“Mixed development in Sharjah takes hold on emirate’s expanding real estate market”
Real estate in Sharjah has been redefined with a landscape of community developments catering to diverse lifestyle preferences. For a long time, property market of Sharjah has been associated to that of Dubai with ever fluctuating rental and sales cost.
The recent changes in property ownership laws are quite optimistic and welcomed allowing all the UAE nationals to purchase property units via freehold and a hundred year leasehold. Sharjah is now focused on making its market more lucrative for both local and foreign investors.
The UAE country manager, director valuations and chief advisory at Charleston Middle East and North Africa (MENA); Mr. Robin Teh says;
“The property demand in Sharjah has always been linked to that of Dubai where residents comparing price fluctuations in taking a decision whether to or not to move in Sharjah. However recently, real estate in Sharjah has become more diversifies evolving from affordable locations and a quality lifestyle.”
The emergence of investment property market is catering to a new style and breed of residential assets in form of gated communities which is something new and innovative for Sharjah. These are available at a significant discount as compared to that in Dubai as focus is being given to family living.
As more and more expats are investing in Sharjah properties, the demand for lifestyle-driven projects is mounting that includes mixed developments, malls and centres with family-friendly environment and entertainment options. Yet another optimistic thing to happen with the new developments and retail segments is creation of new jobs.
A large number of high-income earners live and work in the emirates thereby emphasis is more on the housing market, providing such amenities and facilities that meet lifestyle preferences.
A number of solo or partnership developers aligned with the government are set to launch big-time real estate projects in Sharjah. There’ve been announcements of approximately AED 2.47 billion worth of projects to bring new investment opportunities in the residential, retail, commercial and hospitality projects.
The crown jewel or biggest one is the Maryam Island with AED 2.26 billion worth of mixed development between the Al-Khan Lagoon and the Al-Mamzar peninsula. Then there’s a five-star hotel, Al-Khan Village Resort worth AED 120.6 million and the Kalba Waterfront Mall in the Eastern Emirate costing approximately AED 106 million.
Sharjah has now become a major hub of foreign business, hospitality, trade and tourism with significant collaboration of both government and private sector, empowering the emirate to represent an attractive proposition for domestic and foreign investors. All these projects would only boost confidence for the real estate in Sharjah, indicating a path to long-term success.
However undoubtedly, the economy felt a punch from wider slowdown all across the UAE but industry observers said the emerging lease and freehold markets remain high and continue accelerating beyond expectations.
Real estate in Sharjah is emerging with many new opportunities targeting the entire GCC region thereby establishing industrial and trade hubs in addition to the vibrant culture and rich community values.