Average residential rental prices in the UAE emirate of Sharjah climbed by 4.5% during the first quarter of 2014, leaving them 19% higher than this time last year, according to Cluttons.
The real estate consultancy reported in its spring 2014 Residential Market Outlook that rising rents in neighbouring Dubai are making Sharjah an attractive option for tenants.
The report also cited an influx of residents from troubled parts of the region as well as renewed economic activity and job creation in Sharjah as reasons for a buoyant property market in the emirate.
Cluttons said average rents in Al Qassimiya have seen the strongest gains over the past 12 months, with rents now standing 36% higher than in Q1 2013.
Villas registered a 13% rise in rents in the first quarter, which compares to a 25% increase throughout 2013, the report added.
Steve Morgan, Cluttons Middle East chief executive, reportedly said: “The strong growth in villa rates has been catalysed by rising demand for villa communities, particularly along the Sharjah Airport/Maliha Road corridor. This is being fuelled by a rising population, which in turn is being driven by the emirate’s expanding aviation sector, a growing number of international schools and the proximity to Sharjah International Airport.”