Expo 2020 jobs to help falling Sharjah rents recover, says expert

  DUBAI - Sharjah property rentals are expected to continue falling while the emirate waits for effects from an influx of jobs in Dubai, an analyst said. “Rents across Sharjah’s more affordable areas remain linked to the performance of Dubai’s rental market, said Faisal Durrani, head of research at Cluttons. "With a weak short-term outlook for Dubai, we do not expect to see any turn around in rental value growth until jobs linked to the World Expo in 2020 start to materialise, which we should start to see in the next 12 to 18 months. Until then, the rental market in Sharjah is expected to remain subdued,” Durrani said. Residential property rents in Sharjah have fallen an average of 5.7 percent in the last three months and are expected to continue to decline throughout 2016, according to real estate consultancy, Cluttons. Weaker conditions in the market are also expected to continue in 2016, with average rental falls of between 3 and 5 percent likely, according to Cluttons. The current fall in rentals has dragged the annualised rate of change in rents down to -8.3 per cent, Cluttons reported. The fastest fall was seen in villa rents, with average rates declining by 13.2 percent, whereas average apartment rents fell by 1.5 per cent in the first quarter, a 7.7 percent decrease compared to last year's figures during the same period. MFD/Expat MediaJTNDYSUyMGhyZWYlM0QlMjJodHRwJTNBJTJGJTJGZXhwYXRtZWRpYS5uZXQlMkZjbGFzc2lmaWVkcyUyMiUzRSUwQSUwOSUzQ2ltZyUyMGJvcmRlciUzRCUyMjAlMjIlMjBhbHQlM0QlMjJCdXklMjBvciUyMHNlbGwlMjBhbnl0aGluZyUyMG9uJTIwRXhwYXQlMjBNZWRpYSUyMENsYXNzaWZpZWRzJTIyJTIwc3JjJTNEJTIyaHR0cCUzQSUyRiUyRmV4cGF0bWVkaWEubmV0JTJGd3AtY29udGVudCUyRnVwbG9hZHMlMkYyMDE2JTJGMDIlMkZBRC1zdWJzZWN0aW9uLWNsYXNzaWZpZWRzLTE2NHgyMDkuanBnJTIyJTIwd2lkdGglM0QlMjIxMDAlMjUlMjIlMjBoZWlnaHQlM0QlMjIxMDAlMjUlMjIlM0UlMEElM0MlMkZhJTNF