Mubasher: Average rents in Sharjah are still 38% cheaper than in 2008, as additional supply keeps rates from increasing rapidly, according to the “UAE Property Review Q3 2016 report” from Asteco, a leading real estate consultancy.
The report revealed that the northern emirates property market is stable as apartment rents in Sharjah saw slight changes in the third quarter of fiscal 2016, down by only 1% quarter-on-quarter, RAK recorded a 1% q-o-q rise and Ajman witnessed a q-o-q increase of 1%.
John Stevens, Managing Director of Asteco, said: “The stabilisation of the market was a knock-on effect, in part, to rental rates in Dubai also balancing out. As a result there was a minimal number of relocations taking place between Dubai and the Northern Emirates”.
On average, new developments in Sharjah range from AED 20,000 to AED 35,000 for a studio and AED 45,000 to AED 90,000 for a three-bedroom unit.
Rental rates in Al Majaz ranged between AED 25,000 to AED 35,000 for a studio, while three bedroom apartments are available from AED 48,000 to AED 90,000.
Corniche prices start from AED 26,000 to AED 35,000 for a studio, while prices of three bedroom apartments range from AED 60,000 to AED 95,000, , the report stated.
“Ras Al Khaimah was the star performer, albeit relatively, with a strong tourism and hospitality offering. The Emirate currently has 3,600 hotel rooms, and its occupancy rate has risen to 71% with more than 40% of guests from the UAE. Furthermore, the RAK Free Zone, popular with many small and medium-sized businesses, has created both residential and office demand, Stevens said.
Rental rates for newer buildings in RAK range from AED 26,000 to AED 40,000 for a studio and between AED 85,000 to AED 110,000 for a three-bedroom apartment.
High-end apartments in Ajman ranged from AED 22,000 to AED 38,000 for a studio, while three-bedroom apartments ranged between AED 42,000 and AED 72,000.
