Sharjah apartment rents surge 35% in 12 months

Sharjah ? Apartments continued to see strong demand in Sharjah as rents rose by 35 per cent in the 12 months to the end of third quarter as the emirate continued to face upward pressure in rents on limited supply pipeline.

In the first nine months, residential rents in Sharjah surged 23 per cent due to a limited supply pipeline and comparative affordability to Dubai. In the third quarter, rents rose 5.3 per cent, marginally lower than 5.7 per cent year-on-year growth recorded in the second quarter.

Tenant demand in the residential market was found to be largely fueled by reverse migration from Dubai and Dubai firms increasingly turning to Sharjah for bulk staff housing.

In the villa market, the rate of acceleration of rents slowed to just under seven per cent during the third quarter, from 8.2? per cent in the second quarter.