Gulf News: Sharjah realty boom is taking off

Gulf News: Sharjah realty boom is taking off

News: 21 March 2018

Pick-up in the sector with supply coming down the pipeline despite selling prices remaining under pressure

Gulf News, March 21, 2018

Dubai: In Sharjah, there is no such thing as difficult market conditions when it comes to selling property. Freehold and long-term leasehold sales have been on the up all through 2017 and developers are just as willing now to keep the supply pipeline humming with new launches.
“Since September 2017, there have been over 6,000 residential units released onto the market with more happening every month,” said Shane Breen, Director — Commercial Valuations & Consultancy, Cluttons. “Compared to Dubai this may seem small, but it’s a significant number for the Sharjah market.

“Developers are taking calculated steps with their launches to ensure they remain competitive and also taking care to not oversupply. As the market begins to mature and awareness and interest in Sharjah picks up we would expect developers to start to ramp up their releases.

“Sharjah has always been a bit of a surprise package and while it isn’t going to be overtaking the more established markets in the UAE just yet, it is definitely starting to get people’s attention.”

Certainly, the buyer attention is very much there. Recent launches have all had them clamouring for more, and developers such as Arada — owned by high-profile Sharjah and Saudi investors — and Tilal City have been tapping into demand. Another developer, Alef, is also expanding its residential interests, in the University City area.

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