Sharjah Emerges as a Prime Investment Destination
Less than two years after the implementation of a law allowing foreigners to acquire properties in specific areas of this conservative emirate, Sharjah is establishing itself as a prime investment destination. In response to this opening, real estate developers have launched the construction of tens of thousands of housing units, transforming the urban landscape of the city.
Renowned for its conservative character and status as the cultural capital of the United Arab Emirates, Sharjah is experiencing a significant increase in migration. Many residents are leaving Dubai to settle in Sharjah, where the cost of living and rents remain more affordable. In Dubai, the demand for housing has exploded in recent years, driven by the massive arrival of skilled workers attracted by tax benefits and a strategic geographic location. This pressure has led to a continuous increase in property prices over 16 consecutive quarters, with villa rents surging by 86% since the start of the pandemic, according to JLL.
Despite its attractive prices, Sharjah's real estate offer was until now mainly composed of old towers, which were uncompetitive compared to Dubai's modern and sophisticated infrastructure. However, a transformation dynamic is underway. Arada Developments, a local real estate company, is developing an ambitious $9.5 billion project called Aljada. This complex will feature 25,000 housing units, an entertainment zone with restaurants and shops, sports facilities, and one of the largest skateparks in the region.
This metamorphosis is expected not only to enhance Sharjah's attractiveness but also to offer a quality alternative to those seeking a more affordable living environment while still benefiting from modern infrastructure. The Aljada project testifies to Sharjah's ambition to position itself as a key player in the regional real estate market, capable of rivaling the vibrancy of its neighbor, Dubai.
