House rents in Sharjah are increasing at a 10-25% year-on-year (YoY) rate. This is because tenants are moving to new units with higher lease rates, particularly in the first 2 months of 2023.
Despite the increase, Sharjah’s rents still have a significant gap compared to Dubai. According to a report from Savills, a 2-bed apartment’s rent in Al Majaz is AED 35,000 a year, up by 9.4%.
1-bed apartment rent in Al Share is around AED 20,000 per year, up by 20%. A 1-bed apartment in Al Qassimiya costs AED 22,000 per year, up by 22.2%.
The highest increases have been recorded in 1 and 2-bed apartments, whereas in Dubai, larger units are seeing a rental surge.
Reports indicate that rents in Sharjah are expected to witness a double-digit rise this year. According to a property agent, new buildings are asking for higher rents. Even old buildings are going for hiked-up leases now.
The University City in Sharjah is quickly becoming a popular area. This is where Arada’s Aljada project is located. Many homes have already been handed over in the 1st stage and more will be given this year. 2-bed apartments in the area are now renting for around AED 35,000 yearly, almost 10% more than in 2022.
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