Sharjah flat rents forecast to draw families

This content was originally posted in 7DAYS UAE website at: Sharjah flat rents forecast to draw families A leading estate agency has predicted Sharjah will see an influx of families as stagnating prices make the emirate more attractive. Cluttons’ Winter Property Market report showed the third quarter of 2015 saw rents rise by just 0.3 per cent while year-on-year rents now stand at 1.6 per cent below this time last year. This is the first time in over two years that average annual residential lease rates have contracted. The report said there has been an increase in interest in gated villas, plus the recent announcement of major new residential areas, such as Waterfront City. The Dhs20 billion project will see the arrival of 1,500 villas on the coast, along with dozens of residential towers. The average rent of a three bedroom villa in Sharjah is around Dhs90,000, compared to Dhs175,000 in Abu Dhabi and more than Dhs225,000 in Dubai, Cluttons said. Faisal Durrani, head of research at Cluttons said: “Rising supply levels across many areas of Sharjah, coupled with… a shorter commute and increasing value for money in Ajman are starting to undermine rents. However, well-managed buildings that are perceived to offer better quality and increased facilities still have longer waiting lists than lower quality buildings and continue to drive demand. “At the same time we are seeing reduced waiting lists for what is perceived to be lower quality stock.” Suzanne Eveleigh, property management director, added: “We’re experiencing a rise in the popularity of gated community living, and the relative affordability of Sharjah’s villa communities is helping to sustain the steady level of tenant requirements.” Cluttons report concluded: “Sharjah remains the UAE’s manufacturing nerve centre and the government’s strategy to build on this will no doubt help to drive further economic growth in the emirate in the short to medium term.” business@7days.ae Read the original story at: Sharjah flat rents forecast to draw families