Dubai: Sharjah remains the go-to choice for budget-conscious residents, with rents declining by an average 11 per cent in the first six months of this year. The Al Nahda area in the emirate was the most popular with tenants looking for easy-on-the-pocket options, and helped by the fact that rents there dropped 4-8 per cent.
A studio in Al Nahda could be rented for Dh16,000 while it would be Dh21,000 for one-beds and Dh28,000 for two-bedroom units, according to the property portal Bayut, which brought out the update along with dubizzle. The other popular neighbourhood in Sharjah is Al Majaz, as well as Muwaileh, Al Khan and Al Qasimia, among others.
That Sharjah rents remain under pressure would offer some relief to tenants looking to options to balance their income with rental payouts. In Dubai, upmarket locations such as the Palm, Downtown and Business Bay are already seeing steady gains on their rentals, even as those in mid-market areas record more declines. But even there, the rate of decline is slowing.
In Ajman, Al Yasmeen emerged as the preferred choice among buyers for villas, while Al Rawda scored on rentals.
Ajman rents plateauing?
In Ajman too, there are signs flashing of upcoming rental stability. The most popular area, Al Nuaimiya, went through a 4 per cent dip in the first-half of 2021, with a studio there renting for Dh15,000, Dh19,000 for a one-bed and Dh28,000 for a two-bed.
“Other centrally-located neighbourhoods such as Al Rashidiya, Ajman Downtown and Al Jurf, as well as suburbs such as Al Rawda and Emirates City, have seen rental prices for apartments remain largely steady in H1-2021, recording minor declines of under 6 per cent,” according to the Bayut-dubizzle report.