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Rents under pressure in UAE northern emirates says report

The Sharjah waterfront. Property sales and rents in the UAE’s northern emirates have come under pressure. (Reuters)
LONDON: Residential property sales and rents in the UAE’s northern emirates slowed in 2017, according to a report by bayut.com, the Dubai-based property portal.

The findings were based on prices advertised by real estate agencies on behalf of their clients on bayut.com, and not representative of actual real estate transactions conducted.

The report said studios in Naemiyah in Ajman were the most popular area for renting flats, but average annual rents of 20,000 dirhams ($5,444) were down 13 percent on 2016.

In the same area, annual average rents for one bedroom apartments at 27,000 dirhams represented a decline of 3.5 percent, while two bed apartments at 35,000 dirhams were down 12 percent.

Emirates City in Ajman was the top choice for homebuyers, with studios, one and two bedroom apartments going for 202,000 dirhams, 269,000 dirhams and 357,000 dirhams, respectively — down from 2016.

The next most popular area was Al-Sawan, also in Ajman. Studios here underwent the most significant increase of just under 3 percent, for an average asking price of 309,000 dirhams. However, one and two-bedroom properties declined in price by 2 percent to 410,000 dirhams and 577,000 dirhams.

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