Sharjah is benefiting from ongoing rental rate rises in Dubai as residents look to relocate to more affordable accommodation according to a Q1 2014 Northern Emirates report from Asteco, according to CPI Financial.
On average the emirate recorded seven per cent quarter-on-quarter growth for apartment rentals, and a strong year-on-year figure of 38 per cent, whilst rates in the other Northern Emirates of Fujairah and Umm Al Quwain remained stable, with Ras Al Khaimah and Ajman showing marginal growth of two per cent and three per cent respectively in Q1 2014.
"Budget-conscious Dubai residents are now relocating to Sharjah in a flight to affordability. A vastly improved road network and public transportation, has also benefited the northern emirate," said John Stevens, Managing Director, Asteco.
Apartments in key residential areas such as Al Nahda, Mina and Al Wahda have seen average rental increases of 10 per cent to 11 per cent in the last three months and Asteco expects rental rates to continue on their upward trend through to the end of the year with no new supply due to come online.
On average the emirate recorded seven per cent quarter-on-quarter growth for apartment rentals, and a strong year-on-year figure of 38 per cent, whilst rates in the other Northern Emirates of Fujairah and Umm Al Quwain remained stable, with Ras Al Khaimah and Ajman showing marginal growth of two per cent and three per cent respectively in Q1 2014.
"Budget-conscious Dubai residents are now relocating to Sharjah in a flight to affordability. A vastly improved road network and public transportation, has also benefited the northern emirate," said John Stevens, Managing Director, Asteco.
Apartments in key residential areas such as Al Nahda, Mina and Al Wahda have seen average rental increases of 10 per cent to 11 per cent in the last three months and Asteco expects rental rates to continue on their upward trend through to the end of the year with no new supply due to come online.
Source:
Mubasher
