Sharjah Rents Expected to Stay High for the Next Two Years

Post by: Pratik Kumar

Rents in Sharjah are expected to stay high for the next couple of years because more people are moving to the emirate. The growing number of residents is making rental prices go up by about 5 to 10 percent.

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Saeed Ghanem Al Suwaidi, who is in charge of real estate in Sharjah, said that even though rents in Sharjah are not rising as fast as in other places, they will still continue to increase for the next two years. He added, "Rents are going up in Sharjah. I think they will stay high for two more years, with a small rise of 5 to 10 percent."

The population of Sharjah has been increasing. In 2015, the population was 1.4 million, and by 2022, it had grown to 1.8 million. This increase is happening across the UAE, especially after the economy bounced back from the COVID-19 pandemic. In 2020, more people moved to Sharjah because things started to get better after the pandemic.

In late 2022, Sharjah allowed foreign people to own property, which has made the demand for homes go up even more. This move helped the real estate market grow. Local developers like Arada, Alef Group, and Shurooq have started building new residential and mixed-use projects, giving people more places to live.

A real estate company called Asteco said that Sharjah is now leading the way for new buildings in the northern part of the UAE. By the third quarter of 2024, rents in Sharjah range from Dh12,000 for a small studio to Dh100,000 for a three-bedroom apartment. This shows a 3 percent rise in rents every three months, and a 16 to 19 percent rise compared to last year.

Issa Ataya, the CEO of Alef Group, said that the higher rents are good for people who are investing in property. "Rents are going up because more people want to live here. This is helping the economy grow," he said.

In short, Sharjah’s real estate market is growing, and rents are likely to stay high because of the increasing number of people moving to the area. New buildings and more demand will keep the prices up in the coming years.

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