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
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
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- Premier League-standard football pitch
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Company Profile
Company name: Big Farm Brothers
Started: September 2020
Founders: Vishal Mahajan and Navneet Kaur
Based: Dubai Investment Park 1
Industry: food and agriculture
Initial investment: $205,000
Current staff: eight to 10
Future plan: to expand to other GCC markets
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How to help or find other cats to adopt
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
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Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
Stage results
1. Julian Alaphilippe (FRA) Deceuninck-QuickStep 4:39:05
2. Michael Matthews (AUS) Team BikeExchange 0:00:08
3. Primoz Roglic (SLV) Jumbo-Visma same time
4. Jack Haig (AUS) Bahrain Victorious s.t
5. Wilco Kelderman (NED) Bora-Hansgrohe s.t
6. Tadej Pogacar (SLV) UAE Team Emirates s.t
7. David Gaudu (FRA) Groupama-FDJ s.t
8. Sergio Higuita Garcia (COL) EF Education-Nippo s.t
9. Bauke Mollema (NED) Trek-Segafredo s.t
10. Geraint Thomas (GBR) Ineos Grenadiers s.t
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
