Residential rents in Sharjah Emirate dropped by 1.6 percent during the third quarter of this year compared to the same period of last year according to Cluttons report.
Faisal Durrani, head of research at Cluttons, said that the rise of supply and the prices decrease in the neighboring emirate of Dubai pressured on rents in Sharjah.
However, Sharjah’s government diversification efforts and plans could contribute in lifting up the property market in the emirate.
Dubai real estate market too is witnessing a sluggish activity. Cluttons report issued last month mentioned that the homes prices dropped year-on-year by 3.5 percent expecting the soft market state to extend during the coming year.
The real estate consultancy expected in its report prices to drop by 3 to 5 percent during the coming year.