Fujeirah real estate market recovers
The real estate market in the Emirate of Fujeirah has seen increasing trade activity in since the beginning of September, after a significant decline it faced during the former four months, reported the Emirates newspaper Al-Bayan on September 21. The decline resulted from the summer vacation and the investors' tendency to invest in the stock exchange.
Real estate sources attributed the recovery of the market to the fact that Fujeirah's municipality reduced the commission on sale and buying of real estate from 5% to 2%, in addition to the introduction of several buildings to the market during the summer. At the end of the current year the completion of 6 buildings is expected to ease the high demand for apartments.
As for renting prices of apartments, three bedrooms apartment with central air-conditioning costs 35,000-45,000 Emirate Dirham ($9,528-$12,250), and with regular air- conditioning 15,000-18,000 Emirate Dirhams ($4,083-$4,900), according to the manager of Al-Mustaqbal Real Estate Company, Khamis al-Yamahi. Renting apartment with two rooms and a living room with central air-conditioning could cost 18,000-25,000 Emirate Dirham ($4,900-$6,805). The same kind of apartment with regular air-conditioning costs 12,000-15,000 Emirate Dirham ($3,266-$4,083). Renting apartment with one room and a living room with central air conditioning costs 15,000-18,000 Emirate Dirham ($4,083-$4,900) and with regular air conditioning 8,000-12,000 Emirate Dirham ($2,177-$3,266). Two floors super deluxe villa cost 18,000-45,000 Emirate Dirham ($4,900-$12,250), and one floor villa cost 15,000-20,000 Emirate Dirham ($4,083-$5,444).
The manager of Al-Wasit Real Estate Company, Khalfan Ali al-Kindi, added that the Emirate is in need of high activity in the field of housing projects. Beginning paving a road which will connect the Emirate of Fujeirah with the Emirate of Dubai through a 40 minutes ride will make Fujeirah an attractive destination for workers who are looking for a more silent and cheaper place to live in than Dubai.
According to the manager of Al-Aqari real estate office, Mohammad Rashed al-Qaud, the Emirate will have 6 new high styled buildings during the next two years with 608 dwelling units.