Quotes: US 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


 






  MENA News Headlines
 Sep 2 2014 - Summary of Local News Released Monday -1-Qatar News Agency
(MENAFN - QNA) - The State of Qatar has condemned human rights violations in Iraq, including killings , war crimes, crimes against humanity, practices of forcible displacement and deprivation of the ...

 Sep 2 2014 - US Calls on Israel to Reverse its Land Appropriation DecisionQatar News Agency
(MENAFN - QNA) The US administration criticized Tuesday Israel's announcement of confiscating 3,800 dunams of Palestinian land in the West Bank for settlement activity. A US State Department ...

 Sep 2 2014 - Kuwait- Sabah Al-Ahmad Ctr. for Giftedness: A place to turn creative ideas into tangible productsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Sabah Al-Ahmad Center for Giftedness and Creativity (SACGC) has made it possible for Kuwaiti youth to unleash their imagination and come up with ideas for ...

 Sep 2 2014 - Kuwait- His Highness the Amir congratulates Vietnam on Nat'l dayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent a cable to the President of Vietnam Truong Tan Sang, congratulating him on his country's ...

 Sep 2 2014 - Saudi Ma'aden, Alcoa starts operations at aluminum plantMENAFN
(MENAFN) Saudi Arabian Mining Co (Ma'aden) announced the start of its joint aluminum smelter commercial operations with U.S.-based Alcoa, Gulf Business reported.The aluminum plant at Ras al-Khair, ...

 Sep 2 2014 - Qatar Airways launches 787 Dreamliner service to ViennaMENAFN
(MENAFN) Qatar Airways announced introducing its Boeing 787 Dreamliner aircraft to its Vienna route, Arabian Business reported.The introduction of the Dreamliner to this route came as the result of ...

 Sep 2 2014 - GCC annual corporate earnings to rise 10 percent in 2014MENAFN
(MENAFN) According to a report by Markaz, the GCC's annual earnings growth is expected to increase 10 percent in 2014, Times of Oman reported.In terms of countries, the UAE's annual corporate ...

 Sep 2 2014 - Oman's Haya Water investing USD258m annually to build projectsMENAFN
(MENAFN) Omani's Haya Water is set to invest an average of USD 258.92 million annually on different projects in the next decade, including the construction of sewage network, sea fallout system and ...

 Sep 2 2014 - Mulk Holdings to invest USD68.04 in healthcare expansionsMENAFN
(MENAFN) Global Hawk Imaging and Diagnostics (GHID), the healthcare arm of UAE's Mulk Holdings, has launched its second healthcare facility in Jumeirah, Dubai, at a cost of USD6.80 million, Emirates ...

 Sep 2 2014 - Afghan talks on unity govt collapse, ethnic unrest seenThe Peninsula
(MENAFN - The Peninsula) Talks on a power sharing deal between Afghanistan's rival presidential candidates, Ashraf Ghani and Abdullah Abdullah, have collapsed, a top leader said yesterday, rekindling ...

more...


 






Google

menafn.com

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help