New law could soon boost Sharjah property prices

Property prices in Sharjah could rebound later this year on the back of changes to real estate laws which allow non-residents to own property in the emirate, according to a new report.

Real estate website Bayut.com said increased interest in property sales is likely following the changes announced in April.

Its latest report covering the first half of 2018 said there was good news for both buyers and renters in Sharjah as prices fell in most areas.

Decreases in average apartment sales prices were on average between 1-10 percent over the past year.

Bayut said Al Majaz was the most popular for apartment sales in H1, with the average price for a 2-bed property reaching AED741,000.

Al Qasimia, which was the most popular area for apartments rentals, still saw the average rental price for a 2-bed property fall by 11percent to AED33,000, it added.

Bayut.com says increased interest in property sales in Sharjah is likely following the changes announced in April
Bayut.com says increased interest in property sales in Sharjah is likely following the changes announced in April

 

Haider Ali Khan, CEO of Bayut, said: “Sharjah prices are at a very attractive point and present a good opportunity for investors to diversify their investment portfolio.”

He added: “As the summer months roll in, we expect prices to stay stable in Sharjah through this quarter. With more off-plan projects picking up in Sharjah, with some allowing ownership by folks from outside the GCC, this will help generate more interest and transactions going forward.”

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