Sharjah Residential Rents Stagnate, Fall 1.6% Over Past Year

Dec 28, 2015

Sharjah's residential property market is starting to show signs of softening at the end of 2015, according to real estate consultancy Cluttons.

According to its Sharjah 2015/2016 Winter Property Market Snapshot, residential rents during the third quarter of 2015 stagnated and recorded a marginal 0.3 percent increase, while year-on-year rents were 1.6 percent lower.

Cluttons said this is the first time in over two years that average annual residential lease rates have contracted, but added that demand still remains for high quality stock and gated community living.

Faisal Durrani, head of Research at Cluttons said: "Rising supply levels across many areas of Sharjah, coupled with price reductions in Dubai offering a shorter commute and increasing value for money in Ajman are starting to undermine rents.

"However, well-managed buildings that are perceived to offer better quality and increased facilities still have longer waiting lists than lower quality buildings and continue to drive demand. At the same time we are seeing reduced waiting lists for what is perceived to be lower quality stock."

Credits to Arabian Business

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