UAE – Mubasher: Property prices in the UAE’s cities of Sharjah and Ajman inched down in the third quarter of 2019, stabilising in Ajman Downtown and Muwaileh, according to a report released by Bayut on Wednesday.
Rents in Al Majaz, Al Khan, Corniche Ajman, and Emirates City are slightly increasing which shows a rise in demand on luxury waterfront communities and communities located in proximity to Dubai, the report added.
“The property market in both Sharjah and Ajman remain healthy and attractive for buyers and tenants, echoing the trend we have observed over the course of the year,” Bayut’s CEO Haider Ali Khan said.
“Property prices in both these emirates usually resonate with the trending prices of Dubai; when landlords get creative and offer attractive deals to tenants in Dubai, there is a natural tendency for landlords in Sharjah and Ajman to offer similar incentives, in order to maintain their appeal with potential renters,” the top official added.
The sales and rental prices for apartments in Sharjah remained affordable in Q3-19, while prices in family-friendly neighbourhoods such as Al Nahda and Al Qasimia declined by a range between 3% and 8%.
Meanwhile, rents in popular investment zones – including Al Khan, Al Majaz, and Al Mamzar – saw increases between 5% and 8% due to the increase in demand.
As for apartment sales, the average price per square foot in the popular neighbourhoods decreased by a range between 8% and 12%.
Apartment rents in Ajman witnessed declined ranging between 1% and 5%, with rents of 2-bedroom apartments in Al Sawan dropped to AED 36,000 in Q3-19 from AED 38,000 a quarter earlier. Apartment prices per square foot saw decreases ranging between 1% and 6%.
In contrast, the average price per square foot in Al Nuaimiya surged 8.26% in Q3-19, reaching AED 218.