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Rental rates in Sharjah are likely to remain high over the next two years, driven by the influx of new residents into the emirate. According to industry experts, rental prices have increased by 5-10%, although this is still lower than in other emirates.
One of the key drivers behind rising rents is Sharjah’s growing population, a trend seen across the UAE. According to the 2022 census, the emirate’s population reached 1.8 million, up from 1.4 million in 2015. This growth is largely attributed to the UAE’s rapid economic recovery after the impact of Covid-19.
Another factor boosting demand was the decision to allow foreign ownership of real estate at the end of 2022, which provided significant support to the local property market. In addition, several new residential and mixed-use projects have been launched by major developers such as Alef Group, Arada, and Shurooq, offering more opportunities for both investors and renters.
Real estate consultancy Asteco highlighted that Sharjah leads the northern emirates in terms of new supply and project launches.
As of Q3 2024, rental prices in Sharjah ranged from AED 12,000 for a studio to AED 100,000 for a three-bedroom apartment, reflecting a 3% quarterly increase and a 16-19% year-on-year increase. Issa Ataya, CEO of Alef Group, believes the rise in rental rates is "good news for investors."
"Rents are increasing due to growing interest from both investors and end-users. People are moving here to live, contributing to the development of the local economy," he added.
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