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(Bloomberg) — A firm backed by members of Sharjah’s ruling family is entering the real estate market with a 5 billion dirham ($1.4 billion) housing project, seeking to tap into growing demand in Dubai’s northern neighbor.
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Beeah Group, known for its waste management operations and clean energy initiatives, plans to launch its first residential development in Sharjah, Chief Executive Officer Khaled Al Huraimel said in an interview. The project will include about 1,500 homes, along with shops, offices and sports facilities.
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Much of the housing stock will be single-family homes, known locally as villas or townhouses, designed to meet the rising demand for high-quality housing, Al Huraimel said.
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Real estate sales in Sharjah climbed 30% in the first quarter of this year, the CEO said. “And that’s demand from end users, not speculators or investors.”
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Long viewed as a more affordable alternative to Dubai, Sharjah has seen a surge in real estate activity in recent years. A widening price gap — homes in Dubai can be 40% to 50% more expensive — is pushing residents and investors to look north. Still, home prices in Dubai have jumped nearly 70% over the past four years, prompting some analysts to warn of a potential correction.
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Sharjah’s appeal has grown since it allowed foreign property ownership in designated areas. Major players such as Arada Developments, co-owned by the son of Saudi Arabian Prince Alwaleed bin Talal and a member of Sharjah’s royal family, are already building massive projects like the $9.5 billion Aljada development.
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The government has also taken steps to maintain affordability, including a three-year rent freeze for new tenants and limits on increases thereafter.
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Beeah plans to fund the project through a mix of equity and off-plan sales. Buyers are expected to come primarily from the Gulf region and the Indian subcontinent.
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While the company hasn’t disclosed pricing for the project — which will use recycled materials and net-zero ready infrastructure — Al Huraimel said the homes will be offered at “competitive prices, even for Sharjah.”
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