Rents in Sharjah are coming down
Sharjah rents have slipped by seven percent in the first half of this year alone!
Real estate consultancy Cluttons reported an 8.1 percent decrease in rent last year, according to Khaleej Times.
The reason behind this has a lot to do with housing in Dubai. The emirate has seen exponential growth in the supply of affordable properties the past year. Also, landlords in Dubai have increased their flexibility in terms of rental agreements. Tenants have found themselves moving back to Dubai following these changes, forcing Sharjah to lower its rents in an effort to keep tenants from leaving the city.
Rents have dropped the most in the Al Nahda area, by 10.9 percent! The reduction in rents has seen people moving within Sharjah to areas such as the Corniche and Rolla, which are consiered the bigger and better housing areas in the city. While apartment rents are coming down, Sharjah has seen a record 11.7 per cent rise in villa rents during the first six months of the year. This hasn't stopped people from Dubai however, as many have moved out of apartments in the city, to villas in Sharjah in favour of larger and more comfortable living spaces.
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