sharjah apartment rents see steep decline in 2017
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Sharjah apartment rents see steep decline in 2017

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Sharjah apartment rents see steep decline in 2017

Apartment rents in Sharjah registered a steep decline of 13.6 per cent in the last quarter of 2017, compared to a decline of 10.6 per cent in 2016.
Dubai - Emirates Voice

Villas in Sharjah bucked the wider trend of falling rents in the emirate's residential rental market, recording an increase of 1.7 per cent and taking the rate of growth to 0.4 per cent during the last quarter of 2017, according to real estate consultancy Cluttons.

Over the last two years, Sharjah's villa market has grown in popularity, appealing to those households priced out of Dubai or seeking a more family-oriented lifestyle.

Suzanne Eveleigh, Cluttons' head of Sharjah, said: "Communities such as Al Zahia have been a runaway success and with most major new shopping mall developments in Sharjah anchoring these new lifestyle destinations, the future of community living in the emirate appears relatively buoyant, especially when compared to many other property segments in the UAE."

In contrast to the villa market, apartment rents in Sharjah registered a steep decline of 13.6 per cent in the last quarter of 2017, compared to a decline of 10.6 per cent in 2016. Research shows that Abu Shagara topped the list of weakest performers, with rents retreating by 15.1 per cent during 2017.

This market has been evolving ever since the used car showroom dealerships vacated the area at the end of 2015. Much of the demand here has been driven historically by those working in the used car industry. Many of these households have now relocated, which has pushed vacancy rates up to between five and 10 per cent and rents are declining as landlords move to entice demand. The only other market to register double digit declines was Al Qassimiya (-10.6 per cent).

According to the report, Sharjah's residential rental market is set to face pressures from rising stock.

"Many landlords are reluctant to adjust advertised rents downwards due to concerns about alienating existing tenants. However, with tenants increasingly seeking out new and energy-efficient buildings, reflecting household financial pressures stemming from the January 1 introduction of VAT, rising utility bills and rising inflation levels, we feel landlords will need to be flexible with rents and payment plans, particularly in older buildings, to sustain demand," added Eveleigh.

Faisal Durrani, head of research at Cluttons, said: "With a sudden turnaround in economic growth or residential demand unlikely to increase during 2018, rents will continue to moderate, with apartments likely to see corrections of five to seven per cent next year, while villa rents are expected to experience growth of between one to two per cent. This makes Sharjah's villa market the only property segment in the UAE to see sustained positive growth. This is likely to prompt further investment in the city's villa segment."

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

sharjah apartment rents see steep decline in 2017 sharjah apartment rents see steep decline in 2017

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

sharjah apartment rents see steep decline in 2017 sharjah apartment rents see steep decline in 2017

 



GMT 05:06 2024 Tuesday ,06 February

New hunt for flight MH370 gets under way

GMT 16:17 2018 Thursday ,30 August

Five Saudi women pilots granted GACA licences

GMT 23:58 2011 Saturday ,05 November

Ways to Update Your Furniture

GMT 13:14 2014 Saturday ,25 October

Alaa Abdel Fattah's appeal trial to be held Monday

GMT 05:26 2017 Thursday ,19 January

Solar energy making rapid progress in the region

GMT 12:55 2017 Tuesday ,26 December

Pope pleads for migrants at Christmas mass

GMT 10:29 2017 Saturday ,14 October

IMF chief urges more support for global trade

GMT 09:31 2017 Tuesday ,05 September

Battling to thwart diesel bans

GMT 11:35 2017 Saturday ,07 October

US tax overhaul 'desperately needed'

GMT 07:34 2017 Wednesday ,20 September

Death toll in Mexico quake rises to 248

GMT 13:47 2011 Monday ,01 August

World’s biggest Ramadan lantern lit up in Gaza

GMT 14:20 2015 Saturday ,15 August

'Deadliest Catch' star Tony Lara dead at 50

GMT 12:50 2012 Tuesday ,03 July

Leila Trabelsi appears in media

GMT 22:06 2012 Wednesday ,10 October

Gaza rockets strike Israel, no injuries

GMT 13:00 2011 Friday ,02 December

Trezeguet can finish well

GMT 02:20 2012 Tuesday ,10 July

Why you should try online dating

GMT 15:14 2017 Monday ,30 January

Young Moroccans Celebrate 3rd Annual Street Art

GMT 09:13 2011 Thursday ,23 June

Lohan failing alcohol test

GMT 14:07 2017 Wednesday ,19 July

Expats more susceptible to mental health

GMT 21:33 2011 Tuesday ,13 September

Earth’s rarest metals ranked in a new \'risk list\'

GMT 04:59 2013 Friday ,11 January

Earth\'s core melts deeper than thought

GMT 08:16 2015 Monday ,30 November

Jack Ma's South China Morning Post takeover

GMT 07:48 2011 Wednesday ,22 June

Designer Galliano claims drink, drug addiction
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice