Monday 19 August 2019

Sharjah, Ajman 'affordable alternatives for investors'

SHARJAH, April 20, 2019

The northern emirates of Sharjah and Ajman remain affordable alternatives for buying and renting of properties in the UAE, said a report by UAE-based real estate portal Bayut.

Prices have dropped on average across popular districts for both these emirate, but ROI has remained high, reaching up to 7% in Sharjah and over 11% in Ajman for certain neighbourhoods as per Bayut’s Q1 market reports for 2019, it stated.

On Sharjah, Bayut said the price trends for Q1 2019 revealed that apartments in the emirate have mostly witnessed minimal decreases between 2% - 6% for both sales and rentals, with prices staying stable in certain areas.

According to Bayut’s data, larger apartment units for sales in popular locations like Al Majaz and Al Khan have seen price declines under 6%. The most significant rental price changes have included decreases around the 11% mark in Abu Shagara and Al Khan.

According to search trends, Al Majaz is most popular with investors to buy apartments in Sharjah. However, potential tenants turn to Al Nahda as their first choice for renting apartments in the emirate.

When it comes to villas in Sharjah, the area of Al Sabkha generated the most searches by both investors and renters.

On Ajman, Bayut said in the case of apartments, the overall price trends for both sales and rents show marginal declines between 1%-6% with prices remaining stable in many areas.

For apartment sales, the only significant declines are at the 7%-8% margin for units in Garden City and Al Sawan. As for the rental apartments, the most significant decreases are for units in Ajman Downtown, Al Rashidiya and Al Jurf, where prices have gone down by an average of 6%, stated the Emirati portal.

In terms of popularity, Ajman Downtown has received the most interest from investors while for apartment rentals, Al Nuaimiya retains the top position in Q1 2019, said the report.

For villas in Ajman, Al Mowaihat is the most popular among investors whereas tenants are most interested in Al Rawda, it added.

Bayut CEO Haider Ali Khan said: "The property markets in both Sharjah and Ajman have grown substantially in recent years, with reputed builders such as Eagle Hills and Emaar exploring options here. Over the first quarter of 2019, both Sharjah and Ajman present a lucrative opportunity for investors."

"From a rental perspective as well, the combination of reasonable rents and easily accessible schools makes both these emirates extremely attractive options for families in the UAE," he added.-TradeArabia News Service


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