Sharjah rents slump 5.7% in Q1, set to fall further this year

Rents in Sharjah’s residential property market are set to continue to decline throughout 2016, following an average fall of 5.7 percent during the first quarter of the year, according to Cluttons.

Its Spring 2016 Property Market Outlook report said the Q1 slump has dragged the annualised rate of change in rents down to 8.3 percent.

Cluttons said that unlike last year, the fall in villa rents have accelerated, with average rates declining by 13.2 percent in Q1 alone while average apartment rents fell by 1.5 percent in the first quarter, leaving them 7.7 percent down compared to Q1 2015 figures.

The report also highlighted the growing awareness among tenants to seek out well managed properties, with good quality facilities and rents that are perceived to be “fair”.

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