other sought-after areas to rent apartments in Sharjah were:

• Al Taawun
• Muwailih Commercial
• Al Qasimia
• Al Khan
• Abu Shagara
• Bu Tina
• Al Mahatah

According to property price trends for apartment rentals in Q3 2022, rents have remained relatively competitive in Sharjah’s sought-after areas, with the highest increase recorded at 12.30%.

Bayut and dubizzle’s Sharjah real estate market report Q3 2022: Popular areas to buy and rent villas in Sharjah

BUYING VILLAS	RENTING VILLAS
BUYING VILLAS Hoshi	RENTING VILLAS Al Tai
BUYING VILLAS Muwaileh	RENTING VILLAS Al Jazzat
BUYING VILLAS Al Ghafia	RENTING VILLAS Barashi
BUYING VILLAS Al Tai	RENTING VILLAS Hoshi
BUYING VILLAS Sharqan	RENTING VILLAS Muwaileh
BUYING VILLAS Al Rahmaniya	RENTING VILLAS Sharqan
BUYING VILLAS Al Gharayen	RENTING VILLAS Al Falaj
BUYING VILLAS Al Sabkha	RENTING VILLAS Al Azra
BUYING VILLAS Al Suyoh	RENTING VILLAS Al Ghafia
BUYING VILLAS Al Ramaqiya	RENTING VILLAS Al Rifah

Hoshi is the most popular area to buy villas in Sharjah

As per the Sharjah Q3 market report 2022, Hoshi remained the most searched-for area among potential buyers and investors. Its proximity to the Sharjah-Dubai border persistently contributes to its popularity among buyers. Here is an average cost breakdown of villas for sale in Hoshi during Q3 2022:

• The 3-bedroom villas for sale in Hoshi averaged at AED 1.67M, up from AED 1.54M in Q2 2022.
• Those keen on buying more spacious villas paid an average of AED 2.11M to buy 4-bed and AED 3.35M for 5-bed houses in Hoshi.

Muwaileh ranked as the second favourite option amongst investors for house sales in Sharjah during Q3 2022 — mostly due to factors like its close proximity to Sheikh Mohammed Bin Zayed Road (E311). Here is a look at the average costs of the villas for sale in Muwaileh in Q3 2022:

• Investors paid an average of AED 1.47M to buy 3-bed villas in Muwaileh during Q3 2022.
• The price to buy 4-bedroom and 5-bedroom villas in the area averaged at 1.86M and AED 2.95M, respectively.

Al Ghafia also emerged as a popular option for villa sales in Sharjah. This is due to an array of factors, including the community’s holistic transport system that provides easy access to the emirate’s main city:

• To buy 3-bed villas in Al Ghafia, buyers paid an average of AED 666k in Q3 2022.
• The cost to buy larger 4-bed villas in the area averaged at AED 745k.

Other communities that have attracted searches for villa purchases in Sharjah include Al Tai, Sharqan, Al Rahmaniya, Al Gharayen, Al Sabhka, Al Suyoh and Al Ramaqiya.

Muwaileh has the highest ROI for villa sales in Sharjah

Based on property prices in Sharjah Q3 2022, the following areas yielded the highest ROI:

• Muwaileh averaged at 6.54%
• Al Sabhka averaged at 5.29%
• Al Ghafia averaged at 4.61%

Al Tai is the most popular for villa rentals in Sharjah in Q3 2022

Combined data by Bayut & dubizzle shows that Al Tai has been the most-searched-for area for villa rentals in Sharjah in Q3 2022:

• The 3-bed villas for rent in Al Tai averaged at AED 83k.
• Those looking to rent more spacious 4 and 5-bed homes in Al Tai paid an average of AED 110k and AED 145k, respectively

Al Jazzat comes second as a popular option for those interested in renting villas in the emirate during Q3 2022. Benefits of living here include its proximity to the neighbouring emirate of Ajman and the availability of essential facilities for families:

• To buy 3-bed villas in Al Jazzat, investors paid an average of AED 48k in the third quarter of 2022.
• For 4 and 5-bed villas, the prices averaged at AED 82k and AED 99k, respectively.

The rental villas in Barashi appealed to potential tenants in Q3 2022. This villa-only neighbourhood lies close to the Sharjah International Airport. According to data collected for Bayut and dubizzle’s Sharjah real estate market report Q3 2022:

• 4-bed houses for rent in the area averaged at AED 90k.
• 5-bed variety cost AED 145k on average.

Aside from the areas already mentioned, other popular districts with villas for rent in Sharjah included Hoshi, Muwaileh, Sharqan, Al Falaj, Al Azra, Al Ghafia and Al Rifah.

Top Off-Plan Projects in Sharjah

AREA	PROJECT	PROPERTY TYPE
AREA Muwaileh	PROJECT Al Zahia	PROPERTY TYPE Townhouses, apartments and villas
AREA Aljada	PROJECT Sarab Community	PROPERTY TYPE Townhouses and villas
AREA Al Khan	PROJECT Maryam Island	PROPERTY TYPE Apartments
AREA Al Tai	PROJECT Masaar	PROPERTY TYPE Townhouses and villas
AREA Barashi	PROJECT Hayyan by Alef	PROPERTY TYPE Townhouses and villas

The Sharjah property market also includes off-plan options that appeal to investors. During Q3 2022, prospective investors searching for off-plan real estate in Sharjah were most keen on developments in Muwaileh, Aljada and Al Khan:

• Al Zahia in Muwaileh emerged as the most popular off-plan development in Sharjah as per our Sharjah real estate market report Q3 2022.
• For lucrative off-plan projects in Sharjah, buyers also exhibited an interest in Sarab Community in Aljada, Maryam Island in Al Khan, Masaar in Al Tai and Hayaan in Barashi.

That concludes the Bayut & dubizzle Sharjah real estate market report Q3 2022. The statistical study shows that the healthy interest in Sharjah properties remains constant and that the real estate market in the third-largest emirate continues to grow.

Additionally, property markets in other emirates have also continued to thrive during the third half of 2022. Check out Bayut and dubizzle’s Dubai sales market report for Q3 2022 and Abu Dhabi sales report Q3 2022 for more insights.

Disclaimer: The above report (MKT RPT Q3 2022) is based on prices for ready properties advertised by real estate agencies on behalf of their clients on Bayut & dubizzle property (excluding room share), and does not represent actual real estate transactions conducted in Sharjah.