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Sharjah is no less comfortable than Dubai or Abu Dhabi, and is much more attractive to many foreigners for its quiet lifestyle and fewer cars and tourists. The emirate is famous for its historical and cultural heritage. Moreover, it has a well-developed infrastructure and amenities for modern life, and local housing can be purchased cheaper than real estate in Dubai. Over the past year, residential and commercial properties in Sharjah for purchase and rent has become more popular and in-demand. The government's decision influenced this and allowed foreigners to own properties. What other factors have influenced the Sharjah property boom this year? Let's talk about it.
Content:
- Sharjah is a great place for families and permanent residence
- The reasons for Sharjah’s property boom in 2023
- Why is real estate in Sharjah a great investment opportunity?
- How to choose a property in Sharjah?
Sharjah is a great place for families and permanent residence
Sharjah is the third-largest territory and population in the UAE. It is located northeast of Abu Dhabi, the country's capital, near Ajman and Dubai. A major road junction is their symbolic border.
The key advantages of Sharjah include:
- more affordable property prices than in Abu Dhabi and Dubai;
- a rich choice of apartments, houses, and villas;
- a high level of security. Sharjah is recognized as one of the world’s safest cities;
- easy access to the country’s largest city and the most active UAE business centre — Dubai.
Many people prefer to work in Dubai and live in Sharjah, which is quite convenient and less expensive.
The emirate has developed education and healthcare systems. This location is home to several universities and educational institutions, and that is why students and specialists from all over the world come to this emirate. In addition to reputable universities, there are many kindergartens, schools, and colleges. Sharjah also has good hospitals with a high level of medical care that accept foreigners.
The reasons for Sharjah’s property boom in 2023
Last year, Sharjah’s government launched an initiative to introduce freehold title for foreign nationals. This decision caused a surge of interest in this emirate from overseas investors. His Highness Sheikh Sultan bin Mohammed Al Qasimi, Ruler of the Emirate, has issued a law on Property Registration in Sharjah for foreigners. They had limited rights to own real estate in this emirate in certain areas for a maximum of 100 years. Persons who did not have the citizenship of the UAE and the Persian Gulf countries were not allowed to own properties on a freehold basis. After the situation in the emirate changed, the demand for real estate increased dramatically, and the number of transactions on the market increased significantly. In addition to the government's actions, the surge in interest in the local residential sector was also influenced by:
- the population growth in Sharjah;
- higher investments in the emirate;
- its strategic location in the UAE and Dubai’s rapid development.
Meanwhile, experts believe that the key factor in this boom is the decision of the authorities to register a freehold title for foreigners.
Why is real estate in Sharjah a great investment opportunity?
The demand for real estate in the emirate from local and foreign buyers continues to grow. The emirate's construction sector is developing significantly. The influx of tourists is also growing rapidly. Sharjah has an international airport, which is one of the busiest in the region. Other competitive advantages of the emirate include economic stability, reliable developed infrastructure, and a stable influx of expats.
It is worth saying that Sharjah’s housing rent growth in 2023 continues to gain momentum. The cost of rented apartments and villas in popular areas has grown by 10–20%. The biggest increase in rental property prices most affected 1- and 2-bedroom apartments. This contrasts with Dubai, where the rental of large houses has grown the most, by about 15–35%.
In the past 2022, the number of real estate transactions in Sharjah amounted to AED 24 billion. In the same year, there were 7,267 sales transactions, 15.3% more than in 2021. The total number of mortgage deals in 2022 was 4,648. Their total amount is about AED 10.1 billion.
In Q1 2023 alone, Sharjah recorded over 21,000 real estate transactions totalling AED 5.9 billion.
How to choose a property in Sharjah?
Before choosing a home in the emirate, you should decide on the purpose of purchasing a property and the area that will be most convenient for you. According to experts, Muwailih is the area with the largest number of deals. It is followed by Mazaira and Al Khan. Al Sajaa, Al Nahda, and Al Qasimia are also in demand.
You should also evaluate the potential rental income and resale value if your goal is to invest for profit. Of course, you should choose the type of real estate. Nowadays, the emirate can offer you various properties in different price categories. You can find luxury apartments near the promenade, exclusive communities with modern houses and first-class services, apartments in development projects in Dubai with premium amenities, and affordable residential complexes. You can buy an inexpensive villa in Sharjah and wait until the local property will cost as much as elite villas in Dubai to resell your property profitably. The market in the UAE is very "hot" – investors have a variety of investment-attractive strategies and have a lot of beneficial options to choose from.
Expert advice will definitely help you choose the most profitable option with a high ROI to buy in the area that suits you most based on your preferences. Turn to our specialists online or by phone today to get a detailed consultation. Invest in the UAE real estate – provide yourself with additional income in the future!
