Sharjah rents down by up to 13 per cent

Overall real estate sector in the emirate expected to fall further

The real estate market in Sharjah has witnessed a further decline in prices for both rentals and purchases according to Arabic daily Al Ittihad.

Quoting figures from a bulletin issued by the Sharjah Real Estate Information Service, the newspaper said that while housing rents declined by as much as 13.4 per cent during the first half of this year, the average selling price per square foot of a plot in the emirate was down by about 5.5 per cent.

In the sales sector, the average of price for a one-bedroom house dropped from Dh383.006 per sqft in January 2010 to Dh363.004 in June 2010, down 5.2 per cent.

Two and three-bed room houses also declined. Two-beds from Dh621.005 per sqft in January 2010 to Dh591.008 in June 2010, down 4.8 per cent; And three-beds from Dh835.001 in January 2010 to Dh791.001 in April 2010, to Dh783.001 in June, down 6.2 per cent.

In the rental sector, the average annual rent of a studio apartment in Sharjah went from about Dh18,000 in January 2010 to Dh 16,000 in June, down 13.4 per cent.

The average annual rent for a one-bedroom declined from Dhs 28,000 in January 2010 to 25,000 in June, down 11.2 per cent.

Two- and three-bedrooms went to Dh35,000 and 56,000 in June 2010, compared to Dh38,000 and Dh59,000, falling to 7.2 per cent and 5 per cent respectively.

Meanwhile, the bulletin expected the real estate sector is to continue to decline by as much as 14.9 per cent.

 

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