DUBAI // Rents in the Northern Emirates increased by as much as 33 per cent last year, with some tenants also being asked to pay additional fees for maintenance and parking spaces, according to a new report.
Figures released by the real estate company Asteco reveal year-on-year rents jumped by 33 per cent in Sharjah, 23 per cent in Ajman and 18 per cent in Ras Al Khaimah.
"Our research shows that the rental law created to protect tenants from steep annual rent increases is being circumvented by some landlords asking for additional fees for maintenance and extra parking spaces.
“This is to compensate for the three-year rent freeze stipulated in the rent law,” said John Stevens, managing director of Asteco.
Some areas of Sharjah saw increases of 38 per cent, with Al Majaz, Al Qasimiah, Al Nahda and Al Wahda being the most popular. The average increase across the emirate in the fourth quarter of last year was 8 per cent with two-bed flats on the Corniche costing up to Dh70,000.
Mustapha Samsuddin Jaliwala, leasing executive for Cluttons in Sharjah, said high demand and low supply were the main reason for the increases.
"The increases started as soon as the Expo 2020 win was announced," he said.
"We are also seeing a knock-on effect from the rising prices in Dubai as more and more people migrate to Sharjah to avoid the rising costs there. But the main issue is that there are far more people wanting to move here than there are available properties."
Although a number of residential projects had been completed, not all have had the electricity and water supplies connected, he said.
“There is a lot of development that has happened in Sharjah in recent years,” he said. “The road infrastructure has improved and there are many parks and gardens. What we do see is that it takes a very long time for the power to be connected to newly built residential projects.
“These buildings can be ready for a year and the power is still not connected.
“If this was done, then I think it would help to significantly increase supply of property in the market.”
Rents in Sharjah could increase by around 25 per cent by the end of this year, he said.
The most popular areas will be closer to Dubai, in particular Al Taawun while the Al Zahia mixed use development, which includes villas, apartment and commercial units, is expected to be popular with Arab expatriates.
Asteco’s Northern Emirates Q4 2013 report said RAK and Ajman witnessed fourth quarter growth of 6 per cent with Fujairah recording 5 per cent.
The annual rent for a two-bedroom apartment in RAK is up to Dh50,000 per year, while the cost of a similar property in either Fujairah or Ajman went up to Dh45,000.
However, the commercial sector in Sharjah has remained stagnant since 2010 with office rental rates showing an increase of 1 per cent since the fourth quarter of 2012 with rates unchanged in the final quarter of last year.
nhanif@thenational.ae
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
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MATCH INFO
Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')
Olympiakos 2 (El-Arabi 06', Semedo')
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Episode list:
Ep1: A recovery like no other- the unevenness of the economic recovery
Ep2: PCR and jobs - the future of work - new trends and challenges
Ep3: The recovery and global trade disruptions - globalisation post-pandemic
Ep4: Inflation- services and goods - debt risks
Ep5: Travel and tourism
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
