(MENAFN) According to a new report from Asteco, constant rental rate increase in Dubai is beneficial to Sharjah as residents look to relocate to more affordable residences, Arabian Business reported.
Northern Emirates report in the first quarter in 2014 said that on average the emirate recorded a 7 percent growth for apartment rentals compared to the previous quarter, and a 38 percent annual growth.
The report added that rental rates in the other northern emirates of Fujairah and Umm Al Quwain remained stable, while Ras Al Khaimah and Ajman showed a 2 percent and 3 percent growth, respectively.
"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 the managing director of Asteco.
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