Sharjah Property Group profits rise by 40% in H1

UAE Sharjah Property Group

Profits rose by more than 40% in Sharjah Property Group during the first half of the year as the company benefited from rents rise.

The company reported that profits in the first six months rose by 40% to 3.1 million dirhams up from 2.2 million in the same period of last year.

Rents revenues in Sharjah Property Group rose by 9.6% hitting 3.4 million dirhams compared to 3.1 million in the last year.

According to CLuttons, rents in Sharjah rose by 23.9% in 2014 and flattened during 2015. Sharjah rents tend to mirror those of Dubai as many people move from Dubai to Sharjah looking for cheaper residence.