{"id":44830,"date":"2017-02-20T23:43:27","date_gmt":"2017-02-20T16:43:27","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=44830"},"modified":"2017-02-20T21:00:43","modified_gmt":"2017-02-20T14:00:43","slug":"cheaper-housing-in-dubai-suppresses-sharjah-and-ajman-rents","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cheaper-housing-in-dubai-suppresses-sharjah-and-ajman-rents\/","title":{"rendered":"Cheaper housing in Dubai suppresses Sharjah and Ajman rents"},"content":{"rendered":"


\nThe growth in the number of developers looking to provide more affordable housing schemes to buyers in Dubai is having a knock-on effect in the Northern Emirates, with rents falling across the board and some landlords even offering monthly payments and rent-free periods to attract tenants, according to Asteco.The firm’s Northern Emirates report for 2016 stated that apartment rents in Sharjah dropped by 3 per cent year-on-year, with one-bed and two-bed units dropping by an average of 5 per cent – to Dh32,000 and Dh43,000 per year respectively.Asteco said that a doubling of a rental registration fee from 2 to 4 per cent introduced last year meant that more Sharjah residents were staying put in existing accommodation. In a bid to tempt people into new buildings such as Al Marzouqi Tower in Al Qasimiyah and at Al Thuriyah’s Sahara Tower complex on the Dubai\/Sharjah border, landlords have begun offering rent-free periods. Some are also offering more flexible payment terms of six to 12 rental cheques per year.In Ajman rents dropped by 2 per cent last year, and in Ras Al Khaimah rents were 1 per cent lower. Asteco predicted further rental declines in 2017 as more affordable stock is delivered both in Dubai and in other Northern Emirates. For instance, it expects 504 new apartments to be handed over at the Al Rayyan apartment complex in Sharjah, and more than 1,400 apartments at Al Marjan Island in Ras Al Khaimah.John Stevens, the managing director of Asteco, said: “We could see further declines in 2017 if the supply of affordable property continues to stifle demand in the Northern Emirates.”Sharjah and Ajman are expected to experience more downwards pressure on rates in comparison to Ras Al Khaimah and Umm Al Qaiwain,” said Mr Stevens.Meanwhile, CBRE’s latest Ras Al Khaimah Marketview stated that residential rents in master- planned communities such as Al Hamra Village and Mina Al Arab dropped by about 5 per cent during 2016. It said that it expects rents to experience “further modest shifts” in the short to medium term.Although Emaar’s plan to build a 2 million square metres development on Al Marjan Island and a new government scheme under way for 300 homes just off Sheikh Mohammed bin Zayed Road mean supply in RAK will increase, the “stable position of the local economy and sustained demand for good quality housing” meant the potential for further rent declines would be limited.In Fujairah, the cost of the average one-bedroom apartment fell 7 per cent to Dh43,000 from Dh40,000, while the average two-bedroom was unchanged at Dh49,000.Meanwhile forecasts for the number of new homes scheduled to be delivered in Dubai this year range from 41,000 by JLL to 61,000 by Cavendish Maxwell, although both firms have stressed that developers are likely to delay handovers to prevent further price declines.A recent analysis of Dubai’s off-plan market by Reidin\/Global Capital Partners found that 78 per cent of units sold between 2015 and the third quarter of last year had a price tag of less than Dh2 million.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Cheaper housing in Dubai suppresses Sharjah and Ajman rents<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The growth in the number of developers looking to provide more affordable housing schemes to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-44830","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-bF4","jetpack-related-posts":[{"id":4812,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sharjah-and-ajman-property-prices-fall-as-dubai-developers-offer-cheaper-homes\/","url_meta":{"origin":44830,"position":0},"title":"Sharjah and Ajman property prices fall as Dubai developers offer cheaper homes","date":"February 15, 2016","format":false,"excerpt":"\r \r Sales of new homes in the Northern Emirates are likely to remain subdued in 2016 as a \"bleak economic outlook will affect buyer's sentiment,\" according to a new report from Asteco Property Consultants. The Northern Emirates are typically interdependent with Dubai's property market, and with both house prices\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36154,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/northern-emirates-rents-stay-flat-after-falling-earlier-this-year\/","url_meta":{"origin":44830,"position":1},"title":"Northern Emirates rents stay flat after falling earlier this year","date":"November 27, 2016","format":false,"excerpt":"\r Housing rents in the UAE's Northern Emirates remained largely flat during the third quarter after falling in the first part of the year in line with the performance of the Dubai market.Sharjah and the other Northern Emirates, located within commuting distance to Dubai, have traditionally been seen by many\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22203,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/proportion-of-commuters-into-dubai-is-on-the-wane\/","url_meta":{"origin":44830,"position":2},"title":"Proportion of commuters into Dubai is on the wane","date":"August 7, 2016","format":false,"excerpt":"\r It may seem unlikely if you are stuck in rush hour traffic out of Sharjah, but a report suggests the proportion of Dubai's population commuting into the city is actually fallingFor thousands of low or moderately paid workers flocking to shops and offices across Dubai, commuting into the city\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12658,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sharjah-rents-fall-8-and-decline-set-to-continue-in-line-with-dubai\/","url_meta":{"origin":44830,"position":3},"title":"Sharjah rents fall 8% and decline set to continue in line with Dubai","date":"May 11, 2016","format":false,"excerpt":"\r Rents in Sharjah as set to continue dropping in 2016 after experiencing an 8.3 per cent year-on-year fall in the first quarter of 2016, according to Cluttons. The property consultancy said rents over the three-month period dropped by 5.7 per cent, fuelled mainly by rapidly-declining villa rents. Average villa\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4017,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-house-prices-to-fall-further-but-at-a-slower-rate-than-last-year\/","url_meta":{"origin":44830,"position":4},"title":"Dubai house prices to fall further, but at a slower rate than last year","date":"February 7, 2016","format":false,"excerpt":"\r \r House prices in Dubai are likely to fall further this year, but at a slower pace than in 2015 even as further supply comes on to the market, according to Asteco.The property consultancy's fourth-quarter report for Dubai and the Northern Emirates stated that villa prices fell by 11\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4019,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-house-prices-to-fall-further-but-at-a-slower-rate-than-2015\/","url_meta":{"origin":44830,"position":5},"title":"Dubai house prices to fall further, but at a slower rate than 2015","date":"February 7, 2016","format":false,"excerpt":"\r \r House prices in Dubai are likely to fall further this year, but at a slower pace than in 2015 even as further supply comes on to the market, according to Asteco.The property consultancy's fourth-quarter report for Dubai and the Northern Emirates stated that villa prices fell by 11\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/44830"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=44830"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/44830\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=44830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=44830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=44830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}