In Sharjah, rents dropped in final 3 months of 2022 as tenants seek new properties

  • Date: 01-Feb-2023
  • Source: Gulf News
  • Sector:Real Estate
  • Country:UAE
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In Sharjah, rents dropped in final 3 months of 2022 as tenants seek new properties

Dubai: Rent declines in the UAE? Yes, it’ happening in Sharjah, at least during the final three months of 2022 as tenants made use of moving into some of the newer buildings and freehold homes delivered in the emirate. With more new homes/buildings set for completion in first-half 2023, there could be further pressure on Sharjah’s residential rental market. Plus, this is also the year that Sharjah’s real estate market fully capitalises on recent changes to freehold laws. The same trend of a ‘flight to quality’ is playing out in Ras Al Khaimah and other northern emirates. “The increased availability of completed properties with better quality specifications, facilities and property management - particularly in masterplan communities in Sharjah and Ras Al Khaimah - as well as Dubai, has effected an outflow from older areas/buildings,” says the latest Asteco report on UAE property market trends. In 2022 as a whole, Sharjah rentals still ended positive, at around 5 per cent. But compared to the 15-35 per cent rent increases Dubai’s popular residential locations had during the same period, the increase is marginal. Also, Sharjah has been seeing an unprecedented surge in interest for freehold deals, with most of the current buying