Sharjah and Northern Emirates: Buy and Rent Trends for Properties in Q1, 2018
Following on from the Q1 property market reports for Dubai and Abu Dhabi, Bayut.com is releasing our first quarterly report for the real estate market in Sharjah and the Northern Emirates in 2018.
Our property reports are based on the listings on Bayut.com as well as user behaviour when it comes to these listings, giving us a unique insight into the most popular areas of Sharjah and the Northern Emirates to buy and rent flats and villas, along with price trends and changes experienced in the two Emirates, compared to the last quarter of 2017.
Majority of Sharjah apartments show stable or declining rents
According to our data, Al Qasimia was the most popular area to rent apartments in Sharjah, where renters could expect to pay an average annual rent of AED 23k for a studio (the same as in Q4 2017), while the average annual rents of 1 and 2-beds dropped by 3.57% and 1.45%, respectively to AED 27k and AED 34k.
The Al Nahda neighbourhood was another sought-after area to live in Sharjah, with rents dropping by 7.14% for studios to AED 26k (the most expensive of the top areas), 11.43% to AED 31k for 1 beds and 4.65% to AED 41k for 2-bedroom apartments.
Meanwhile, the most budget-friendly apartments to rent in the real estate market in Sharjah are found in Muwaileh. Studios here rent for an average of just AED 17k per year while 1-beds rent for AED 30k. These asking rents are the same as in the last quarter of 2017; only 2-beds posted a change in average annual rent to AED 39k, down by 2.5%.
Those heading to the neighbourhood of Al Mamzar, close to Dubai, could expect to shell out the most for a 2-bed at AED 55k per year – however, this is the same price as in Q4 2017.
Sharjah’s apartments for sale show relatively stable price trends as in Q4 2017
Those looking to buy apartments in Sharjah could expect to pay more or less the same as in the last quarter of 2017. The gorgeous waterfront community of Al Majaz was the most popular, with prices remaining the same for studios and 2-beds (AED 225k and AED 741k, respectively) while the average asking price of 1-beds dropped by 2% to AED 490k.
Another popular area, as per Bayut.com’s users was Al Qasba, which also showed no change in average asking price for 1 and 2-beds at AED 225k and AED 550k, respectively. However, those looking for a 1-bed in Al Nahda could expect to pay 4.25% more than in the last quarter of 2017, with this property type having an average asking price of AED 515k. However, studio sale prices remained the same at AED 290k, while 2-beds dropped by 7.70% to AED 600k.
Al Gharayen the most popular areas for villa-seekers
Families looking to both buy and rent villas in Sharjah were most attracted to Al Gharayen.
Meanwhile, those looking to rent a villa were also drawn to Mayasaloon, Al Mirgab, Al Shahba, Al Sabkha, Al Hazana, Al Jazzet and Al Rahmaniah while; Al Ramaqiya, Al Fallaj, Sharwan, Al Hoshey, Al Ghafiya and Al Ramla featured in the most-searched-for neighbourhood for those looking to live in a villa.
Northern Emirates property Trends show that Naemiya is the most popular for apartment rentals
Those looking to rent apartments in the Northern Emirates of Ajman, Ras Al Khaimah, Umm Al Quwain and Fujairah were most drawn towards Naemiyah in Ajman. Studios here clock in at a wallet-friendly AED 21k per year (unchanged from the last quarter of 2017), while 1-beds dropped by just under 2% to AED 25.5k per year and 2-beds experienced a spike in price by just under 3% to AED 36.6k per year.
The most affordable of the neighbourhoods in the Northern Emirates is Al Jurf (also in Ajman), where tenants of studios could expect to pay an average annual rent of AED 17k (a 5.55% decrease), AED 25k for a 1-bed, the same as in the last three months of 2017 and AED 34k per hear for a 2-bed, an increase of 3%.
The most expensive of the popular areas in the Northern Emirates is Ajman’s Al Rumaila – despite the fact that 1-beds here dropped by 17.5% to AED 33k, while 2-beds dropped by 2.2% to AED 44k per year.
Families who are searching for villa rentals in the Northern Emirates were most interested in Ajman Uptown, where 2-bed villas also experienced a dip in the price of under 3% to AED 350k (the most wallet-friendly of the top areas) – although 3-beds rose in asking price by just under 6% to AED 450k.
Those looking for a bargain could also head to Al Rawda, where 2-beds posted an average annual asking price of AED 400k, 3-beds were listed at AED 600k and 4-beds at AED 650k.
Investors in flats in the Northern Emirates flocked towards Al Sawan, where studios, 1 and 2 beds all experienced a decrease in price from 3% to 7%, ending up at AED 280k, AED 370k and AED 520k, respectively.
Bayut.com users who are looking to purchase a Northern Emirates villa were most drawn towards Al Mowaihat, where the average asking price remained relatively stable compared to the final three months of 2017. 3-bed villas here dropped in price by just under 2% to AED 1.42M, while investors could expect to pay the same as they did in Q4 2017 for 4 and 5-bed villas, – AED 1.45M and AED 1.5M, respectively.
Conclusion
All in all, the property prices, rent and sale trends for Sharjah and the Northern Emirates have experienced only minor changes compared to the final three months of 2017 – with the most drastic of fluctuations being caused by the influx of new properties on the market, from completed off-plan projects to previously unlisted ones.
Disclaimer: The above real estate market 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 and the Northern Emirates
