The emirate of Sharjah.
PHOTO BY ARCHIVE
DUBAI – Residents can expect cheaper rental rates in Sharjah and the northern emirates as a property market slide reaches those areas.
Rental rates have fallen during the past 12 months in Dubai and Abu Dhabi, with the market slide stretching to Sharjah and the northern emirates.
The influx of new property units in Dubai during the past year has helped push rents down by double digit amounts in many areas of the city. There are thousands more properties expected to be delivered in 2018.
The average decline in rental prices was 11 percent year on year across Sharjah and the northern emirates, according to a new report from Asteco.
Apartment rents in these areas were cheaper by 1 percent on average from January to April. Ajman saw the biggest drop in rental rates at 3 percent.
In Ras Al Khaimah and Fujairah, high-end apartments were being rented out at 8 percent cheaper than last year’s rental rates.
“We expect a further pressure on apartment rental rates, as recovery rates in the Northern Emirates are directly impacted by the delivery of supply in Dubai,” said Asteco managing director John Stevens.
In Sharjah, the biggest drop in rental rates was felt in Rolla, where apartments rental rates fell by 4 percent in the first three months of the year.
The best places to find cheaper housing for rent are in Al Wahda, Abu Shagara, Rolla and Al Yarmook. Rents fell on yearly average by 14 percent in Al Wahda, 13 percent in Abu Shagara, 9 percent in both Rolla and Al Yarmook, and 7 percent in Al Butina, according to the report. GAD/Expat Media
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