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Downward movement in the rental market in the Northern Emirates, especially in Sharjah, has seen apartment rates fall by an average of 6% over the last three months, reversing the static trend of the previous two quarters, according to the Northern Emirates Q2 2012 report from leading UAE property management company, Asteco.
A combination of increasing vacancy rates in certain areas and the introduction of stricter tenancy rules in the emirate were cited as the main reasons for the decline, after a positive start to the year.
“New regulations regarding shared accommodation have been introduced with tenants in Sharjah required to disclose their salaries and confirm that people living together are family members only. Subsequently, we have seen tenants who previously shared accommodation, move independently to more affordable smaller units, prompting a decline in rental rates,” said Elaine Jones, CEO, Asteco Property Management.