dubizzle H1 2023 Sharjah Property Rent and Sales Market Report
As we delve halfway into 2023, it’s time to assess the performance of Sharjah’s real estate market. Sharjah’s real estate has long been a point of interest for investors and residents alike. That said, the interest is evident in the first half of 2023.
According to the insights brought to you by dubizzle, the rental and sales prices of villas and apartments in the Emirates shows a positive trend. Here is the summarised overview of the Sharjah real estate market report H1 2023 elaborating on the market performance.
- People looking for apartments for rent or sale prefer areas like Al Nahda, Al Khan, Muwaileh, Al Qasimia, Al Taawun and Al Majaz.
- The average annual rent of apartments in Sharjah during H1 2023 has been AED 20k to AED 37k. Whereas, the average price of buying an apartment was from AED 576k to AED 949k.
- Al Majaz has garnered the interest of investors as it offers the highest Return on Investment (ROI) of 6.29%.
- Al Tai, Muwaileh and Hoshi remain popular areas to rent and sell villas.
- The average annual rent of villas in the Emirate falls between AED 44k to AED 147k. However, for purchasing villas buyers have paid between AED 1.6M to AED 3.1M.
- For the villas, Muwaileh offers the highest ROI of 5.52%.
For an in-depth overview of the market performance, we have divided the H1 2023 Sharjah real estate market report into apartments and villas available for sale and rent in Sharjah.
Please note that the below-mentioned areas and prices are listed as per the customers’ trend on dubizzle and are subject to change.
Top Areas for Buying Apartments in Sharjah
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 | STUDIO | 1-BED | 2-BED |
---|---|---|---|---|---|
Al Khan | ROI 3.53% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
Al Majaz | ROI 6.29% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
Muwaileh | ROI 2.68% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
Al Nahda (Sharjah) | ROI 5.96% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
Aljada | ROI 2.96% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
Al Khan
As per the user trend on dubizzle, Al Khan tops the list of popular areas to buy apartments in Sharjah. The waterfront community of Al Khan provides easy access to Dubai and other Emirates. With an average sales price of AED 869k, the apartments for sale in Al Khan offer an ROI of 3.53%.
- The per square foot price of apartments has slightly dropped and averaged AED 862.
- The asking price of a studio apartment has been AED 386k. Whereas, it has been AED 578k for a 1-bed and AED 905k for a 2-bedroom apartment.
Al Majaz
Al Majaz is a family-friendly area located at the Khalid Lagoon providing scenic views to the residents. This family-friendly area with an average sales price of AED 635k, has been ranked second on the list. At this price, buyers can leverage an average ROI of 6.29%.
- The per-square-foot price has dropped by 4.38% averaging AED 380.
- The average sales price of a 1-bedroom apartment has been AED 328k. Whereas, the sales price of a 2-bedroom apartment averaged AED 548k.
Muwaileh
Muwaileh is situated on the outskirts of Sharjah near one of the major highways in the UAE, Sheikh Mohammed Bin Zayed Road (E311). That said, Muwaileh is in close proximity to Dubai. Therefore, AED 854k has been recorded as the average sales price of apartments with an ROI of 2.68%.
- To buy apartments in the areas, investors have paid AED 900 per square foot on average.
- The price of a studio apartment averaged AED 421k. Whereas, the average sales price of a 1 and 2-bedroom apartment has been AED 660k and AED 1M, respectively.
Other popular areas for buying apartments for sale in Sharjah in H1 2023 include Al Nahda (Sharjah) and Aljada. Al Nahda is popular among the citizens due to multiple public transportation routes connecting it with the city centre. Moreover, it also features a central theme park ideal for leisure activities.
With all these facilities, the average sales price of apartments in the area has been AED 576k in H1 2023. Whereas, apartments in Al Nahda offer an average ROI of 5.96%.
- The per-square-foot price of apartments slightly dropped from H2 2022 and averaged AED 401.
- Whereas, the asking price of a studio, 1 and 2-bedroom apartment has been AED 180k, AED 423k and AED 537k, respectively.
As per the Sharjah real estate sales trend, Aljada is the last one on our list of popular areas. Aljada is a master community featuring 70k residential properties spread over an area of 2.2 km. On an average sales price of AED 949k, buyers can avail of an ROI of 2.96%.
The per square foot price increased from AED 898 to AED 992 in H1 2023.
For a studio apartment, the average sales price has been AED 376k and it is AED 753k for a 1-bedroom apartment.
Top Areas for Renting Apartments in Sharjah
POPULAR AREAS | STUDIO Avg. Yearly RentChange from H2 2022 | 1-BED Avg. Yearly RentChange from H2 2022 | 2-BED Avg. Yearly RentChange from H2 2022 |
---|---|---|---|
Al Nahda (Sharjah) | STUDIO Avg. Yearly RentChange from H2 2022
| 1-BED Avg. Yearly RentChange from H2 2022
| 2-BED Avg. Yearly RentChange from H2 2022
|
Muwaileh | STUDIO Avg. Yearly RentChange from H2 2022
| 1-BED Avg. Yearly RentChange from H2 2022
| 2-BED Avg. Yearly RentChange from H2 2022
|
Al Qasimia | STUDIO Avg. Yearly RentChange from H2 2022
| 1-BED Avg. Yearly RentChange from H2 2022
| 2-BED Avg. Yearly RentChange from H2 2022
|
Al Majaz | STUDIO Avg. Yearly RentChange from H2 2022
| 1-BED Avg. Yearly RentChange from H2 2022
| 2-BED Avg. Yearly RentChange from H2 2022
|
Al Taawun | STUDIO Avg. Yearly RentChange from H2 2022
| 1-BED Avg. Yearly RentChange from H2 2022
| 2-BED Avg. Yearly RentChange from H2 2022
|
According to our in-depth analysis, the following areas were most popular among tenants to rent apartments in Sharjah.
Al Nahda (Sharjah)
As per the market trends, Al Nahda (Sharjah) tops the list of the most popular areas for renting apartments. Al Nahda is popular among the working class, due to its ideal location and easy access to Dubai. That said, the average annual rent in Al Nahda increased by 7.40% from H2 2002 and averaged 29k.
- The average annual rent of studio apartments jumped from AED 16k in H2 2022 to AED 18k in H1 2023.
- The prices of 1 and 2-bedroom apartments remained at AED 24k and AED 31k, respectively.
Muwaileh
After Al Nahda, Muwaileh has been the second most popular area with an average annual rent of AED 20k.
- In comparison to the previous quarter, the rental prices in Muwaileh showed a dip.
- Currently, the rent prices averaged AED 12k for a studio apartment and AED 20k for a 1-bedroom apartment. Whereas, to rent a 2-bedroom apartment in Muwaileh, tenants have paid AED 31k.
Al Qasimia
Similar to Muwaileh, a downward trajectory has been observed in the rental prices of apartments in Al Qasimia.
- The average annual rent dropped by 4.76% and averaged AED 21k.
- For the studio apartments, the prices drop from AED 14k (H2 2022) to AED 13k in H1 2023. Whereas, 2-bedroom apartments witnessed a dip from AED 24k to AED 23k.
- To rent a 1-bedroom apartment in Al Qasimia, tenatns have paid an annual rent of AED 18k.
Besides Al Qasimia, areas like Al Majaz have also remained popular. With an average annual rent of AED 37k, Al Majaz gained a fourth position on our list of popular areas.
- In Al Majaz, the price of studio and 1-bedroom apartments remained at AED 16k and AED 25k.
- Whereas, the price of a 2-bedroom apartment dropped and averaged AED 34k.
As per the Sharjah real estate market trend, Al Taawun has also been a popular area to rent an apartment in the Emirate. The average annual rent of Al Taawun increased by 5.08% making it AED 36k in H1 2023.
- The annual rent of studio apartments remained at AED 19k.
- However, the rent of a 1-bed and 2-bedroom apartment has been AED 27k and AED 36k, after an increase.
Top Areas for Buying Villas in Sharjah
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 | 3-BED | 4-BED | 5-BED |
---|---|---|---|---|---|
Al Tai | ROI 3.33% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
Sharjah Sustainable City | ROI 5.06% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
Muwaileh | ROI 5.52% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
Hoshi | ROI 4.23% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
Al Rahmaniya | ROI 4.96% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
Al Tai
dubizzle’s in-depth analysis also focused on the villas available for sale in Sharjah. According to consumer trends on dubizzle, Al Tai has been the most popular area to buy a villa. Al Tai also known as Al Tayy is located at an intersection of Sharjah Kalba Road (E102) and Emirates Road (E611) providing easy access to its residents.
To avail of this and buy a villa in this area, investors had paid an average sales price of AED 3.1M and yielded an estimated ROI of 3.33%.
- The per-square-foot price of Al Tai increased by 11.80% making it AED 825 for H1 2023.
- The asking price of a 3-bedroom villa has been AED 1.9M and it is AED 2.5M for a 4-bedroom villa.
Sharjah Sustainable City
Al Tai is followed by Sharjah Sustainable City known for its environment-friendly design and sustainability. That said, the average sales price of villas in this sustainable area has been AED 2.1M. Whereas, the estimated ROI on this price has been 5.06%.
- The per-square-foot price of villas jumped from AED 714 in H2 2022 to AED 741 in H1 2023.
- To buy a 3-bedroom villa in Sharjah Sustainble City, buyers have paid an average sales price of AED 1.7M.
- For 4 and 5-bedroom villas the prices averaged at AED 2.2M and AED 3.1M, respectively.
Muwaileh with the highest estimated ROI of 5.52% and an average sales price of AED 2.7M is third on our list.
- The per-square-foot price of villas significantly increased and averaged AED 815.
- Whereas, buyers have paid AED 1.9M for a 3-bedroom villa and AED 3.2M for a 4-bedroom villa, on average.
Hoshi
Hoshi is located on the border of Dubai and Sharjah offering spacious villas for sale. To purchase villas in Hoshi, buyers have paid AED 2.6M on average and yield an ROI of 4.23%.
- The price per square foot of villas in the area dropped from AED 652 to AED 491.
- However, after an increase, the prices of 4 and 5-bedroom villas averaged AED 1.9M and AED 3.2M.
Aside from Hoshi, Al Rahmaniya also remained a popular choice for buyers and investors looking for villas in Sharjah. The area offers an ROI of 4.96% and an average sales price of AED 1.6M.
- AED 365 has been the recorded per-square-foot sales price of villas in H1 2023.
- For 3 and 4-bedroom villas the asking price has been AED 1.1M and AED 1.5M, respectively.
Top Areas for Renting Villas in Sharjah
POPULAR AREAS | 3-BED Avg. Yearly RentChange from H2 2022 | 4-BED Avg. Yearly RentChange from H2 2022 | 5-BED Avg. Yearly RentChange from H2 2022 |
---|---|---|---|
Al Tai | 3-BED Avg. Yearly RentChange from H2 2022
| 4-BED Avg. Yearly RentChange from H2 2022
| 5-BED Avg. Yearly RentChange from H2 2022
|
Al Jazzat | 3-BED Avg. Yearly RentChange from H2 2022
| 4-BED Avg. Yearly RentChange from H2 2022
| 5-BED Avg. Yearly RentChange from H2 2022
|
Muwaileh | 3-BED Avg. Yearly RentChange from H2 2022
| 4-BED Avg. Yearly RentChange from H2 2022
| 5-BED Avg. Yearly RentChange from H2 2022
|
Al Sabkha | 3-BED Avg. Yearly RentChange from H2 2022
| 4-BED Avg. Yearly RentChange from H2 2022
| 5-BED Avg. Yearly RentChange from H2 2022
|
Hoshi | 3-BED Avg. Yearly RentChange from H2 2022
| 4-BED Avg. Yearly RentChange from H2 2022
| 5-BED Avg. Yearly RentChange from H2 2022
|
User trend on dubizzle shows that Al Tai has been the most popular area for renting villas in Sharjah followed by Al Jazzat, Muwaileh and Al Sabkha.
Al Tai
- After a slight dip from H2 2022, the average annual rent of villas in Al Tai has been AED 106k.
- To rent a 3-bedroom villa in Al Tai, tenants had paid AED 88k and AED 119k for a 4-bedroom villa, on average.
Al Jazzat
Al Jazzat is the next popular area as per the Sharjah real estate market trend in H1 2023. The area is located near the western coastline of Sharjah nestled at the Sharjah-Ajman border. The average annual rent of villas in Al Jazzat has increased by 13.58% and averaged at AED 92k.
- On the contrary, the rent of 3-bedroom villas dropped from AED 57k to AED 52k in H1 2023.
- However, the prices of 4 and 5-bedroom villas also increased making it AED 109k and AED 106k, respectively.
Muwaileh
Muwaileh has been the third most popular area in Sharjah to rent villas with an average annual rent of AED 147k.
- After an increase of 11%, the rent of a 3-bedroom villa averaged AED 116k.
- AED 177k and AED 210k have been the recorded rent of 4 and 5-bedroom villas.
Some other popular areas include Al Sabkha and Hoshi. Al Sabkha provides direct access to Al Kuwait Street making it in close proximity to Ajman. The area offers a peaceful lifestyle along with all the basic lifestyle amenities. That said, the average annual rent of the villas in Al Sabkha has been AED 44k after a drop of 21.42% from H2 2022. However, the rent of 3-bedroom villas remained at AED 45k.
Last on the list of popular areas to rent villas in Sharjah is Hoshi. The average annual rent of villas in Hoshi has been AED 112k after an increase of 13.13% from H2 2022.
- For a 3-bedroom villa, the average rent has been AED 94k. Whereas, it is AED 110k for a 4-bed and AED 117k for a 5-bedroom villa.
Here we wrap up our Sharjah real estate market report H1 2023. It is evident from the report that the property market of Sharjah is growing exceptionally. That said, if you want to avail ROI by investing in these properties, browse through these properties for sale in Sharjah and invest in real estate.
Stay tuned to dubizzle’s property blog for Sharjah real estate market overview.
Disclaimer: The above-mentioned data is based on the consumer trend on dubizzle. Please remember that these figures are not the actual representation of market transactions and they may or may not differ from the actual prices.