Dubai: Sharjah continues to be the favourite place to live amongst expatriates looking for affordable housing.
And now they have all the more reason to be happier as the rents recorded a further drop of at least three per cent in the third quarter of 2019.
There has been an approximately 11 per cent drop in the third quarter of 2019 compared to corresponding period in 2018, according to a report by Asteco, a Dubai-based real estate company. The rents in Sharjah dropped by about 32 per cent since the first quarter of 2015 peak time. Find properties to rent in Sharjah
“Drop in rents in Dubai has impacted the rental market in Sharjah as well for the tenants are now negotiating with landlords to reduce their rents or they would vacate the flat,” Karim Aga, a real estate broker in Sharjah told Gulf News.
He said that new tenants are negotiating rents even more while the tenants renewing contracts are also now in a commanding position as they ‘threaten’ landlords to reduce their rents or they would move.
However, Aga noted that more expatriates are moving from Ajman to Sharjah due to dip in rents. “I have noticed that many people who work in Dubai but lived in Ajman are now moving to Sharjah to reduce their travel time to work,” he said.
The affordability in rents is also giving more choices to residents in Sharjah as many of them are upgrading to bigger and luxurious flats in new buildings at better locations and improved facilities.
The decline in rental price has given residents more control and stability in the city.
Preferred areas in Sharjah
Known as family friendly emirate, Sharjah has a huge selection of properties available for lease. For instance, when it comes to renting apartments, a countless options are available to choose from. The most popular version is the 1 BHK flat in Al Majaz, one of the several communities in Sharjah.
Al Nahda is considered one of the most popular areas that are popular for renting apartments. The reason behind its popularity is its location, which is next to Dubai’s border. This area appeals to many residents who commute to Dubai for work as living here tends to cut down their commute time dramatically.
Next on the list is the community of Muwaileh area which is popular for the most affordable rental rates its rental rates. Al Majaz and Al Taawun areas are also popular for upscale housing as they are close to several attractions including beaches, Qanat Al Qasba and the Sharjah Water Front.
According the latest report, a studio flat in Sharjah now cost from Dh12,000 to Dh23,000 whereas range for one bedroom flat is from Dh13,000 to Dh38,000.
It will cost from Dh20,000 to Dh62,000 to rent a two-bedroom flat whereas the rent range for a three-bedroom flat is from Dh30,000 to Dh70,000 depending on the location, amenities and the quality of the buildings. Average rent for 4-bed flats in Sharjah is about Dh80,000 per year.