• Home
• /
• Realty
• /
• Business

Rents in Sharjah 38% cheaper than 2008

dubai - Minimal relocations between Dubai and the Northern Emirates

Average rents in Sharjah are still 38 per cent cheaper than in 2008 as additional supply keeps rates from increasing rapidly, according to consultancy Asteco.

An Asteco report said the Northern Emirates property market is stable. Sharjah apartment rents saw minimal changes in Q3, down by only one per cent, Ras Al Khaimah (RAK) recorded a one per cent rise compared to Q2, while Ajman also witnessed an increase of one per cent, taking prices close to their 2008 peak levels (only nine per cent lower).

John Stevens, managing director of Asteco, said: "The stabilisation of the market was a knock-on effect, in part, to rents 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, rents for new developments in Sharjah range from Dh20,000 to Dh35,000 for a studio and Dh45,000 to Dh90,000 for a three-bedroom unit. Rents in Al Majaz range from Dh25,000 to Dh35,000 for a studio, while three-bedroom apartments are available from Dh48,000 to Dh90,000. Corniche rents start from Dh26,000 to Dh35,000 for a studio while three-bedroom apartments span from Dh60,000 to Dh95,000.

Rents for newer buildings in RAK range from Dh26,000 to Dh40,000 for a studio and between Dh85,000 to Dh110,000 for a three-bedroom apartment.

The rise in Ajman rents was attributed to the addition of better quality supply to its stock while also improving its overall offering to residents in terms of retail and road connectivity. Rents for high-end apartments in Ajman range from Dh22,000 to Dh38,000 for a studio while three-bedroom apartments are available between Dh42,000 and Dh72,000.

Rents in Fujairah remained stable over Q3 with new supply. Rents typically varied from Dh23,000 to Dh28,000 for a studio and Dh45,000 to Dh60,000 for a three-bedroom unit.

- deepthi@khaleejtimes.com