The value of transactions surged to AED14.6 billion in the first three quarters of 2018, according to the Sharjah Real Estate Registration Directorate (SRED), while apartments in the emirate witnessed a year-on-year decrease in rentals in the first nine months of the year.
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Studio apartments in Al Majaz were identified as the most affordable option, averaging AED 22,000 a year and witnessing a decrease of 10 percent compared to last year. This is followed by Al Majaz 3 at AED 22,400 per year (10 percent drop since last year), and Al Khan at AED 23,000 (15 percent drop since last year).
For those searching for one bedroom apartments, Al Khan was identified as the most affordable option, averaging at AED 30,200 per year (-11 percent year-on-year), followed by Al Majaz at AED30,400 (-13 percent), Al Majaz 3 at AED 31,000 (-14 percent) and Buhaira Corniche at AED 34,000 (-13 percent).
Two bedroom apartments witnessed similar trends, with apartments in Al Khan averaging AED 37,400 (-11 percent), Al Majaz at AED 39,000 (-13 percent), Al Majaz 3 at AED 44,000 (-7 percent) and Buhaira Corniche at AED 48,000 (-16 percent).
Three-bedroom apartment prices in Al Khan stood at an average of AED 51,400 (-24 percent) making them the most affordable location near the Corniche, followed by Al Majaz 3 averaging at AED 55,000 (-9 percent), Al Majaz at AED 61,000 (-2 percent) and Buhaira Corniche at AED 72,000 (-13 percent).
Investors seeking properties for sale can opt for Al Khan area, where one-bedroom apartments average AED 523,000, two-bedrooms at AED 742,000 and three-bedrooms at AED 1.1 million.
Prices for a one bedroom in Al Majaz average AED 730,000, two-bedrooms at AED 996,000 and three-bedrooms at AED 2.2 million.
Al Majaz 3 one-bedrooms average AED 638,000, two-bedrooms at AED 1.6 million and three-bedrooms at AED 2.5 million.
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