- Al Khan identified as the most pocket-friendly location for investors, with one-bedroom apartments averaging at AED 523,000, two-bedrooms at AED 742,000 and three-bedrooms at AED 1,140,000
- Despite the decrease in rentals, Sharjah has experienced a surge in property transactions so far this year (The Sharjah Real Estate Registration Directorate - SRED)
Dubai: dubizzle Property, the UAE’s biggest and most visited Property platform, reveals the average rentals and sale prices of properties with views of the Corniche in Sharjah.
The Sharjah Real Estate Registration Directorate (SRED) recently reported that there has been a 6% year-on-year growth of real estate transactions in the emirate, with the value of transactions surging to AED 14.6 billion in the first three quarters of 2018. With over 130k listings at any given time, dubizzle Property has handpicked Buhaira Corniche, Al Majaz, Al Majaz 3 and Al Khan areas for residents looking for affordable apartments with a water view in the emirate.
Properties for rent
In line with emirate-wide property price trends, apartments in Sharjah have witnessed a year-on-year decrease in rentals in the first nine months of the year. Studio apartments in Al Majaz were identified as the most affordable option, averaging at AED 22,000 per year, witnessing a decrease of 10% compared to last year. This is followed by Al Majaz 3 at AED 22,400 per year (-10% drop since last year), and Al Khan at AED 23,000 (-15% since last year).
For those searching for one bedroom apartments, Al Khan was identified as the most affordable option, averaging at AED 30,200 per year (-11% year-on-year), followed by Al Majaz at AED 30,400 (-13%), Al Majaz 3 at AED 31,000 (-14%) and Buhaira Corniche at AED 34,000 (-13%). Two bedroom apartments witnessed similar trends, with apartments in Al Khan averaging at AED 37,400 (-11%), Al Majaz at AED 39,000 (-13%), Al Majaz 3 at AED 44,000 (-7%) and Buhaira Corniche at AED 48,000 (-16%).
Three-bedroom apartment prices in Al Khan stood at an average of AED 51,400 (-24%) making them the most affordable location near the Corniche, followed by Al Majaz 3 averaging at AED 55,000 (-9%), Al Majaz at AED 61,000 (-2%) and Buhaira Corniche at AED 72,000 (-13%).
Properties for Sale
Despite the decrease in rental prices, Sharjah has experienced a surge in property transactions so far this year, with over 40,000 transactions taking place (SRED).
“Sharjah is quickly becoming a well-known heritage and cultural destination of the Arab World. The increase in the number of investments is a testament to the work being done by the government to develop the economic infrastructure of the emirate, as well as boost tourism, and our insights highlight that Sharjah is currently a buyer’s market in the property sector,” commented Samer Abdin, General Manager, dubizzle Property.
Investors seeking properties with views of the Corniche in Sharjah will find Al Khan to be the most pocket-friendly location, with one-bedroom apartments averaging at AED 523,000, two-bedrooms at AED 742,000 and three-bedrooms at AED 1,140,000.
Prices for a one bedroom in Al Majaz average at AED 730,000, two-bedrooms at AED 996,000 and three-bedrooms at AED 2,200,000. Al Majaz 3 one-bedrooms average at AED 638,000, two-bedrooms at AED 1,590,000, and three-bedrooms at AED 2,500,000.
Abdin added: “As Sharjah continues to diversify its offerings for tourists and residents alike, we are confident that the emirate will provide long-term returns for investors who are taking advantage of the investment incentives and offers available in the current market conditions.”
dubizzle Property regularly reveals market insights to support property seekers with making well-informed decisions.
dubizzle is the leading classifieds platform for users in the United Arab Emirates. Since its launch in 2005, dubizzle has become the number one platform for users to buy, sell, or find anything in their community. A community where underused goods are redistributed to fill a new need, and become wanted again, where non-product assets such as space, skills, and money are exchanged and traded in new ways that don’t always require centralized institutions or ‘middlemen’.
dubizzle is an OLX Group company:
The OLX Group operates a network of online trading platforms in over 40 countries. It builds market-leading classifieds marketplaces that empower millions of people to buy, sell and create prosperity in local communities.
With over 300 million monthly users worldwide, OLX Group makes it fast and easy to buy and sell almost anything online, such as household goods, phones, cars, and houses. Through consumer brands including Avito, dubizzle, Letgo, OLX, Stradia and Storia, more than 10 million things are exchanged on its market-leading apps and platforms every single month.
The OLX Group is powered by a team of 4,000 people, operating from 25+ offices across five continents. The team is united behind a single mission to enhance people's lives by facilitating win-win exchanges. OLX Arabia is actively expanding in the MENA region in Bahrain, Egypt, Kuwait, Lebanon, Oman, Qatar, and Saudi Arabia.
© Press Release 2018
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