The property market in Sharjah is showing signs of maturity and stability with gradual flow of supply and one and two bedroom flats now renting for AED25,000 and AED 35,000, respectively, according to Cluttons, the real estate specialist that has enjoyed a dedicated Middle Eastern presence since 1976.
Cluttons also understands that the future of Sharjah’s real estate sector, is to a certain extent, somewhat linked to what happens in the Dubai market, as any further price drops over the next year in Dubai will inevitably have a knock on effect in Sharjah due to the strong relationship between the two markets.
That said, it is unlikely occupancy levels will be affected as price conscious consumers still prefer Sharjah over Dubai and that the growth of the business sector within the Emirate is generating more locally employed residents, the company said.
Cluttons have noted that the Sharjah market, compared with some of the other Emirates, is now showing signs of more maturity and stability, with the rate of supply onto the market showing signs of being more gradual, which in recent months has helped maintain some stability in rents.
Cluttons anticipate that demand will rise over the course of the next year in areas where newer more modern towers are being developed. These towers offer communal facilities and central air conditioning, which Cluttons notes that tenants now demand.
Such areas include; Al Majaz, Qassimiya, Al Khan and Al Nahda. With tenant movement towards such newer properties, Cluttons anticipates that areas like Rolla, Abu Tine and Al Nabba’a will struggle to maintain high occupancy levels.
