Shifting real estate landscape puts Northern Emirates under spotlight
Changes to residential property ownership laws in the Northern Emirate of Sharjah have prompted new interest in the development of affordable expatriate-focused accommodation, according to the latest Asteco market report.
In its UAE Property Review – Q1 2015 Report – the Middle East’s largest full service real estate company noted that with the February 2015 announcement of the Al Rayyan mixed-use project – the first development available on a 100-year leasehold basis for all nationalities – the emirate is moving into a new phase of market development.
“This project, which will offer 504 high quality apartments with two-bedroom units priced at around AED 1 million, presents new opportunities for expatriate investors looking for an entry point into the market but for whom affordability is key, and location close to the Dubai border is important,” said John Stevens, Managing Director, Asteco.
The development will also feature an office tower and mall, and is due for handover in Q2 2016.
Fujairah is also witnessing something of a real estate renaissance in Q1 with strong leasing demand for apartments, thanks to significant investment into infrastructure improvements.
Ras Al Khaimah similarly witnessed good levels of residential leasing demand largely driven by local economic activity from its ports and free zones.