UAE-based property platform Dubizzle Property has revealed the rental prices for apartments in Ajman stabilised, while rental prices in Sharjah continued to soften during the first nine months of 2019.
Dubizzle Property, which analyzed rental price trends based on price fluctuations between January and September 2019, said that rents in Ajman began to stabilize, overcoming the UAE’s general downward trend for the last 18 months, with Al Rashidya, Emirates City, and Al Jurf – Ajman’s top three popular areas for one-bedroom apartments – showing no change in prices in 2019. Bucking the price decline trend, rents for two-bedroom apartments increased 3% in Al Rashidiya, and 2% in the Al Jurf area of Ajman.
Meanwhile, rental prices in Sharjah continued to soften throughout 2019, following market trends. Rents for one-bedroom apartments dropped 10% in Al Nahda; 9% in Al Qasimia; and 7% in Al Qasba, with two-bedroom and three-bedroom apartments witnessing a drop in rental prices, as well.
Commenting on the findings, director of Dubizzle Property, Matthew Gregory, said: “As we know, property prices are greatly impacted by supply and demand, so the price trends we see in the Northern Emirates are completely natural.”
Gregory added: “As property across the UAE becomes more affordable, it presents tenants who may have previously lived in Sharjah and commuted to work in neighboring emirates, for example, with new opportunities to move to, or even invest in, a property in Dubai. This ultimately affects the demand for rental property in Sharjah, hence impacting the prices. However, as the industry continues on its journey through the property cycle, we will see the market begin to stabilize in the near future.”