In Sharjah, rents still hold steady even with 22% increase in population numbers

In Sharjah, rents still hold steady even with 22% increase in population numbers

Dubai: Residents in Sharjah are still getting a rental break, with residential lease rates over the last 12 months up by only 2-4 per cent on average. And most of the rent gains have been for newly delivered homes, with landlords using that USP to ask for more. But then again, not by much. There’s more of the new stuff coming in, with around 600 apartments at The Boulevard in Aljada getting ready for occupation. While end-users could still occupy many of these units, the ones put up for rent could fetch between Dh35,000-Dh40,000 for one-beds and Dh70,000-Dh75,000 on two beds. (Aljada typically commands a 15-20 per cent rental premium. It is located in the University City area.) “New project completions have been keeping Sharjah rental rates steady even with all the action of 20-30 per cent rises in Dubai,” said an estate agent. “But second-half 2023 could see sharper increases, or at least have landlords no longer giving away too many incentives.” Property market sources point to the population numbers released this week, with Sharjah recording a 20 per cent increase in recent years to total a 1.6 million resident base. The numbers also reflect the steady rise in