Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Sharjah properties see huge demand  Join our daily free Newsletter

MENAFN - Khaleej Times - 21/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Average residential rents according to cluttons climbed by 4.

the strong growth of the uae economy has also been mirrored at the emirate level in sharjah and this has boosted demand in both the residential and commercial property markets in the emirate international real estate consultancy cluttons revealed in its latest report on tuesday.

rising rents in neighbouring dubai an influx of residents from other parts of the middle east as well as renewed economic activity and job creation in sharjah altogether making the emirate an attractive place for tenants according to the spring 2014 residential market outlook report by cluttons.

average residential rents according to cluttons climbed by 4.5 per cent during the first quarter of 2014 leaving them 19 per cent higher than this time last year further building on a 3.4 per cent increase in q4 2013. average rents in al qassimiya have seen the strongest gains over the past 12 months with rents now standing 36 per cent up on q1 2013. villas on the other hand have registered a 13 per cent rise in rents in the first quarter which compares to a 25 per cent increase throughout 2013. “the strong growth in villa rates has been catalysed by rising demand for villa communities particularly along the sharjah airport/maliha road corridor. this is being fuelled by a rising population which in turn is being driven by the emirate’s expanding aviation sector a growing number of international schools and the proximity to sharjah international airport” cluttons middle east chief executive steve morgan said in a statement.

the report also reveals that the current political instability across parts of the region has caused an influx of people setting up home in sharjah due to largely affordable rents and its rich islamic heritage. the report points to these expatriates being flush with ‘refugee capital’ which is finding its way into sharjah’s off-plan residential sales market. this has in turn encouraged some developers to return to the sales market.

although limited to a small number of instances residential towers in locations perceived to be prime have been sold entirely off-plan with capital values hovering around the dh400 psf mark. elsewhere in the emirate’s real estate landscape the overarching improvement in the uae’s economic performance is also manifesting itself in the commercial market in the form of rising levels of occupier activity with sharjah also clearly benefiting from the economic buoyancy according to cluttons spring 2014 sharjah commercial market outlook report.

demand for office space however remains centred on smaller units in the region of 1000sqf to 1500sqf. despite the slight upturn in requirements office rents have remained relatively flat. that said prime areas of al majaz have seen a slip in rates and this has been predominately a result of greater supply and reduced demand from larger international occupiers.

morgan added: “some landlords with large shell and core space are moving quickly to capitalise on demand by carrying out partial fit outs in a bid to take advantage of market conditions and lease space as smaller units. furthermore where space is urgently required we have seen a few instances of residential-office conversions take place with previously abandoned residential schemes being transformed into office space.”

— abdulbasit?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Aug 2 2015 - Mine Blast Kills One Soldier, Injures Four in Northeast TurkeyQatar News Agency
(MENAFN - QNA) A Turkish soldier were killed and four others were injured in a mine blast in the Turkish northeast province of Kars, security sources said. Turkey's Anadolu Agency reported that ...

 Aug 2 2015 - Turkish Prime Minister Meets HE Qatar's Minister of State for DefenseQatar News Agency
(MENAFN - QNA) Turkish Prime Minister Ahmet Davutoglu met Sunday with HE Qatar's Minister of State for Defense Affairs Major-General Hamad bin Ali Al Attiyah and his accompanying delegation on the ...

 Aug 2 2015 - HE Prime Minister Meets US Assistant Secretary of StateQatar News Agency
(MENAFN - QNA) HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani met Sunday with US Assistant Secretary of State for Near Eastern Affairs Anne Patterson and ...

 Aug 2 2015 - Kuwait Stock Exchange ends Sunday's session on mixed boardSaudi Press Agency
(MENAFN - Saudi Press Agency) Kuwait Stock Exchange (KSE) ended Sunday's session on mixed board as the weighted index gained 1.42 points reaching 420.33 points, the price index lost 16.99 points ...

 Aug 2 2015 - Muscat Securities Market Loses 2 PointsSaudi Press Agency
(MENAFN - Saudi Press Agency) Muscat Securities Market (MSM) general index (30) today lost (2.86) points, comprising a decline by (0.04%) to close at (6555.32) points, compared to the last session, ...

 Aug 2 2015 - Supervisor of King Salman Center for Relief receives Yemeni Information MinisterSaudi Press Agency
(MENAFN - Saudi Press Agency) Adviser at the Royal Court and General Supervisor of King Salman Center for Relief and Humanitarian Aid Dr. Abdullah bin Abdulaziz Al-Rabiah received Yemeni information ...

 Aug 2 2015 - More than 400,000 Yemenis corrected their situations in the KingdomSaudi Press Agency
(MENAFN - Saudi Press Agency) The General Directorate of Passports announced that the number of brothers of the Republic of Yemen who have corrected their situations of residency in the Kingdom ...

 Aug 2 2015 - Governor of Riyadh Region Receives Pakistan's AmbassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh region, received here today the Ambassador of Republic of Pakistan to the Kingdom Manzoor Al-Haq.During the ...

 Aug 2 2015 - Vice Custodian of the Two Holy Mosques Congratulates Niger's President on Independence DaySaudi Press Agency
(MENAFN - Saudi Press Agency) The Vice Custodian of the Two Holy Mosques Prince Mohammed bin Naif bin Abdulaziz has sent a cable of congratulations to President Issoufou Mahamadou of the Republic of ...

 Aug 2 2015 - Iraqis Protest Electricity Shortage During Heat WaveThe Arabian Post
(MENAFN - The Arabian Post) In the Iraqi summer, when the temperature rises above 120 degrees Fahrenheit, electricity becomes even more of a political issue than usual. This past week, at the top of ...

more...


 






Google

Click to Apply

 
 

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