Rents in Dubai and Sharjah stabilise, with some locations seeing increases after 3 years: Asteco

Rents in Dubai and Sharjah stabilise, with some locations seeing increases after 3 years: Asteco

Dubai: Tenants in Sharjah should take note – There were minimal rent declines in the city’s most popular neighbourhoods in the first three months of this year compared with levels seen in the fourth quarter of 2020. In fact, according to a new update from Asteco, the property services firm, there was no quarterly change whatsoever – probably for the first time in the last three years. So, if tenants in Sharjah have plans to shift their current place of residence, they will do well to negotiate a new rental contract at the earliest. Current rental options show that a two-bedroom in the Al Nahda area could be picked up anywhere from Dh18,000 a year to Dh45,000 depending on the building and its upkeep. The Al Khan (Al Mamzar) area options would be for Dh25,000-Dh47,000 and Al Majah’s are Dh22,000-Dh42,000. Now, if quarterly declines are no longer there – or at least in the first three months – Sharjah rentals in the residential space are still down 13 per cent from what they were a year ago. Ajman rentals too are down by about 10 per cent. Ras Al Khaimah shows the slightest year-on-year drop, of 4 per cent. These