Growing real estate prices are always a concern for low earning expatriates in UAE. When rental rates become unaffordable, many people packed their luggage and moved to distant locations. Sharjah is one of the growing property markets because of relocation of many neighboring workers from Dubai.
We have seen a good economic stability and many real estate projects starting in Dubai bringing more investors from all over the world. Now the real estate market is growing and getting stable which has resulted in higher rental rates for expats.
Areas like Al-Nahda and Al-Qusais have seen a 5 to 7 percent increase in real estate prices. A lot of people have moved to Sharjah for low cost apartments, but recent increase in rental rates because of migration made people to shift to even more distant places.
Ajman is now becoming the preference for many people because you can get a 2 bedroom apartment in 30,000 DHS to 40,000 DHS. As compared to Dubai, the 2 bedroom rental costs are over 80,000 DHS. A lot of difference in property prices in Ajman, but people has to let go all the amenities that Dubai offers.
Many of the expats prefer to stay in Dubai in shared apartments because of the facilities available in Dubai. Property developers like Emaar and Ras Al Khaimah revealed their Sharjah-Dubai border developments.
It will open more property development projects in areas like Ajman and Sharjah. However, Ajman is 2 hours commute away from Dubai, which is a major concern for many people that will make them spend most of the time travelling. On the other hand, people prefer to move to Sharjah because it is very near to Dubai.
This increase in Dubai property market is a positive sign and a growth in real estate sector. Confidence of investors is now growing because of the latest development projects being announced by Dubai Government and real estate developers.
It is a sign of fresh air in Dubai property market because news were prevailing in the market that the new property bubble is in making that will blast anytime soon.
According to one of our senior property consultants, “we have seen a sudden increase in inquiries after mid-Ramadan. More people are inquiring about investing in real estate and asking for the best location in Dubai for real estate investment. As compared to starting weeks of Ramadan that is almost 200% increase in rental and sale queries.”
End of the Ramadan will bring more tourists from Gulf and all over the world, which may increase the prices even more.
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