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Dubai / Emirates Business
dubizzle — the UAE’s leading property classifieds platform — reveals its first ever property report for the UAE’s Northern Emirates, comparing Q1 2016 data to Q1 2015.
dubizzle.com has over over 5 million unique visitors a month, with an average of two visits per week, per visitor and an average duration of 16.5 minutes per visit, and over 1.5 million unique visitors to property section alone.
dubizzle regularly analyses this large amount of data to share insights and trends each quarter across different areas of the business — including motors, items for sale, jobs and property.
This month, dubizzle has compiled its first Northern Emirates report highlighting key insights and trends across Ajman and Sharjah’s property landscape.
The health of Dubai’s real estate market has a ripple effect on the property market in the northern emirates, predominately Sharjah and Ajman due to their close proximity.
dubizzle’s report findings indicate an overall decline of prices in Sharjah and a levelling off of prices in Ajman as housing are more affordable across the country.
According to the Real Estate Registration Directorate of Sharjah, real estate transactions in Sharjah witnessed a 44.6% increase in 2015 – worth AED 25.5 billion – and the Emirate saw an 42% increase in evaluation enquiries.
The Sharjah Investment and Development Authority, Shurooq, recently revealed that, when comparing 2014 and 2015 figures, Sharjah’s real estate sector had successfully developed approximately 84.5 million square metres in land space, leading to the establishment of over 60 real-estate projects, this contributing to the leveling softening of property prices in the Emirate.
As such, the dubizzle report reveals that property rental prices in Sharjah’s coastal areas -including Al Mamzar, Al Majaz and Al Qasba – have significantly decreased compared to Q1 2015, with a drop in prices per sq.ft. by 7%, 7% and 13% respectively.
Similarly, Al Qasba witnessed a 39% decrease in sale prices per sq. ft.
As Ajman and Sharjah’s popularity continues to rise amongst Dubai’s employed residents and property-seekers, dubizzle will move
forward to driving data transparency across the UAE to provide people with a more holistic view of the country’s property landscape.
dubizzle’s Northern Emirates report also reveals a
drop in rental and sale prices across Ajman, with the Al Butain community experiencing a 43% decrease in sale price per sq. ft. and 19% decrease in rental prices per sq. ft while, in other areas such as Al Rashidiya, rental prices remained stable.