The continued drop in rents in the emirate of Sharjah puts tenants in a comfortable position, suggested a recent report by consultancy Cluttons from Wednesday.
Residential rents in Sharjah mark a year to date drop of 7.1%, tracking the more expensive Dubai market which recorded drops of 8% in the same period. According to the report, Sharjah landlords were forced to lower rents due to low occupancy rates and in an effort to remain competitive to the higher priced markets.
Sharjah is traditionally offering more affordable housing than Dubai or Abu Dhabi with many employees commuting. Recently, there has been increased competition from the even more affordable housing offered in Ajman.
Sharjah’s office market has faced similar issues, where rents too have dropped, in an effort to track Dubai rents.