Sharjah Q3 2018 Market Report: Property prices stay affordable with modest decreases
As we move into the final quarter of 2018, it’s now time to take a look at the property market in Sharjah and the other emirates in the UAE. This time we compared the prices of the property market seen in Q2 of 2018 with Q3 of 2018 to get a fair understanding of how the Sharjah real estate market has changed and what are the best areas to invest in. Let’s take a look at what our data engineers were able to find out about the latest trends for sales and rent prices for properties in Sharjah.
Investors and renters would be happy to know that prices for renting and buying properties in Sharjah are following a downward trend when compared to the prices in Q2 of 2018. This news only further fortifies the emirate’s position to offer affordable housing. Here’s an in-depth report of the real estate market trends in Sharjah for Q3, 2018.
al nahda takes the top spot FOR APARTMENT RENTALS in the Sharjah real estate market
According to our data, prices on average decreased for renting apartments in Sharjah, with the most significant change being a 16% decrease for studios in Al Khan where the prices fell to AED 21k from AED 25k, followed by a 10% decrease for 2-bedroom flats in Al Khan as well. The other notable price fall was a 9.09% decrease for studios in Al Majaz from AED 22k to AED 20k.
Although these areas showed significant price decreases, the apartments for rent in Al Nahda were the most popular area to rent flats in Sharjah. The average annual rents of studios and 2-beds in the locality dropped by 3.8% and 4.8%, respectively to AED 25k and AED 40k. To rent a 1-bedroom flat in Al Nahda, you can expect to pay the same average rent of AED 31k as the prices have remained unchanged from Q2 of 2018.
The apartments in Al Taawun were the next most sought-after area to find flats for rent in Sharjah, with rents dropping across the board to AED 23k for studios, AED 33k for 1-bedrooms and AED 46k for 2-bedrooms. The other popular areas to find apartments for rent in Sharjah include Al Majaz and Al Qasimia. Another noticeable change was for 1-beds in Al Qasimia where the prices fell by 7.7%.
Those looking for the most budget-friendly studios to rent in Sharjah will find them in Muwaileh where the average annual rent is just AED 15k per year while 1 and 2-bedroom flats for rent in Muwaileh go for AED 28k and AED 41k respectively.
Al Majaz Ranks number 1 for buying apartments in the property market in Sharjah
Those looking to buy apartments in Sharjah could expect to pay more or less the same as Q2 of 2018 as the only substantial decrease was for 1-bedroom apartments in Al Taawun where there was an 11.53% drop from AED 445k to AED 403k.
In terms of popularity, the gorgeous waterfront community of Al Majaz was the most popular, with prices standing at AED 450k for 1-bedroom and AED 742k respectively. The next popular area for buying flats in Sharjah as per Bayut.com’s users are the apartments for sale in Al Khan, where the prices have remained more or less similar with studios going for AED 365k and 2-bedroom flats for AED 763k.
Al Nahda also made it to the list with prices falling to AED 287k for studios and AED 470k for 1-beds. The prices for buying a 2-bedroom apartment in Al Nahda remain at AED 600k.
top AREAS TO RENT AND BUY VILLAS IN THE Sharjah REAL ESTATE MARKET
Sharqan takes the top spot for renting a villa in Sharjah gathering 20.65% of searches by Bayut’s users. This was closely followed by Al Sabkha (16.33%), Barashi (10.65%), Al Hazannah (10.09%) and Al Qadisiya (9.12%). The other popular areas to rent a villa in Sharjah include Al Ghafia, Al Shahba, Hoshi, Al Azra and Al Rahmaniya.
Families looking to buy a villa is Sharjah should consider the houses in Hoshi as it is the most popular in Q3 2018 with Bayut users, accounting for 13.06% of total searches, closely followed by Sharjah Waterfront City (12.46%), Al Ghafia (11.21%) Al Falaj (10.9%) and Al Yash (9.34). The other sought-after areas with villas for sale in Sharjah include Sharqan, Al Azra, Barashi, Al Ramla and Al Nekhailat.
top 5 off-plan projects in Sharjah
Those looking at investing the in Sharjah real estate market will be happy to note that there are many off-plan projects available. According to Bayut search volumes, Al Suyoh is the most popular amongst all the off-plan properties in Sharjah accounting for 31.51% of searches. The other popular areas to invest in Sharjah include Al Tai, Aljada, Muwaileh and Sharjah Garden City.
The decreasing prices from Q2 to Q3 in the Sharjah real estate market continues to keep this emirate the most favourable market to find affordable housing for both renting and investing. It is likely that, with the introduction of the 5-year residency visa for retired expats and the new property law which allows non-residents to own property in Sharjah, we may see increased interest in property sales in the emirate in 2019.
Forecast for Q4
Haider Ali Khan, CEO of Bayut, said: “Sharjah prices continue to be attractive every quarter and with more off-plan projects getting delivered in the coming years, investors will find the ROIs from rental yields in the emirate very appealing. With respect to rentals, Sharjah will remain one of the most popular locations for individuals and families focusing on budget-friendly living.”
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 the Sharjah real estate market.
