Sharjah Real Estate Market Report H2 2018: Modest decline in property prices provides opportunities for buyers and renters
As 2018 draws to a close, Bayut takes an in-depth look at the Sharjah real estate market. To do so, the prices for apartments and villas in Sharjah’s most popular areas are compared to the prices in H1. The most popular areas are calculated based on searches made on Bayut.com by users. Discover how the property market in Sharjah has evolved over the second half of 2018, and the best areas to invest and rent in the emirate. Read on to take a look at the property price trends in Sharjah revealed by the data analytics team at Bayut.
Sharjah’s property prices have witnessed modest decreases on average across its most popular areas, making it a favourable market for investors and renters. Read on to find out more at how the Sharjah property market has fared.
AL MAJAZ MAINTAINS ITS POSITION AS THE MOST POPULAR AREA FOR APARTMENT SALES
Investors looking to diversify their property portfolio in Sharjah will find that prices for the most coveted areas in Sharjah have remained largely stable, although certain units in Al Majaz and Nahda have seen decreases around the 10% mark.
Continuing in the same vein as H1, Al Majaz, once again, has the highest demand for renting apartments in Sharjah. Branded as the happening city centre of Sharjah, Bayut’s reports have revealed Al Majaz to be popular with both investors and renters in the city. When looking at property prices for the same, 1-bedroom units in the area experienced the most significant decrease, currently standing at an average price of AED 440k from AED490k in H1. On the other hand, prices for investing in 2-bedroom units in Al Majaz remained stable at AED 735k, the same as H1. Within Al Majaz, Al Majaz 2 has attracted the most interest from investors, due to its stunning waterfront development and restaurants catering to various tastes. Those looking for apartments for sale in Al Majaz 2 can expect to pay a starting price of AED 290k for a studio.
Similarly, Al Khan has also retained its position as the second-most popular area for buyers in the city. Investors will find that prices to buy 1-bedroom units in Al Khan, one of Sharjah’s oldest areas, are now going for AED 500k, while 2-bedroom units in the area average at AED 750k. A major project is underway in Al Khan to create a heritage area within, and it also features amongst Bayut’s list for the best family-friendly residential areas in Sharjah.
These areas were followed by Al Nahda, where 1-bedroom units for sale here average at AED 440k, and 2-bedroom units stand at AED 585k. Following in the same trend as H1, Sharjah Waterfront City and Al Taawun ranked amongst the most popular areas to buy apartments in Sharjah.
AL NAHDA BECOMES THE FAVOURITE WITH RENTERS AS SHARJAH PROPERTY PRICES SEE MARGINAL DECLINES
Those looking for budget-friendly living will find that Sharjah property prices for rental apartments remain at an attractive price point with modest decreases.
Nudging Al Qasimia to second place, Al Nahda takes the crown in H2, attracting the most interested from renters in the city. Those wishing to stay in this popular locality will find that they will pay more or less the same rent as in H1. The most notable price change is the 7.1% decline for 2-bedroom units for rent in Al Nahda, with prices dropping to an affordable AED 39k. Otherwise, studios and 1-bedroom apartments in the area are currently priced at AED 25k and AED 30k respectively. Another factor that may make this area popular with residents is the variety of well-known schools near Al Nahda.
Al Qasimia, though in second place, still ranks high for renting apartments in Sharjah. Its affordable rents have remained stable, and the only significant change is a 10.4% drop for 1-bedroom units, averaging at AED 24k. Within Al Qasimia, Al Nud is the prime choice for renters, attracting a whopping 95% of overall interest in the area. Interested in living here? Prices for rental apartments in Al Nud start from AED 23k for a 1-bedroom unit.
A popular feature in the Sharjah real estate market, Al Taawun has also generated a high volume of interest from Bayut users. The prices remain nearly the same, with 2-bedroom units in Al Taawun dropping to an attractive rent of AED 45k from AED 48k.
Other areas the Bayut users searched for included Al Majaz, Muwaileh, Abu Shagara and Al Khan.
most popular areas to rent and buy villas in the sharjah property market
Barashi topples Sharqan in H2 2018 to become the first choice for investors keen to buy a villa in Sharjah. Earning 12.6% of searches from potential investors, Barashi offers a mix of 4 and 5-bedroom villas. Hoshi is the second location in Sharjah that investors are paying attention to right now, when it comes to villas sales. This popular area garnered 11.6% of total searches made by Bayut users. Those keen to invest in the Sharjah real estate market will find the prices for investing in a villa in Hoshi starts from AED 2.1M for a sprawling 5-bedroom villa. Other areas that buyers are considering in Sharjah right now include Sharqan, that topped the list in H1 2018, Al Falaj and Al Ramaqiya, amongst others.
For villa rentals, Al Sabkha has received the most attention from those looking to live Sharjah’s affordable villas, generating 18.2% of searches in the city. There’s a variety of 3, 4 and 5-bedroom villas available in this areas. Similar to investors, renters are also keen on moving to the popular area of Sharqan, which has raked in a significant 13.3% of overall interest in the city. The rental prices for villas in Sharqan start from AED 50k for a 3-bedroom villa. Sharjah has far more affordable prices than pricer emirates like Dubai. It’s a key reason why many residents choose to live in Sharjah and work in Dubai. Other areas in the Sharjah property market that were searched often on Bayut.com include Barashi (11.1%), Al Azra (10.6%) and Al Ghafia (8.5%).
top off-plan properties in sharjah
Bayut’s data reveals that Al Suyoh was by far the most popular of off-plan properties in Sharjah. The area received a whopping 27.2% of the complete searches. Those looking to invest their money in Sharjah will find the buying prices for a villa in Al Suyoh start from AED 890k for a 2-bedroom unit, according to Bayut’s current listings. Other off-plan properties in Sharjah of note are Al Tai, which is not far behind, bringing in 26.1% of overall interest from potential investors. Aljada, Al Muwaileh and Al Khan are other off-plan developments in Sharjah that caught the eye of buyers looking to invest in the Sharjah property market.
The Sharjah real estate market has opened up further after the need for a residency visa to own property in the emirate was removed. This may lead to a hike in interest in investments in 2019, combined with Sharjah’s declining property prices. The city’s economical prices will continue to attract residents looking to save on rental costs as well.
FORECAST FOR THE NEXT YEAR
Haider Ali Khan, CEO of Bayut, said,
“Similar to H1 and Q3, the moderate decline in property prices for Sharjah make it an opportune time for investors to broaden their property portfolio. Meanwhile, off-plan projects to be delivered in coming years and new property laws are also paving the way for increased interest in property sales as well, reflected in the step-up of prices in developments like Sharjah Waterfront City. Sharjah also continues to rank as one of the most affordable emirates to live in when it comes to rentals, with prices decreasing across the board.”
That brings an end to Bayut’s comprehensive H2 2018 report for the Sharjah real estate market. Take a look at Bayut’s property market reports for Abu Dhabi and Dubai as well, to make an informed investment. Also, follow MyBayut for regular updates and insights into the UAE property market!
Disclaimer: The above report is based on prices advertised by real estate agencies on behalf of their clients on Bayut.com, and not representative of actual real estate transactions conducted in Sharjah.
