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Sharjah rents to rise by end of 2015

“Rents stable in emirate since beginning of first half of 2015”

The residential rental market in Sharjah is expected to witness a rise of between ten per cent and 15 per cent during the last quarter of the year 2015.

According to real estate brokers, the rise in the residential rental market will begin after the month of September, following a long period of slowdown during the last quarter of 2014 and the first half of 2015, reports UAE-based Al Bayan.

They add that the current stability of prices came after the jump made by rents in the emirate during the third quarter of 2014, registering rises between five per cent and seven per cent.

This jump led to stability in the market, which then entered a corrective phase for prices ¬– after this phase, the prices resumed reasonable growth rates according to the mechanisms of supply and demand in the emirate.

Obaid Tunaiji, the owner of Tunaiji Real Estate Company says: “Rents have been stable in the emirate since the beginning of the first half of the year in 2015, driven by the stability of demand.”

He points out that the surge in prices during the third quarter of 2014 led to the need to amend the situation that existed during the last quarter of 2014 by the first half of this year as a corrective action to prevent unjustified or exaggerated increases.