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Sharjah Q3 rents stable
- United Arab Emirates: Thursday, September 27 - 2012 at 09:45
According to real estate services firm Asteco, rents in Sharjah have returned to stable position in the third quarter after witnessing a 6% decline in the second quarter of the year, Khaleej Times has reported. Last quarter, Sharjah apartment rental rates fell due to stricter accommodation rules introduced by the emirate's government requiring tenants to share their accommodation with other members of their immediate family only, said Asteco. "This forced many tenants who had previously shared with friends or colleagues, to move to smaller more affordable units, prompting a decline in rental rates, especially for larger apartments," Asteco CEO, Elaine Jones, said. "The outlook for the Sharjah property market is positive though, with a number of government initiatives including tourist projects such as the Al Hafya Educational Reserve Centre and new project launches in the form of a 6,500 house neighbourhood at Zubair, which are likely to stimulate the economy and improve the demand for housing," said Jones.
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