Bayut’s Annual Sharjah Market Report for 2023
As we enter 2024, it’s the perfect time to analyse how the real estate market fared in the UAE’s culture capital during the last year. Let’s into an in-depth analysis for both Sharjah’s sales and rental sectors, analysing the data to identify distinctive themes and trends throughout the market. For this Bayut Sharjah Market Report 2023, we have compared the data recorded in 2023 with that of 2022.
A quick look at the report indicates:
- Prices for apartment sales and rentals in Sharjah have holistically risen by up to 24%, pointing towards an increased demand for accommodation in the emirate.
- Al Khan, Al Majaz, Al Nahda and Muwailih Commercial have been the most popular districts among buyers and tenants in search of apartments for rent and sale in Sharjah.
- Prices for villas for sale in Sharjah showed an uptick of up to 16.3% in sought-after areas. Whereas villa rentals in the emirate became more expensive by up to 25%.
- Investors and tenants looking for villas in Sharjah have focused mainly on areas such as Al Tai, Hoshi, Muwaileh and Al Rahmaniya.
For the Sharjah annual market report 2023, our data analysts have compared property rent and sale price trends observed in 2023 to those in 2022.
SHARJAH ANNUAL SALES MARKET REPORT: BUYING APARTMENTS IN 2023
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022 | 1-BED APTS | 2-BED APTS | 3-BED APTS |
|---|---|---|---|---|---|
| Al Khan | ROI 4.35% | PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022
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| 3-BED APTS
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| Al Majaz | ROI 5.67% | PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022
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| Al Nahda (Sharjah) | ROI 6.50% | PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022
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| Muwaileh | ROI 3.28% | PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022
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| Al Taawun | ROI 5.75% | PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022
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AL KHAN IS THE MOST POPULAR AREA FOR BUYING APARTMENTS IN SHARJAH
As per Bayut’s annual Sharjah Market Report 2023, the waterfront community of Al Khan was the most preferred area to buy apartments. The area comprises mid to high-rise apartment buildings that offer an array of amenities such as gyms and pools.
- The average price-per-square-foot for apartments in Al Khan in 2023 averaged at AED 735, reflecting a 1.82% increase from the previous year.
- The average cost of a 1-bedroom flat stood at AED 626k, whereas the larger 2 and 3-bedroom units were priced at AED 827k and 1.32M, respectively.
Al Majaz was another popular area for buying flats in Sharjah. The district is known for its various restaurants, shopping outlets and other activities.
- The price-per-square-foot for Al Majaz apartments reached AED 452 in 2023, reflecting a 2.71% increase from 2022.
- The average price for 1-bedroom apartments for sale in Al Majaz Sharjah was AED 643k.
- Growing demand for 2 and 3-bedroom apartments for sale in Al Majaz led to the prices increasing to AED 635k and 967k, respectively.
According to the data collected for the Bayut Sharjah Market Report 2023, Al Nahda, located on the border between Sharjah and Dubai, also garnered significant investor interest:
- The price-per-square-foot for flats for sale in Al Nahda reached AED 391, reflecting a 3.15% increase from 2022.
- The average cost of 1, 2 and 3-bedroom flats for sale in Al Nahda Sharjah stood at AED 407k, AED 513k and AED 794k, respectively.
Besides the areas mentioned above, Muwaileh and Al Taawun generated considerable buyer interest.
- 2 BEDS
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- 2 BATHS
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- 1114 SQFT
Al Nahda offers an impressive ROI for apartment sales in Sharjah
According to apartment sales trends observed for Bayut’s Sharjah annual real estate market report 2023, here are the areas with the highest ROI:
- Al Nahda offered the highest rental yield of 6.50%.
- ROI for apartments for sale in Al Taawun was recorded at 5.75%.
- Al Majaz offered average projected rental yields of 5.67%.
SHARJAH ANNUAL RENTAL MARKET REPORT FOR 2023: PROPERTY PRICES IN SHARJAH FOR FLATS FOR RENT
POPULAR AREAS | STUDIOS Avg. Yearly RentChange from 2022 | 1 BED APTS Avg. Yearly RentChange from 2022 | 2 BED APTS Avg. Yearly RentChange from 2022 |
|---|---|---|---|
| Al Nahda (Sharjah) | STUDIOS Avg. Yearly RentChange from 2022
| 1 BED APTS Avg. Yearly RentChange from 2022
| 2 BED APTS Avg. Yearly RentChange from 2022
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| Al Majaz | STUDIOS Avg. Yearly RentChange from 2022
| 1 BED APTS Avg. Yearly RentChange from 2022
| 2 BED APTS Avg. Yearly RentChange from 2022
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| Muwailih Commercial | STUDIOS Avg. Yearly RentChange from 2022
| 1 BED APTS Avg. Yearly RentChange from 2022
| 2 BED APTS Avg. Yearly RentChange from 2022
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| Al Taawun | STUDIOS Avg. Yearly RentChange from 2022
| 1 BED APTS Avg. Yearly RentChange from 2022
| 2 BED APTS Avg. Yearly RentChange from 2022
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| Muwaileh | STUDIOS Avg. Yearly RentChange from 2022
| 1 BED APTS Avg. Yearly RentChange from 2022
| 2 BED APTS Avg. Yearly RentChange from 2022
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| Al Khan | STUDIOS Avg. Yearly RentChange from 2022
| 1 BED APTS Avg. Yearly RentChange from 2022
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| Al Qasimia | STUDIOS Avg. Yearly RentChange from 2022
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| Abu Shagara | STUDIOS Avg. Yearly RentChange from 2022
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| Al Mamzar | STUDIOS Avg. Yearly RentChange from 2022
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| Aljada | STUDIOS Avg. Yearly RentChange from 2022
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| Not available due to low/no historical inventory or influx of off-plan properties | |||
Al Nahda was the most preferred neighbourhood among tenants, as per the Sharjah Market Report 2023. The data indicates a stable and positive price uptrend mainly due to the area’s location on the Dubai-Sharjah border.
- The average yearly price to rent studios in Al Nahda Sharjah surged by 19.5%, reflecting an increased demand for these units.
- The rental prices for 2 and 3-bedroom apartments in the area increased by 10.5% and 7.86%, respectively.
- The cost to rent apartments in Al Nahda Sharjah averaged AED 20k for studios, AED 25k for 1-bed units and AED 34k for 2-bed units.
Tenants also showed keen interest in Al Majaz, registering it as the second most searched for area when it comes to renting apartments in Sharjah:
- The rental prices for studio apartments in Al Majaz increased by 5.91%.
- The 1 and 2-bedroom units saw upticks of 7.87% and 8.70% in rental costs.
- To rent flats in Al Majaz, tenants paid AED 17k for studios, AED 27k for 1-bedroom units and AED 39k for 2-bed apartments.
Muwailih Commercial was the third most searched for area to rent flats in Sharjah. The mixed-used community is mainly known for its budget-friendly studios and its proximity to major universities:
- The prices for studio apartments in Muwailih Commercial remained stable. However, the rental costs for 1-bedroom and 2-bedroom flats increased by 6.26% and 10.7%, respectively.
- On average, renting 1 and 2-bedroom flats in Muwailih Commercial cost AED 22k and AED 36k in 2023, with studios priced at AED 12k.
- 1 BED
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- 2 BATHS
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- 962 SQFT
- 1 BED
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- 2 BATHS
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- 660 SQFT
- 1 BED
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- 2 BATHS
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- 661 SQFT
- 2 BEDS
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- 3 BATHS
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- 1111 SQFT
- STUDIO
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- 1 BATH
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- 469 SQFT
- STUDIO
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- 1 BATH
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- 499 SQFT
- STUDIO
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- 1 BATH
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- 429 SQFT
Other areas that garnered significant tenant interest for rental apartments based on Bayut’s Sharjah annual rental market report for 2023 include:
- Al Taawun
- Muwaileh
- Al Khan
- Al Qasimia
- Abu Shagara
- Al Mamzar
- Aljada
As per rental trends in Sharjah during 2023, average rental prices for apartments increased in most of the areas listed above. The highest increase was 23.7% for 1-bed flats in Al Mamzar, which could be consequent to the increasing demand for this unit type in the emirate.
SHARJAH REAL ESTATE MARKET REPORT FOR 2023: TOP AREAS TO BUY AND RENT VILLAS IN SHARJAH
BUYING VILLAS | RENTING VILLAS |
|---|---|
BUYING VILLAS Hoshi | RENTING VILLAS Al Tai |
BUYING VILLAS Muwaileh | RENTING VILLAS Muwaileh |
BUYING VILLAS Al Tai | RENTING VILLAS Al Jazzat |
BUYING VILLAS Al Rahmaniya | RENTING VILLAS Hoshi |
BUYING VILLAS Al Suyoh | RENTING VILLAS Al Sabkha |
BUYING VILLAS Al Sabkha | RENTING VILLAS Sharqan |
BUYING VILLAS Aljada | RENTING VILLAS Al Ghafia |
BUYING VILLAS Al Gharayen | RENTING VILLAS Barashi |
BUYING VILLAS Sharqan | RENTING VILLAS Al Qadisiya |
BUYING VILLAS Al Qadisiya | RENTING VILLAS Al Rifah |
Hoshi emerged as the most sought-after area for villa sales, according to the Bayut Sharjah Market Report for 2023. Apart from its proximity to the Dubai-Sharjah border, its serene surroundings significantly contribute to its popularity amongst home buyers:
- The average price-per-square-foot for villas in Hoshi increased from AED 454 in 2022 to AED 476 in 2023.
- On average, a 3-bed villa in Hoshi cost AED 1.75M. The average sales price for 4 to 5-bedroom units stood at AED 2.02M and AED 3.46M.
Muwaileh also garnered attention as the second most popular area for buying villas. Some of the reasons behind the positive uptrend are its strategic location and easy access to major highways, which help maintain its popularity among potential investors. Here are the average costs for villas for sale in Muwaileh in 2023:
- The price-per-square-foot for villas increased to AED 881.
- On average, homebuyers have paid AED 2.10M for 3-beds, AED 3.31M for 4-beds and AED 4.89M for 5-bedroom villas for sale in Muwaileh.
Investors looking for villas for sale in Sharjah were also keen on buying villas in Al Tai. Impressive amenities such as parks, supermarkets and kids’ play areas make it a sought-after option:
- A look at the average costs for villa sales in Al Tai shows that the price-per-square-foot increased to AED 722.
- The cost of 3, 4 and 5-bedroom villas for sale in Al Tai came in at AED 1.71M, AED 2.54M and AED 3.91M, respectively.
- 3 BEDS
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- 4 BATHS
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- 1915 SQFT
- 3 BEDS
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- 4 BATHS
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- 2129 SQFT
ALJADA HAS THE HIGHEST ROI FOR VILLAS IN SHARJAH
Buy-to-let villas in the following areas yielded the highest projected ROIs in Sharjah during 2023:
- ROI for villas in Aljada was 5.43%
- ROI recorded for villas for sale in Muwaileh was 5.10%
- ROI for Hoshi villas for sale was 4.56%
AL TAI WAS THE PREFERRED AREA FOR VILLA RENTALS IN SHARJAH DURING 2023
The Bayut Sharjah Market Report for 2023 indicates that Al Tai was the most searched for area for renting villas. The yearly rental cost for villas in Al Tai increased in 2023, as follows:
- The prices for 3-bedroom rental villas in Al Tai averaged at AED 88k.
- Spacious 4 and 5-bedroom villas for rent in Al Tai were listed at an average of AED 123k and AED 128k, respectively.
Muwaileh was the second most searched for area to rent villas in Sharjah. Some of the perks of living in this vibrant community are the abundance of schools, healthcare facilities and plenty of dining options nearby.
- The 3-bedroom villas in the area were available for AED 126k.
- For 4-bedroom villas, tenants have paid AED 177k on average in 2023, whereas the 5-bedroom homes were available for an average of AED 217k in 2023.
As per Bayut’s Shajah Annual Market Report 2023, Al Jazzat was the area that also garnered interest from tenants looking to rent villas. This preference led to the average prices for villas for rent in Al Jazzat to increase:
- Tenants paid an average of AED 62k to rent 3-bed villas in Al Jazzat in 2023.
- The price for 4 and 5-bed rentals averaged at AED 95k and AED 101k, respectively.
Other popular areas to rent villas in Sharjah include Hoshi, Al Sabkha, Sharqan and Al Ghafia.
TOP OFF-PLAN PROJECTS IN SHARJAH 2023
AREA | PROJECT | PROPERTY TYPE |
|---|---|---|
AREA Al Rahmaniya | PROJECT Al Rahmaniya 1 | PROPERTY TYPE Villas |
AREA Al Tai | PROJECT Masaar | PROPERTY TYPE Villas |
AREA Hayyan | PROJECT Barashi | PROPERTY TYPE Villas |
AREA Muwaileh | PROJECT Al Mamsha | PROPERTY TYPE Apartments |
AREA Aljada | PROJECT Nasaq | PROPERTY TYPE Apartments |
AREA Al Khan | PROJECT Maryam Island | PROPERTY TYPE Apartments |
Investors looking to buy villas primarily showed interest in the following off-plan projects in Sharjah:
- Al Rahmaniya 1 in Al Rahmaniya
- Masaar in Al Tai
- Barashi in Hayyan
Developments offering off-plan apartments in Sharjah that attracted significant buyer interest included:
- Al Mamsha in Muwaileh
- Nasaq in Aljada
- Maryam Island in Al Khan
This concludes our Sharjah market report for 2023. This statistical study indicates that the steadfastness of the real estate sector in the UAE’s culture capital remains an attractive factor for both tenants and investors.
Additionally, property markets in the other major emirates continued to thrive in 2023. Check out the Bayut Abu Dhabi sales market report 2023 and the Dubai sales market report 2023 for more details.
Disclaimer: The above report (MKTRPTYE2023) is based on prices for ready properties advertised on Bayut.com by real estate agencies on behalf of their clients. These prices are not representative of actual real estate transactions conducted in Sharjah.
