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 Rents in Sharjah remained stable in the first quarter 2015, driven by tenants ‘re-migrating’ to Dubai, or opting for Ajman, which offers 'value for money',  says a new Cluttons report.

“The ensuing impact of this rapidly changing market dynamic has caused rental growth in Sharjah to stall, with little or no growth being registered in the first quarter 2015 across all the city’s major sub-markets,” the real estate consultancy said in its ‘Spring 2015 Property Market Outlook’.

Annualised rental value growth reached 26.4 per cent at the end of third quarter 2014, with the first three quarters registering between five and 10 per cent increases.

Growth slowed to mere 0.5 in the fourth quarter 2014 with the slowdown attributed to the dampening rate of increases in Dubai leading to reverse migration or moving to the more-affordable Ajman.

“This has almost halved the annual rate of growth to just under 12 per cent.

“This slowdown is likely to persist this year and we expect increased downward pressure on rents, with slight declines projected over the course of 2015,” the report added.