Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Sharjah properties see huge demand  Join our daily free Newsletter

MENAFN - Khaleej Times - 21/05/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) Average residential rents according to cluttons climbed by 4.

the strong growth of the uae economy has also been mirrored at the emirate level in sharjah and this has boosted demand in both the residential and commercial property markets in the emirate international real estate consultancy cluttons revealed in its latest report on tuesday.

rising rents in neighbouring dubai an influx of residents from other parts of the middle east as well as renewed economic activity and job creation in sharjah altogether making the emirate an attractive place for tenants according to the spring 2014 residential market outlook report by cluttons.

average residential rents according to cluttons climbed by 4.5 per cent during the first quarter of 2014 leaving them 19 per cent higher than this time last year further building on a 3.4 per cent increase in q4 2013. average rents in al qassimiya have seen the strongest gains over the past 12 months with rents now standing 36 per cent up on q1 2013. villas on the other hand have registered a 13 per cent rise in rents in the first quarter which compares to a 25 per cent increase throughout 2013. “the strong growth in villa rates has been catalysed by rising demand for villa communities particularly along the sharjah airport/maliha road corridor. this is being fuelled by a rising population which in turn is being driven by the emirate’s expanding aviation sector a growing number of international schools and the proximity to sharjah international airport” cluttons middle east chief executive steve morgan said in a statement.

the report also reveals that the current political instability across parts of the region has caused an influx of people setting up home in sharjah due to largely affordable rents and its rich islamic heritage. the report points to these expatriates being flush with ‘refugee capital’ which is finding its way into sharjah’s off-plan residential sales market. this has in turn encouraged some developers to return to the sales market.

although limited to a small number of instances residential towers in locations perceived to be prime have been sold entirely off-plan with capital values hovering around the dh400 psf mark. elsewhere in the emirate’s real estate landscape the overarching improvement in the uae’s economic performance is also manifesting itself in the commercial market in the form of rising levels of occupier activity with sharjah also clearly benefiting from the economic buoyancy according to cluttons spring 2014 sharjah commercial market outlook report.

demand for office space however remains centred on smaller units in the region of 1000sqf to 1500sqf. despite the slight upturn in requirements office rents have remained relatively flat. that said prime areas of al majaz have seen a slip in rates and this has been predominately a result of greater supply and reduced demand from larger international occupiers.

morgan added: “some landlords with large shell and core space are moving quickly to capitalise on demand by carrying out partial fit outs in a bid to take advantage of market conditions and lease space as smaller units. furthermore where space is urgently required we have seen a few instances of residential-office conversions take place with previously abandoned residential schemes being transformed into office space.”

— abdulbasit?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Feb 21 2017 - Iraq 'must address corruption to defeat IS'MENAFN
(MENAFN) So-called Islamic State (IS) will never be defeated unless the corrupt conditions that help it to thrive are addressed, a new report claims.Transparency International accuses western ...

 Feb 21 2017 - Libya's eastern authority bans women travelling soloMENAFN
(MENAFN) Military officials controlling eastern Libya have banned women under 60 from travelling abroad on their own.The ban is said to be for "national security reasons" and not driven by religious ...

 Feb 21 2017 - Leftover IS IED kills three child shepherds in IraqMENAFN
(MENAFN) Three child shepherds were killed in western Iraq on Sunday when one of them stepped on a roadside bomb planted by the Islamic State (IS) group, local officials said."Three children were ...

 Feb 21 2017 - Syria army ramps up shelling near capital ahead of talksMENAFN
(MENAFN) Syrian government forces on Monday escalated their bombing campaign around Damascus, raining shells down on rebel territory and sending out a "bloody message" just days before renewed peace ...

 Feb 21 2017 - IS rapes, tortures Sunni women tooMENAFN
(MENAFN) Fighters from the Islamic State group, whose abuses against Yazidi women have been well documented, are raping and torturing Sunni Arab women too, Human Rights Watch said Monday.The watchdog ...

 Feb 21 2017 - US 'not in Iraq to seize anybody's oil'MENAFN
(MENAFN) The United States is not about to plunder Iraq's oil, US Defence Secretary Jim Mattis said as he arrived in Baghdad on Monday and sought to soothe partners rattled by remarks from President ...

 Feb 21 2017 - Hundreds storm Morocco-Spain frontier in latest bid to reach EUMENAFN
(MENAFN) Hundreds of migrants streamed through the border between Morocco and the Spanish enclave of Ceuta on Monday, authorities said, days after one of the largest rush of arrivals over the ...

 Feb 21 2017 - Le Pen meets Lebanese leader in bid for international credibilityMENAFN
(MENAFN) France's far-right leader and presidential candidate Marine Le Pen on Monday met a foreign head of state for the first time, holding talks in Beirut with Lebanon's president, Michel Aoun."We ...

 Feb 21 2017 - IS threatens Salafis, Sunnis, MB and Copts in EgyptMENAFN
(MENAFN) The Islamic State group has threatened Coptic Christians, the Muslim Brotherhood, Salafists, and al-Azhar clerics in wide-ranging video promising more attacks in Egypt similar to a church ...

 Feb 21 2017 - Libya PM's convoy comes under fire in assassination attemptMENAFN
(MENAFN) A convoy carrying top officials from Libya's unity government, including the prime minister Fayez al-Sarraj, came under heavy gunfire on Monday in Tripoli in an attempted assassination, the ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help