Sharjah rental rates fall 3% in Q2 due to reverse relocation trend
Renewed confidence in the long term potential of Sharjah’s residential sales market could gain momentum, with the imminent relaunch of land sales at the Shoumous Residential Complex, according to the latest Asteco Northern Emirates Q2 2015 report, as the emirate begins to feel the effects of a reverse relocation trend to Dubai.
Located on the Sharjah-Kalba Road, the project targets GCC and Arab nationals, and was initially launched following the success of plot sales within the Tilal City master planned development.
The Northern Emirates is experiencing a slow second quarter with the residential leasing sector generally witnessing marginal declines with the exception of Umm Al Quwain and Fujairah where rental rates remained stable.
For Sharjah and Ajman landlords, a 3% quarter-on-quarter drop in residential rental rates was prompted by a rise in vacancy levels as new supply was handed over and the reverse relocation trend to Dubai has started to gain momentum.