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The real estate sector in Sharjah is strongly influenced by the fluctuations in the property market of its contemporary cousin, Dubai. Over the years, Sharjah’s lower rents have driven the Dubai-based working population to Sharjah.
However, the recent falling rents in Dubai and the eternal traffic congestion in Sharjah have taken a toll on the latter’s residential market. These factors have led to a three per cent drop in transactions in the second half of the year, according to a report issued by Asteco. However, there are a few residential projects in the offing which could renew confidence in Sharjah’s residential sector.
One of the most exciting developments is Tilal City located near Shaikh Mohammed bin Zayed Road. It is the first in the emirate to offer land plots to expatriates on 100-year leasehold basis. The mixed-use project will be divided into five zones and will consist of apartments, villas and townhouses. It will have more than 1,800 land plots and occupy an area of 25 million square feet. It will also include commercial and retail spaces as well schools, play areas and mosques.
The Shoumous Residential Complex is the first of its kind in Sharjah which allows Arab buyers to make custom-built houses. There are 220 plots available in different sizes. Located in the Al Tai district, the project will have a community centre, a hypermarket, parks and mosques in its premises.
Al Zahia, located near Sharjah University, is the first gated community in the emirate which currently caters to Arab nationals. Upon completion, it will have villas, townhouses and apartments plus world-class amenities. The complex will also have a cultural centre, shopping mall, parks and mosques.
Sharjah’s most sought-after destination Al Nahda will soon be home to Al Rayyan, a mixed-use development that will comprise two towers offering one to three-bedroom apartments, a commercial tower and a retail complex with a hypermarket. The development’s proximity to Dubai is an added appeal.
With these residential projects, Sharjah will be sure to have a booming realty sector in the years to come.
* The new projects in Sharjah are Tilal City, Shoumous, Al Zahia and Al Rayyan
* Tilal City is first in emirate to offer properties to expatriates on 100-year lease
* Al Rayyan to have two residential towers, one commercial tower, retail complex
Source: Zenifer Khaleel, Special to Properties
The writer is a freelancer