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Top Sharjah locations where rents are cheaper

Tenants from Dubai who want to move farther afield can save thousands more every year if they know where to look

Image Credit: Supplied
Sharjah is now offering even cheaper options, with rents dropping by an average of 2 per cent in 2016 compared to 2015 and more than 20 per cent since the 2008 peak.

Dubai: Planning to move away from the city centre to save money on rent?  The latest data show that tenants who are open to living farther afield can find even cheaper options in places like Sharjah, where rents have recently dropped.

Property analysts have confirmed that, as rents in Dubai's centrally located properties remain out of reach for many low or average-income earners, the suburbs remain a magnet for tenants. Jesse Downs, managing director of Phidar Advisory, however, noted that Dubai tenants are relocating, not only because they are looking for low rents. "It's often driven by value."

Accommodation rents in Sharjah dropped by 2 per cent during the last quarter of 2016 from a year earlier, according to real estate consultancy firm Asteco. In dirham terms, annual lease rates have dropped by Dh2,000 to Dh5,000 for one-bedroom to two-bedroom flats, and up to Dh7,000 for three-bedroom units.

Gulf News crunched the numbers in the latest report from Asteco to find out which specific locations are actually offering the biggest decline.

Small apartments

For one-bedroom flats, a clear winner in terms of rate reductions are the apartments in Al Nahda area, where residential units are going for Dh38,000 a year on average, down by 9.5 per cent from Dh42,000 in 2015.

Pedestrians struggle to cross the road in Al Nahda

In Al Qasimiyah, properties posted a 6 per cent drop, from Dh33,000 to Dh31,000, translating to a rental relief of Dh2,000 in one year.

Also not far behind is the Corniche area, where tenants can see a Dh4,000 reduction in annual rent for one-bedroom flats, which can be had for Dh44,000 a year, down by 8.3 per cent from Dh48,000 in 2015.

An arerial view of the Sharjah corniche

The Al Wahda neighbourhood is a great option as well, with one-bedroom units seeing rates dipping by 5.1 per cent on average, from Dh37,000 to Dh39,000, equivalent to a Dh2,000 decline.A bird’s-eye view of new Al Wahda street bridge

Also offering a Dh2,000 decline in annual rent are the residential properties in Al Majaz, with costs dropping by 4.87 per cent, from Dh41,000 in 2015 to Dh39,000 in 2016.

Sharjah’s Al Majaz Waterfront development

Savings also await those who opt to stay in Al Khan (Al Mamzar) area where one-bedroom flats now go for Dh38,000 compared to Dh39,000 in 2015. Though it's marginal, the 2.6 per cent decline can mean Dh1,000 in annual savings.

The panoramic Al Khan Lagoon that separates Sharjah and Dubai is a popular picnic spot

Two-bedroom flats

Bigger families looking to rent a two-bedroom apartment can find the most significant rate cuts, about 10 per cent, in Al Wahda, with flats being offered for Dh45,000, compared to Dh50,000 in 2015.

Significant price drops can also be found for similar units in Corniche, with rates dropping 8.3 per cent to Dh55,000 compared to Dh60,000 in 2015.

Al Nahda area prices are also competitive for tenants eyeing two-bedroom units, which posted a 7.27 per cent decline, from Dh55,000 in 2015 to Dh51,000 in December.

In Al Majaz,  similar units have posted a 5.1 per cent reduction in rental rates, from D58,000 to Dh55,000, offering tenants a chance to save Dh3,000 yearly.

Three-bedroom units

If two-bedroom units are not enough, there are still savings to be had from larger living spaces in Sharjah. 

The biggest price drop has been posted by apartments in Al Majaz and Al Mamzar, both offering Dh7,000 less.  Three-bedroom units in Al Majaz have dropped from Dh73,000 to Dh66,000 annually, while those in Al Mamzar, lease rates for similar properties dropped from Dh80,000 to Dh73,000 a year.

Communities with biggest decline in rent:

One bedroom flats (2015 vs 2016 rates)

Al Nahda: From Dh42,000 to Dh38,000 – down by 9.5 per cent

Al Qasimiyah: From 33,000 to Dh31,000- down by 6 per cent

Al Wahda: From Dh39,000 to Dh37,000- down by 5.1 per cent

Al Majaz: From Dh41,000 to Dh39,000, down by 4.87 per cent

Al Khan (Al Mamzar): From Dh39,000 to Dh38,000, down by 2.6 per cent

*Cheapest one-bedroom apartment can be found in Al Yarmook, with prices remaining flat at Dh26,000 a year

Two-bedroom flats (2015 vs 2016 rates)

Al Wahda: From Dh50,000 to Dh45,000, down by 10 per cent

Corniche: From 60,000 to Dh55,000, down by 8.3 per cent

Al Nahda: From Dh55,000 to Dh51,000, down by 7.3 per cent

Al Majaz: From Dh58,000 to Dh55,000, down by 5.2 per cent

Abu Shagara: From Dh42,000 to Dh40,000, down by 4.8 per cent

*Cheapest two-bedroom unit can be found in Al Yarmook area, where rents, however, have gone up slightly from Dh28,000 to Dh29,000

Three-bedroom flats (2015 vs 2016 rates)

Al Majaz: From Dh73,000 to Dh66,000, down by 9.6 per cent

Al Khan (Al Mamzar): From Dh80,000 to Dh73,000, down by 8.75 per cent

Al Nahda: From Dh70,000 to Dh65,000, down by 7 per cent

Al Yarmook: From Dh48,000 to Dh45,000, down by 6 per cent

Corniche: From Dh78,000 to Dh75,000, down by 3.8 per cent

*Cheapest three-bedroom unit can be found in Al Yarmook area.

Source:Asteco

For information on the real estate sector within the UAE, please visit our sister site, getthat.com.

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