Statistics from dubizzle Property suggest that an oversupply of units is creating a more competitive and affordable market.
Real estate rental and sales prices fell in much of Ajman and Sharjah in H1 2018, according to newly released statistics from dubizzle Property.
In a report, dubizzle noted that apartment rentals throughout Sharjah fell in the first half of the year, particularly in Al Nahran and Al Khan (16 percent), Al Taawun (14 percent) and Muwalih Commercial (2 percent).
The steepest rental declines were recorded in two-bedroom, which fell 20 percent.
Changes in sales prices, however, varied, with slight increases in Al Khan (4 percent), compared to declines in Al Majaz (19 percent), Al Nahda (9 percent) and Al Taawun (4 percent).
The most popular areas in Sharjah among those using dubizzle Property, the statistics show, were Al Nahda, Muwailih Commercial and Al Taawun.
Similarly, Ajman witnessed declines in both rentals and sales prices. While apartment rentals across Ajman decreased, the steepest declines were seen in Al Jurf and Ajman industrial area (18 percent), followed by Al Sawan (14 percent) and Emirates City (10 percent).
“Across the UAE, properties are becoming more affordable, resulting in a decline in cost of living,” said Samer Abdin, general manager of dubizzle Property. “We are seeing an oversupply of property units in the market right now which has created a more competitive and affordable market.”
Abdin added that dubizzle’s data “highlights that apartment sale prices in particular have fallen at a more pronounced rate than rental prices, giving property seekers an excellent opportunity to invest in their own property.”
The dubizzle data shows that the greatest declines in Ajman average sales prices was in Al Nuaimiya (23 percent), followed by Emirates City (21 percent) and Al Mushairef (19 percent). The lowest decline in average sales price was in Al Sawan, where it dropped 10 percent compared to the same time period in 2017.