Ajman Rents Stabilize While Sharjah Prices Continue to Soften
dubizzle Property, the UAE’s biggest and most visited online property platform, reveals rental price trends for most popular areas in Ajman and Sharjah in the first nine months of the year. On analyzing the fluctuations in prices from January to September 2019 for the areas which have received the most interest from dubizzle users, the platform identified that rental prices for apartments in Ajman have stabilized, while Sharjah prices continue to soften.
With property prices in the UAE experiencing a general downward trend over the last 18 months, apartment rental prices in Ajman have showcased signs that the market is beginning to stabilize. The top three popular areas for 1BR apartments in the emirate, Al Rashidya, Emirates City and Al Jurf, experienced no change in prices in the first nine months of 2019. When looking at 2BR apartments for rent in the same areas, prices in Al Rashidiya and Al Jurf increased by 3% and 2% respectively, with prices in Emirates City remaining the same.
On the contrary, prices in Sharjah have continued to soften throughout 2019 in line with current market trends. The most popular areas for 1BR apartments were Al Nahda, Al Qasimia and Al Qasba, which have recorded a decrease in rental prices by 10%, 9% and 7% respectively. 2BR and 3BR apartments witnessed a similar trend, with popular areas Al Nahda, Al Qasba and Al Majaz experiencing an average price decrease of 10%, 11% and 4% respectively.
“As we know, property prices are greatly impacted by supply and demand, so the price trends we see in the Northern Emirates are completely natural. As property across the UAE becomes more affordable, it presents tenants who may have previously lived in Sharjah and commuted to work in neighboring emirates, for example, with new opportunities to move to, or even invest in, a property in Dubai. This ultimately affects the demand for rental property in Sharjah, hence impacting the prices. However, as the industry continues on its journey through the property cycle, we will see the market begin to stabilize in the near future,” commented Matthew Gregory, Director, dubizzle Property.
With over 130k listings at any given time and over 100K daily registered visits on dubizzle, the platform regularly reveals market insights to empower users to make well-informed decisions.
dubizzle.com is the leading classifieds website for users in the UAE. Since its launch in 2005 by J.C. Butler and Sim Whatley, dubizzle.com has become the number one platform for users to buy, sell, or find anything in their community. A community where underused goods are redistributed to fill a new need, and become wanted again, where non- product assets such as space, skills and money are exchanged and traded in new ways that don’t always require centralized institutions or ‘middlemen’.