Prices for apartments and villas in Sharjah are on the rise, with areas close to the neighbouring emirate of Dubai showing huge increases, according to the latest data released by Property Finder on Wednesday. 

The sales listing price for a flat in the emirate averaged 603,000 dirhams ($164,000) in July 2021, up by 2.2 percent from January. Among the locations tracked, Al Nahda, which borders Dubai and Sharjah, posted the highest jump in prices at 17.02 percent over a six-month period. 

Buyers looking to own a flat in Al Nahda can expect to pay around 550,000 dirhams. Another popular community, Aljada, emerged as the second-most popular, with prices climbing by 4.75 percent to 529,000 dirhams, followed by Maryam Island, which recorded a 1.07 percent increase to 606,444 dirhams. 

As for villa properties, which are also getting a lot of buyer attention in Dubai, prices are going up in certain communities.  

Among those registering huge price jumps, Tilal City villas/townhouses went up by 25.19 percent over a six-month period to 1.5 million dirhams.  

Properties in Sharjah Waterfront City went up by 18.52 percent to 3.2 million dirhams, while those in Al Tai climbed by 8.77 percent to 1.5 million dirhams. 

Sharjah has been a popular destination for UAE’s budget-savvy residents working in Dubai, as it offers more affordable housing options and proximity to Dubai. 

Rents 

While prices are going up, rents have yet to show significant price changes.  

The average apartment rental listing price for a property in Sharjah has remained consistent throughout 2021, at a steady 30,000 dirhams a year, occasionally falling to 29,000 dirhams, according to Property Finder. 

As for villa properties, rental rates have likewise shown a steady decline over the first half of the year, falling from 100,000 dirhams in January 2021 to 95,000 dirhams in July, a decline of 5 percent. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com 

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© ZAWYA 2021