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Rental rates in Sharjah rose by 33 per cent in 2013
Corniche still one of the most desirable areas in the emirate, reveals Asteco report
February 5, 2014 3:27 by kippreport
The residential leasing market in the Northern Emirates continues to follow the upward trend witnessed throughout 2013, which was particularly apparent in Sharjah, Ajman and Ras Al Khaimah (RAK), where year-on-year apartment rental rates increased by 33 per cent, 23 per cent and 18 per cent respectively, according to the latest Northern Emirates Q4 2013 report by real estate company, Asteco, published in February 2014.
Apartment rental rates in Sharjah rose by 38 per cent in popular areas, such as Al Majaz, Al Qasimiah, Al Nahda and Al Wahda last year. Furthermore, it increased, on average, by eight per cent in Q4 2013 alone. Sharjah’s popular Corniche is still one of the most desirable areas and a two-bedroom apartment now rents for up to AED70,000 per annum.
Sharjah Holding is currently developing an integrated mixed-use community, known as Al Zahia, which will include a range of villas, apartments and commercial units, thereby becoming a valuable addition to supply. On the back of increased property prices in Dubai, it is expected that more Arab expatriates will either choose to occupy or invest in Al Zahia.
Elsewhere in the Northern Emirates, RAK, Ajman and Fujairah also witnessed fourth-quarter growth of six per cent, six per cent and five per cent respectively. The annual rent of a two-bedroom apartment in RAK is now AED50,000 per annum, while the cost of a similar property in either Fujairah or Ajman is approximately AED45,000 per annum.
The commercial sector in Sharjah has been relatively stagnant since 2010, with office rental rates showing an increase of just one per cent since Q4 2012 and they remained unchanged in Q4 2013.