Blending tradition and modernity, the vibrant arts scene and lively markets of Sharjah have uniquely positioned it as the UAE’s cultural capital. At its core, it’s an investment hub drawing Nigerian investors – a Middle Eastern gem amid a vibrant mix of emirates. Having economic prosperity and a strong investment climate upheld by initiatives like Shurooq, Sharjah’s real estate market is on the rise. Caught between the rhythm of Dubai and the Northern Emirates’ pulse, this spot offers more than cultural appeal – it spins a global investment web.
Sharjah’s Real Estate Market Overview
Sharjah’s property sector is booming, its resilience fueled by a ballooning population and an economy diversifying like never before. The emirate’s draw for foreign investment and a slew of new infrastructure have birthed vibrant commercial hubs and residential communities, signalling a future ripe with opportunity.
The Bayut Annual 2023 Sharjah Market Report paints a bright future for the property sector—especially the flats in Sharjah. Prices shot up by a whopping 24% on both apartment sales and rentals—a clear signal of growing accommodation calls. Villas aren’t left behind either—favoured locales saw values rising an impressive 16.3%.
Emerging Areas in Sharjah with High Potential
Al Majaz and Al Nahda remain investor favourites in Sharjah, yet the horizon broadens as new areas emerge, tempting Nigerian investors with fresh opportunities. Keep an eye on these up-and-coming locales:
1. Al Khan
Nestled by the water, Al Khan emerges as a preferred locale, celebrated for its range of mid to high-rise living spaces and plentiful amenities. Bayut’s analysis reveals a consistent climb in its real estate values, spotlighting an average apartment price per square foot at NGN 318,300 in 2023. It’s a prime spot for Nigerian investors seeking promising ventures, with an ROI of up to 4.35%. In 2023, acquiring a 1-bedroom apartment in Al Khan averaged NGN 271 million.
2. Muwailih
Muwailih, a versatile neighbourhood, has caught the eye of both purchasers and renters, thanks to its prime positioning, seamless highway connectivity, and the vicinity of educational institutions. Bayut’s 2023 report underlines a noteworthy hike in real estate valuation, with the average villa price per square foot hitting NGN 381,500, alongside a remarkable uptick in apartment values. Villas offer a compelling 5.10% ROI, making Muwailih a prime spot for Nigerian investors aiming for both capital growth and rental profits. A 3-bedroom villa in Muwailih commanded an average price of NGN 909 million in 2023.
3. Al Tai
Al Tai, celebrated for its outstanding facilities such as parks, supermarkets, and children’s play zones, has become a hot spot for those looking to buy or rent villas. In 2023, the area saw an average villa price per square foot rise to NGN 312,600, with 3-bedroom villas averaging a sale price of NGN 740.5 million. Its popularity for villa rentals in Sharjah highlights Al Tai as a lucrative choice for buy-to-let investors. While apartment options within Al Tai are scarce, neighbouring locations like Muwailih present additional possibilities.
4. Al Majaz
Al Majaz stands out as a favoured location for purchasing apartments in Sharjah, famed for its diverse dining options, retail stores, and leisure activities. The district saw apartment prices per square foot climb to NGN 196,000 in 2023, marking a 2.71% growth from the previous year, as per Bayut’s analysis. A 1-bedroom apartment in Al Majaz had an average sale price of NGN 278 million. Offering an ROI of 5.67%, Al Majaz emerges as an appealing choice for Nigerian investors looking at flats in Sharjah.
5. Al Taawun
Al Taawun is on the rise as a promising area for apartment investments in Sharjah. In 2023, the average apartment price per square foot dipped to NGN 187,500, showing a 6.28% decrease from the year before. Yet, with a solid ROI of 5.75%, Al Taawun holds the potential for healthy rental returns. The going rate for a 1-bedroom flat in the area averaged NGN 261.5 million in 2023.
Here’s a table summarising key details for these emerging areas:
| Al Khan (1 BHK Apartment) |
Muwailih (3BHK Villa) | Al Tai (3 BHK Villa) |
Al Majaz (1 BHK Apartment) |
Al Taawun (1 BHK Apartment) |
|
| Avg Price/sq.ft (NGN) | 318,300 | 381,500 | 312,600 | 196,000 | 187,500 |
| Avg Price 1-BHK (NGN) | 271 million | 909 million | 740.5 million | 278 million | 261.5 million |
| ROI | 4.35% | 5.10% | 4.23% | 5.67% | 5.75% |
Investment Opportunities and Considerations
Sharjah presents an assorted portfolio of investment prospects to Nigerian investors, from off-plan projects and completed properties, to buy-to-let options. Off-plan ventures like Al Rahmaniya 1 in Al Rahmaniya, Masaar in Al Tai, and Barashi in Hayyan have garnered marked attention from villa purchasers. For apartment enthusiasts, developments such as Al Mamsha in Muwailih, Nasaq in Aljada, and Maryam Island in Al Khan have drawn considerable buyer interest.
Key Off-Plan Projects:
| Area | Project | Property Type |
| Al Rahmaniya | Al Rahmaniya 1 | Villas |
| Al Tai | Masaar | Villas |
| Hayyan | Barashi | Villas |
| Muwailih | Al Mamsha | Apartments |
| Aljada | Nasaq | Apartments |
| Al Khan | Maryam Island | Apartments |
Investing in Sharjah Real Estate as a Nigerian Investor
Investing in Sharjah’s real estate presents attractive benefits for Nigerian investors, such as tax-friendly policies, freehold ownership rights, and a variety of property options to suit all budgets. Sharjah’s strategic geographical placement and robust infrastructure further enhance its appeal to investors and residents alike.
However, successful investment requires awareness of potential challenges, including financing, legalities, and property management. Engaging with local real estate and legal experts is essential to navigate these aspects efficiently and mitigate risks.
An additional avenue for optimising investment outcomes is to consider the Golden Visa program, which offers long-term residency benefits to investors. The key benefits of UAE’s Golden Visa program include:
- UAE work authorization and no personal income tax.
- Residency for spouse and children and access to UAE healthcare.
- Sponsorship of domestic staff and Esaad privilege card with discounts.
- Multiple entry for easy travel and opportunity for renewal.
The benefits of the Golden Visa provide an alluring way to maximize investment results, in addition to market research, focusing on growth regions, and diversifying portfolios.
Conclusion
Nigerian investors have a great opportunity to take advantage of Sharjah’s collaborative, innovative, and forward-thinking culture thanks to the emirate’s all-encompassing economic plan. With Sharjah as your backdrop, construct your global investment narrative. Jump in, make connections, and see the colourful mosaic of Sharjah’s investing landscape grow.
Frequently Asked Questions
Q1. What are the key steps and requirements involved in obtaining the UAE Golden Visa for investors?
- To obtain the UAE Golden Visa for investors, the key steps include having an approved investment plan valued at NGN 387.5 million or more, passing background checks, providing required documents like proof of investment and medical fitness certifications, and submitting the Golden Visa application for evaluation.
Q2. How can I initiate investment in Sharjah from Nigeria?
- Start by reaching out to Shurooq and the Nigerian-UAE Business Council for advice on legalities, financial matters, and sector-specific opportunities.
Q3. What returns on investment can be anticipated in Sharjah’s real estate sector?
- Anticipated ROI varies as per property types, typically ranging between 3-7% depending on the area of investment and market trends.
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