Report from Dubizzle reveals sharp falls in rental prices across Sharjah and Ajman
Sharjah rents fall by as much as 44 per cent
The commute may be a challenge, but the good news is that rents are falling in Sharjah and Ajman. That's according to the latest report from property forum Dubizzle.
The Dubizzle report compared price trends from the fourth quarter of 2016 to the same period in 2017.
Three-bedroom properties in Bu Tina, Sharjah, experienced the largest decrease, with rents 44 per cent cheaper. Broadly, rents in Bu Tina fell by 17 per cent, followed by Al Nabba at 10 per cent and Al Nahda, Al Qasima and Al Ghuwair at 9 per cent.
In Ajman, there was a similar trend in terms of rent. Al Rawada 2 experienced the biggest decline at 12 per cent, followed by Al Rawada 1 and Ajman Industrial Area at 11 per cent, and Emirates City and Al Helio at 10 per cent. The largest decrease was for two-bedroom apartments in Al Rawada 1, which fell by 33 per cent.
“The northern emirates are still deemed as the most affordable ... in the UAE – where fluctuations in sale prices are a result of several factors, including a change in the law in 2014 that allows non-Arab expatriates to purchase property in Sharjah,” said Ann Boothello, a property expert at dubizzle property.
Sales prices, however, showed mixed changes over the year, with prices per square foot rising in some areas and declining in others.
Al Mamzar, Sharjah, saw the largest increase in price, followed by Al Khan with a 6 per cent increase, where prices average at Dh550 per sq ft. These were the only areas that experienced an increase in Sharjah, with coastal areas experiencing a fall in sale prices. For example, Al Majaz fell by four per cent and Al Qasba by 15 per cent, Dubizzle said.
In Ajman, Helio recorded an increase in sale price of 11 per cent, followed by Al Rumailah at 5 per cent and Al Rashidya at 3 per cent.
Ajman Industrial area experienced the largest drop in sale price of 22 per cent, followed by Al Jurf and Mushairef. The most affordable area to purchase a property in Ajman is Emirates City, with property prices averaging at Dh262 per sq ft.