Savills Middle East has released an update on Sharjah’s thriving real estate market against the backdrop of the ACRES Real Estate Exhibition currently underway in Sharjah.
The real estate sector in the emirate is riding the growth momentum observed across the UAE. Various policy changes and new project launches over the last three years have helped the real estate market to reinvent itself as an affordable yet good quality and integrated real estate market.
Key highlights:
- Real estate transactions in Sharjah reached new heights in 2023. Transaction volumes were up 14.6% y-o-y for the first nine months, with the total value of transactions topping AED 19 bn.
- The strong demand levels have also pushed rents upwards. Average market rents across the city are up 10-15% y-o-y, with sought-after developments setting new benchmarks for the prime market.
- 66% of new tenants across most prime developments in Sharjah have moved from Dubai.