Bloomberg said that Sharjah is attracting foreign investors to its shores, less than two years after issuing a law allowing foreigners to buy real estate in specific areas of the emirate. The agency pointed out that currently, a number of developers are working on building tens of thousands of homes.
It quoted Prathyusha Gurrapu, head of research and consulting at Cushman & Wakefield Core, as saying: “We have lower rents and lower living costs in general.”
Recently, Sharjah has begun to witness major changes in the real estate market, since the launch of the “Aljada” project, which costs about $ 10 billion and is being developed by “Arada” and includes 25,000 homes.
Sharjah, which was first settled more than 7,000 years ago, was historically rich thanks to its ports and pearl fishing industry, and the “Heart of Sharjah” project is a living witness to this history.
In “Aljada”, real estate prices rose from 650 dirhams to 1,400 dirhams per square foot.
Eagle Hills is also building a luxury residential and tourism project on Maryam Island in Sharjah worth AED 4.5 billion, while SEE Holding is developing more than 1,200 units in multiple phases.