By Sam Bridge
Dubizzle Property releases latest report on rental trends in the Northern Emirates in the first nine months of 2019
Rents in Ajman have stabilised but are still falling in Sharjah over the first nine months of 2019, according to analysis by Dubizzle Property, the UAE online real estate platform.
In Ajman, apartment rental prices have shown signs that the market is beginning to stabilise after months of declines.
The top three popular areas for one-bed apartments in the emirate, Al Rashidya, Emirates City and Al Jurf, experienced no change in prices in the first nine months of 2019, Dubizzle Property said.
It added that when looking at two-bed apartments for rent in the same areas, prices in Al Rashidiya and Al Jurf increased by 3 percent and 2 percent respectively, with prices in Emirates City remaining the same.
On the contrary, prices in Sharjah have continued to soften throughout 2019 in line with current market trends.
The most popular areas for one-bed apartments were Al Nahda, Al Qasimia and Al Qasba, which have recorded a decrease in rental prices by 10 percent, 9 percent and 7 percent respectively since the start of 2019.
Two-bed and three-bed apartments witnessed a similar trend, with popular areas Al Nahda, Al Qasba and Al Majaz experiencing an average price decrease of 10 percent, 11 percent and 4 percent respectively.
Matthew Gregory, director, dubizzle Property, said: “As we know, property prices are greatly impacted by supply and demand, so the price trends we see in the Northern Emirates are completely natural.
"As property across the UAE becomes more affordable, it presents tenants who may have previously lived in Sharjah and commuted to work in neighbouring emirates, for example, with new opportunities to move to, or even invest in, a property in Dubai.
"This ultimately affects the demand for rental property in Sharjah, hence impacting the prices. However, as the industry continues on its journey through the property cycle, we will see the market begin to stabilize in the near future.”
Dubizzle Property said it has over 130k listings at any given time and over 100K daily registered visits.