Sharjah’s Robust Real Estate Market
In February, actual property transactions in Sharjah amounted to Dh3.1 billion, highlighting the arena’s advantageous momentum fueled by using accelerated investments from local, Arab, and international traders.
The emirate’s appeal to investors and buyers remained strong, with a significant rise in both rental and sales prices for apartments and villas. Total transactions for the month reached 4,458, inclusive of 1,048 sale deals, constituting 23.5 percent of the total. This data comes from the “Real Estate Transactions and Mortgages Movement” report released by the Sharjah Real Estate Registration Department. Mortgage transactions, accounting for 8.0 percent of the total value at Dh581.4 million, amounted to 355 transactions.
Key Areas Driving Sharjah’s Real Estate Growth
Muwailih commercial area maintained its position as the area with the highest number of sales transactions in Sharjah, recording 213 transactions. Following closely behind were Rawdat Al Qar with 138 transactions, and both Al Mazairah and Al Khan areas with 77 transactions each.
In terms of trading volume, Muwailih commercial area led the list with a value of Dh382 million, followed by Um Fanain with Dh109.5 million, Al Khan with Dh84.2 million, and Al Sajaa Industrial area with Dh83.3 million.
In the central region, transactions were primarily concentrated in Al Madina Al Qasimia, with eight transactions each. Meanwhile, Blida emerged as the top area in terms of trading volume, recording Dh13.4 million.
In Khor Fakkan, the Al Bardi 4 area led the list with 11 transactions. In Kalba, the Sur Kalba commercial area had the most transactions with four. Additionally, in terms of trading volume, the Al Saaf 7 area topped the list with Dh1.5 million.
Rising Prices and Rental Yields in Sharjah
Dubizzle’s Annual Property Market Report for the Northern Emirates highlights the exquisite growth of Sharjah’s real estate marketplace in 2023. The emirate has consistently attracted a significant number of people, with both rental and sales prices for apartments and villas experiencing an upward trajectory.
Preferred neighborhoods such as Al Khan, Muwaileh, Al Tai, Al Jazzat, Al Nahda, and Al Qasimia are among the most sought-after by prospective tenants and buyers. These areas continue to garner attention due to their desirable amenities, infrastructure, and overall quality of living.
There has been a general rise in prices across the board in Sharjah’s real estate market. Apartments are averaging from Dh601,000 to Dh1.01 million in selling expenses and Dh21,000 to Dh45,000 in annual rents.
The record highlights that Al Khan led as the most sought-after region for buying apartments, with a median asking charge of AED 948,000 and an ROI of 3.51%. Muwaileh and Al Majaz also emerged as popular choices with attractive ROIs. Al Majaz recorded the highest ROI for apartments at 6.24 percent, while Al Sabkha topped the list for villas with a 6.23 percent ROI.
In Muwaileh, prices for 3-bedroom residences noticed a considerable rise of 40.48%, indicating a strong demand within the marketplace.
The top areas for apartment rentals included Al Nahda (which also experienced a rent increase of 15.38 percent), Muwaileh, Al Qasimia, Al Majaz, and Al Taawun, with Al Nahda leading due to its convenient location and reasonable rents.
For villa rentals, Al Tai, Al Jazzat, Sharjah Sustainable City, and Muwaileh emerged as the most preferred neighborhoods. Al Tai offered an average annual rent of Dh111,000, while rents in Al Sabkha rose by 18.75 percent annually. Sharjah Sustainable City made a significant impact, boasting an ROI of 5.06 percent and providing spacious residences and modern amenities aligned with a sustainable lifestyle.
