"Sharjah offers lower living costs, and we're seeing a migration from Dubai where rents have become unaffordable," said Prathyusha Gurrapu of Cushman & Wakefield Core. In Dubai, rising demand from professionals drawn by low taxes has caused home prices to increase for 16 straight quarters, with rents for single-family homes rising by 86 percent since the pandemic.
While Sharjah was once known for its older, budget-friendly housing, developers are now transforming the city. Arada Developments, led by a Saudi prince and a Sharjah royal, is working on Aljada, a $9.5 billion project with 25,000 homes, entertainment, and sports facilities. Other developers, like Abu Dhabi's Eagle Hills, are also investing in the city.
Sharjah's long history, which spans over 7,000 years, is being preserved through projects like "The Heart of Sharjah," which aims to restore historical alleys and markets.
Due to its lower costs, Sharjah is attracting more international buyers, with nearly 30 percent of Arada's sales now coming from Indian buyers. Despite price increases, Sharjah remains much cheaper than Dubai; for example, a one-bedroom apartment in Sharjah costs far less than a studio in Dubai.
Although Sharjah is more conservative, banning alcohol sales and hookah lounges, it's seen as a family-friendly city. However, limited public transportation and a more complicated property buying process compared to Dubai present challenges for some investors.
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