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UAE: apartment rents in Sharjah see 10.6 percent drop
(MENAFN) Sharjah apartment rents have seen a 10.6% fall over the past year, as found by the Sharjah Property Market Snapshot released by real estate consultancy firm Cluttons.
The report found apartment rents to have been dropping steadily throughout the fourth quarter of the year, reaching a decline of 13.6% year-on-year in the fourth quarter.
The reason behind the pressure apartment rents are experiencing is partially due to increasing stock which indicates that the tenants' market that took hold three years ago is still in place.
The continuing price drops in the Sharjah apartment market 'mirrors the performance in Dubai, as has been the case historically', as explained by the chief of research Faisal Durrani in an email to Zawya.
The report found apartment rents to have been dropping steadily throughout the fourth quarter of the year, reaching a decline of 13.6% year-on-year in the fourth quarter.
The reason behind the pressure apartment rents are experiencing is partially due to increasing stock which indicates that the tenants' market that took hold three years ago is still in place.
The continuing price drops in the Sharjah apartment market 'mirrors the performance in Dubai, as has been the case historically', as explained by the chief of research Faisal Durrani in an email to Zawya.
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