Mubasher: Rents in Sharjah’s residential and commercial property markets have fallen for a second year in a row, said a recent report published by real estate consultancy Cluttons.
The continuous decline increases tenancy options in Sharjah, noted the report.
Sharjah’s residential rental market has been tracking the market in Dubai for almost two years now, with rates in Dubai down 8% on this time last year. After dipping by 5.7% in Q1, residential rents in Sharjah fell by 2.5% in Q2 and a further -4.7% during Q3, marking a year to date change of -7.1%.
According to the Cluttons research, Sharjah’s property owners have been left with no choice but to lower rents in order to remain competitive to Dubai and Abu Dhabi.
There has also been a marked decline in overall tenant requirements as tenants find themselves in the unique position of being spoilt for choice.
In the same vein, weaker jobs growth and the loss of tenants to Dubai has led to rising vacancy rates in Sharjah.
