After recording a decrease of 15% during 2021
Realtors: “relative stability” in Sharjah rents during 2022
2021 is the most competitive in the Sharjah market because it includes unprecedented offers for tenants.
archival
Sufian Al-Salamat: "We expect a rapid stability of rents in the most sought-after areas or near the Buhaira Corniche."
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Realtors said that the rental prices of residential units in Sharjah recorded a decline of between 10 and 15% during the year 2021.
They pointed to "Emirates Today" expectations of achieving relative stability during the current year, with the continued competitiveness of companies in offering value-added services.
relative stability
In detail, the Executive Director of Al Som Real Estate Company, Sufian Al Salamat, said that the estimates of the average decline in annual rental prices for residential units in Sharjah exceeded 15% during 2021, due to the effects of the variables of the “Covid-19” pandemic.
He expected that residential rental prices would witness relative stability during 2022, according to market supply and demand rates, and that the rate of stability would be rapid in the most demanded areas such as “Al Nahda” or near “Buhaira Corniche”, while it may take some time in areas with demand. average.
And he continued: “2021 was the most competitive since years ago, as it included price reductions and unprecedented offers for tenants, which in turn raised the competitiveness among real estate companies to raise their shares in attracting tenants, especially in new buildings where owners seek to rent vacant units as soon as possible. ».
Supply and demand
In turn, the head of the representative committee of the real estate sector in the Sharjah Chamber of Commerce and Industry, and the head of the Al-Ghanim Real Estate Corporation, Saeed Ghanem Al-Suwaidi, said that the rates of decline in residential rental prices in the Sharjah regions ranged between 10 and 15% during 2021, under pressure from the effects of the "Covid-19" pandemic. », which had local, regional and global impacts on various economic sectors, mainly real estate.
He added that the decline varied according to the indicators of supply and demand, as the areas with high demand such as "Al Mamzar" were the least declining, compared to many areas on the outskirts of the city, and near Ajman.
He continued: "According to the current price offers in the markets, it is expected that residential rents will witness relative stability during the current year, according to the rates of demand for buildings and regions, with the continued expansion of companies in competition by offering offers of value-added services, such as payment facilities, and additional months in the contract. And free parking.”
Inner move
In the same context, the real estate broker, Majdi Abdel Aziz, stated that the indicators of the decline in the rental prices of housing units in different areas in Sharjah, during the past year, exceeded 15%, especially in areas with medium and low demand, such as the central areas of the emirate and adjacent to Ajman.
He pointed out that the emergence of indicators of relative stability does not prevent some limited declines in areas that do not witness high demand, or in old buildings that do not have facilities or service facilities.
He explained that the second half of 2021 witnessed remarkable activity in the internal movement of tenants in different areas in Sharjah, and the high demand for areas such as "Al Taawun", "Al Mamzar" and "Al Majaz", in addition to transfers to the emirate to live in, to take advantage of the decline in The rents, in addition to the offers of facilities and value-added services that real estate management companies are expected to continue to offer during the current year.
stability of rental values
The real estate expert and director of the “W Capital” real estate company, Walid Al-Zarouni, said that the indicators of the relative stability of residential rental prices are among the most prominent manifestations that will dominate the real estate sector in Sharjah during the current year, with the emergence of features of the stability of rental values gradually since the last period of 2021 Pointing to a growth in the rate of internal movement in the emirate, to take advantage of the decrease in rents and the facilities offered.
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