Bayut.com, a leading UAE property portal, has released its H1 report on the Sharjah property market.
Prices for renting and buying property in Sharjah are continuing to fall as the emirate strengthens its reputation for affordable housing. That’s according to an H1 report on the market by UAE’s leading property portal Bayut.com.
The steepest price falls were seen for Al Nahda, where the average for a 2-bedroom apartment fell by 14.3%.
There was good news for both buyers and renters in Sharjah as prices fell in most areas from H2 2017 to H1 2018 according to Bayut.com.
However, changes to property laws in Sharjah announced in April, which allow non-residents to own property in the emirate – may see increased interest in property sales as the year progresses.
Decreases in average sales prices were, apart from in Al Nahda, on average between 1% and 10%.
In addition to price decreases in Al Nahda, prices also fell by 8.9% for 2-beds in Al Khan.
Average prices in top areas
Al Majaz was the most popular for apartment sales in H1 2018, with the average price for a 2-bed property reaching AED 741k. Al Qasimia, which was the most popular area for apartments rentals, still saw the average rental price for a 2-bed property fall by 11% to AED 33k.
Most popular sub-communities
For Bayut users, there were clear favorites among certain neighborhoods within Sharjah’s communities. For example, within Al Qasimia, Al Nud was the most popular neighborhood, receiving 94.17% of all searches. Lagoon Tower was the most searched in Al Mamzar, accounting for 51.75% of searches. While in Al Taawun, Al Taawuun Street received the most searches – 70.14%.
In Al Majaz, Al Majaz 2 came top with 52.61% of searches.
Haider Ali Khan, CEO of Bayut, said: “Sharjah prices are at a very attractive point and present a good opportunity for investors to diversify their investment portfolio.”
Forecast for Q3
Khan added: “As the summer months roll in, we expect prices to stay stable in Sharjah through this quarter. With more off-plan projects picking up in Sharjah, with some allowing ownership by folks from outside the GCC, this will help generate more interest and transactions going forward.”