The best areas to rent in Sharjah are...

Studio apartments in Al Majaz have been identified as the most affordable

Sharjah, United Arab Emirates, December 5, 2018

Apartments in Sharjah have witnessed a year-on-year decrease in rents in the first 9 months of the year, reveals dubizzle Property.

Studio apartments in Al Majaz were identified as the most affordable option, averaging at Dh22,000 per year, witnessing a decrease of 10 per cent compared to last year. This is followed by Al Majaz 3 at Dh22,400 per year (-10 per cent drop since last year) and Al Khan at Dh23,000 (-15 per cent since last year), as per dubizzle Property data.

For those searching for 1-bedroom apartments, Al Khan was identified as the most affordable option, averaging at Dh30,200 per year (-11 per cent year on year), followed by Al Majaz at Dh30,400 (-13 per cent), Al Majaz 3 at Dh31,000 (-14 per cent) and Buhaira Corniche at Dh34,000 (-13 per cent).

Two-bedroom apartments witnessed similar trends, with apartments in Al Khan averaging at Dh37,400 (-11 per cent), Al Majaz at Dh39,000 (-13 per cent), Al Majaz 3 at Dh44,000 (-7 per cent) and Buhaira Corniche at Dh48,000 (-16 per cent).

Three-bedroom apartment rents in Al Khan stood at an average of Dh51,400 (-24 per cent) making them the most affordable location near the Corniche, followed by Al Majaz 3 averaging at Dh55,000 (-9 per cent), Al Majaz at Dh61,000 (-2 per cent) and Buhaira Corniche at Dh72,000 (-13 per cent).

Properties for sale
Despite the decrease in rents, Sharjah has experienced a surge in property transactions so far this year, with over 40,000 transactions taking place.

'The increase in the number of investments is a testament to the work being done by the government to develop the economic infrastructure of the emirate, as well as boost tourism, and our insights highlight that Sharjah is currently a buyer's market in the property sector,' said Samer Abdin, general manager, dubizzle Property.

Investors seeking properties with views of the Corniche in Sharjah will find Al Khan to be the most pocket-friendly location, with 1-bedroom apartments averaging at Dh523,000, 2-bedrooms at Dh742,000 and 3-bedrooms at Dh1.14 million.

Prices for a 1-bedroom in Al Majaz average at Dh730,000, 2-bedrooms at Dh996,000 and 3-bedrooms at Dh2.2 million. Al Majaz 3 one-bedrooms average at Dh638,000, 2-bedrooms at Dh1.59 million and 3-bedrooms at Dh2.5 million.

Abdin added: 'As Sharjah continues to diversify its offerings for tourists and residents, we are confident that the emirate will provide long-term returns for investors who are taking advantage of the investment incentives and offers available in the current market conditions.'

khaleejtimes