Real estate in Sharjah saw strong demand levels from H2 2020 continue into H1 this year, with activity levels bouncing back, according to the latest from global property agent Savills.
The quality and availability of Grade A stock in the residential segment of real estate in Sharjah “continues to evolve.” Product offering has also matured, with a number of freehold options now being offered, including branded residence, student housing, townhouses, villas and apartments, spread across recently launched developments.
The demand is backed by low interest rates, affordable ticket prices, flexible payment plans, service charge exemptions and higher quality products, the report said.
MASTER PLANNED PROJECTS AND LARGER HOMES PROP UP REAL ESTATE IN SHARJAH
The growth activity in residential real estate in Sharjah is largely supported by developers that are going ahead with construction and project launches, the report said. Further, development activity in master planned projects has also picked pace.
Most of the launched master planned projects are located in New Sharjah, especially in University City. At the same time, Al Khan, Al Suyoh and Al Rahmaniya are also seeing a rise in development activity. The report stated that this would diversify offerings in Sharjah, and also prompt the supply of competitively priced developments.
There are a total of nine ongoing master planned communities in the emirate, the report said. Some of these that are partially completed, have seen a growth in occupancy over the last 12 to 18 months.
Key incoming projects include Arada’s Al Jada (20,000+ units) and Masaar (4000 units), Shurooq Eagle Hills’ Maryam Island (4800 units), and Alef Group’s Al Mamsha (3500 units). Over 2,200 units were completed across these and other master planned communities.
Further, in line with the trend across the UAE, a desire for larger spaces has bumped up demand for townhouses and villas. At the same time, demand for apartments has also remained strong, the report noted. Property transactions worth nearly AED 12.2 billion took place in H1 2021, growing 40.5% year on year. Of these, residential transactions accounted for nearly half of the demand.
Elsewhere, as available stock and pricing options grow in Sharjah, price corrections are taking place in the off-plan sales market post a slight increase in Q4 last year.
Some developers have also readjusted unit configurations and layouts for new phases, to match changing market specifications and pricing within real estate in Sharjah.
Photo credit: www.arabianbusiness.com, www.aljada.com/en
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