Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Sharjah rents up 7% in Q1 as Dubai residents relocate  Join our daily free Newsletter

MENAFN Press - 15/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) Sharjah is benefiting from ongoing rental rate rises in Dubai as residents look to relocate to more affordable accommodation according to a Q1 2014 Northern Emirates report from Asteco, the region's leading real estate services company.
On average the emirate recorded 7% quarter-on-quarter growth for apartment rentals, and a strong year-on-year figure of 38%, whilst rates in the other Northern Emirates of Fujairah and Umm Al Quwain remained stable, with Ras Al Khaimah and Ajman showing marginal growth of 2% and 3% respectively in Q1 2014.
"Budget-conscious Dubai residents are now relocating to Sharjah in a flight to affordability. A vastly improved road network and public transportation, has also benefited the northern emirate," said John Stevens, Managing Director, Asteco.
Apartments in key residential areas such as Al Nahda, Mina and Al Wahda have seen average rental increases of 10% to 11% in the last three months and Asteco expects rental rates to continue on their upward trend through to the end of the year with no new supply due to come online.
"We are also seeing rental increases for Sharjah's older apartment buildings, which grew by an average of 6% quarter-on-quarter, and this reinforces the attractiveness of the emirate to budget-conscious residents," said Stevens.
Prospective tenants looking for 'prime' accommodation in Sharjah can expect to pay anywhere between AED 27,000 to AED 50,000 for a desirable one-bedroom aprtment and AED 32,000 up to AED 80,000 for a two-bedroom unit.

Rental prices in the Al Wahda neighbourhood are currently fetching up to AED 50,000 and AED 65,000 for a one and two-bedroom apartment respectively, with similar buildings located in the popular Corniche stretch commanding up to AED 50,000 and AED 80,000 respectively.
Prices are being boosted by a number of government-led tourism and leisure initiatives including development within the retail sector, notably the expansion of Sharjah City Center and other initiatives in Al Khan and Al Qasba, which will drive increased tourism traffic as well as serve local residents. A 7,000-square metre Roman-style amphitheatre also opened recently last March 2014 on nearby Majaz Island with a capacity for 4,500 people.
"Most importantly, we are seeing a complete upgrade of Sharjah's transportation infrastructure, making the daily commute to Dubai easier and reducing traffic congestion within the emirate," noted Stevens.
The recently completed work at the National Paints Bridge/fifth interchange is one example of the expansion plan being undertaken on the busy Mohammad Bin Zayed Road.
Sharjah's commercial sector has also seen leasing rate increases in several popular locations over the last quarter with the Corniche and Al Wuheidah Street recording growth of 8% and 5% respectively despite continued sector stagnation with just 2% growth overall.
For more details, please visit www.asteco.com


About Asteco
Asteco, a major regional and international real estate services firm and the largest property services company in the United Arab Emirates, was founded in Dubai in 1985. Asteco offers independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.

 


MENAFN Press




  MENA News Headlines
 Jul 24 2016 - Qatar's GWC profit posts grow of 15 percentMENAFN
(MENAFN) GWC, Qatar's main logistics provider, posted a net profit of USD27.8mn for the first half of this year, up 15 percent, compared to USD24.06mn in 2015.Furthermore, the firm's assets continued ...

 Jul 24 2016 - Saudi investments touch USD15.98bn in BritainMENAFN
(MENAFN) Britain contains huge investments from Saudi Arabia by almost USD15.98bn, which are in various investment fields.Accordingly, Britain is a historical friend of the states of the region and ...

 Jul 24 2016 - Sony Mathew joins TP-LINK as channel manager SMBKhaleej Times
(MENAFN - Khaleej Times) TP-LINK Technologies Co Ltd, a global provider of SOHO, SMB networking products and wireless LAN solutions, has named Sony Mathew as its new channel manager SMB in the UAE. ...

 Jul 24 2016 - Sales adds to South American flavour at Al WahdaKhaleej Times
(MENAFN - Khaleej Times) Al Wahda FC are bringing in Brazilian player Tiago Alves Sales to spice up their South American continental flavour. The Abu Dhabi club have reached a three-year agreement ...

 Jul 24 2016 - Cricket: Advantage Motors trounce Willows for UAQ-Ramadan T20 crownKhaleej Times
(MENAFN - Khaleej Times) A brilliant all round show from Mohammad Naveed helped Advantage Motors beat Willows Cricket Club by seven wickets and clinch the UAQ-Ramadan T20 Bash- Season1. The ...

 Jul 24 2016 - Access all RTA services through a single appKhaleej Times
(MENAFN - Khaleej Times) Roads and Transport Authority Dubai(RTA) is gearing up to launch an Integrated Mobility Platform in Dubai, enabling customers an easy access to all mass transit systems ...

 Jul 24 2016 - Facebook Messenger hits one billion users a monthKhaleej Times
(MENAFN - Khaleej Times) With the announcement that one billion people are now using Facebook Messenger every month, the social networking giant's shares hit an all-time intra-day high on Wednesday. ...

 Jul 24 2016 - Facebook Messenger hits one billion usersKhaleej Times
(MENAFN - Khaleej Times) Facebook said on Wednesday the number of users of its Messenger application had topped one billion, a key milestone as it seeks to expand the platform to new services. The ...

 Jul 24 2016 - Software can predict your looks with different hair stylesKhaleej Times
(MENAFN - Khaleej Times) A new imaging software can not only predict how you will look with different hair styles, colours and appearances but can also help find a missing child or someove evading ...

 Jul 24 2016 - Book your spot for nomad gamesKhaleej Times
(MENAFN - Khaleej Times) The UAE is being invited to celebrate traditional sports such as falcon hunting and horse and camel racing, at the upcoming World Nomad Games in Kyrgyzstan, according to the ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help