The once-affordable rental markets in Sharjah and Ajman are witnessing a significant spike in demand, leading to sharp increases in prices.
As Dubai residents seek more economical living options, they are finding that the cost of one- and two-bedroom apartments in these neighboring emirates has surged by nearly 20% since the last quarter of 2023.
According to Raif Hassan Ikkeri, founder of Eeman Properties, the primary motivation for residents moving to Sharjah and Ajman has been the substantial rent differences compared to Dubai.
“In the post-Covid period, rental rates in the UAE have been steadily increasing, opening new options in Sharjah and Ajman,” Ikkeri explained.
This trend is confirmed by Mohammed Rayyan, manager at A and H Real Estate, who noted a growing interest in the Northern Emirates, particularly Sharjah.
“By the end of 2023, a one-bedroom flat was available starting at Dh24,000 per year in prominent areas of Sharjah. Now, the rent has soared, starting from Dh30,000 to Dh36,000, depending on the location, age of the building, and amenities,” Rayyan said.
He also reported that smaller units are increasingly hard to come by, as they are all booked out in their agency. The surge in rental costs is not just an isolated incident but part of a broader trend in the UAE’s housing market.
The influx of residents seeking more affordable housing alternatives has inadvertently pushed prices up. Rayyan highlighted that many are gravitating toward one-bedroom apartments, which cater well to small families.
“Two-bedroom apartments are generally preferred by families of four. Those opting for two-bed units often do so to accommodate visiting parents from their home countries, rather than travelling back themselves,” he added.
The current market prices for two-bedroom flats in Sharjah have risen dramatically, ranging from Dh36,000 to Dh52,000. Just six months ago, these rents started at Dh34,000, peaking at Dh45,000, indicating a significant shift in the rental landscape.
As the trend continues, the implications for potential tenants are clear. Those looking to relocate to Sharjah and Ajman must now navigate a more competitive market, with prices rising in tandem with demand.
The rapid escalation in rents poses challenges not only for newcomers but also for existing residents who may find themselves squeezed by increasing living costs.
This evolving situation highlights the complex dynamics of the UAE’s real estate market, particularly in the wake of the pandemic.
As more residents seek value outside Dubai, the ripple effects are reshaping rental landscapes across the region, driving prices higher in areas once regarded as affordable.
With no immediate signs of stabilization, prospective renters will need to act swiftly to secure their housing in Sharjah and Ajman. For many, these once-overlooked emirates are becoming increasingly attractive options, albeit at a rising cost.
As demand continues to surge, the housing market’s future remains uncertain, leaving many to wonder how high rents can climb before the trend levels off.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members