Property values in Muwaileh rise in 2019, as investor demand in New Sharjah takes of

Property values in Muwaileh rise in 2019, as investor demand in New Sharjah takes of

News: 4 February 2020

Sharjah’s Muwaileh was the only district in the UAE to see real estate prices grow last year, according to recent research conducted by Bayut.

Data provided by the property consultancy showed that apartment prices per square foot rose by almost 7% in Muwaileh, which is where Arada’s lifestyle megadevelopment Aljada is based.

The price per square foot for apartments in Muwaileh rose to AED975. Bayut said that a number of factors had contributed to this increase, the most significant of which was the influx of new projects and developments, and deliveries of new units.

The consultancy also highlighted Muwaileh’s excellent strategic location, which is well-connected with little traffic congestion, which makes it appealing for potential homeowners.

Bayut named Aljada as Sharjah’s most popular offplan project in 2019, adding that the most sought-after locations for investors within Aljada were the Areej Apartments, Misk Apartments and East Village.

Haider Ali Khan, CEO of Bayut, said: “The growth in Sharjah’s off-plan segment has enabled agencies and developers to capitalise on a wider profile of investors. Projects like Aljada…have gained a lot of popularity with both local and expat communities. As these projects mature and attract more investors, the real estate market in Sharjah is expected to grow further in the coming months.

“The Sharjah government announcing their highest annual budget so far, is a pretty promising sign, clearly showing that there is a consistent effort towards bringing in more development to the emirate.”

The report also stated that Seyouh, where Arada’s first project, Nasma Residences, is based, was one of Sharjah’s top areas for villa sales.

Sharjah saw a 7.3% increase in the value of property sold last year, bucking the trend of a slowing real estate market elsewhere in the UAE, while the number of transactions in the Emirate rose by 13.4%.

In January, Arada reported a 33% increase in the value of its sales in 2019 compared to the previous year.

According to Bayut’s end-of-year reports for other key property markets in the UAE, including Dubai, Abu Dhabi and Ajman, no other district saw property prices increase.