New York Vs. Sharjah: Best Apartments For Sale

By: ROS Team

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While discussing the contest between New York and Sharjah, Sharjah is well known for being a multicultural city worldwide. Sharjah is also well known as a global hub for trade, innovation, and tourism. While New York is known as a financial powerhouse, it attracts people from all over the world.

International buyers accounted for 32.5% of the city’s investors in 2023 in New York City to buy apartments (according to a brokerage Avison Young report). Apartments for sale in Sharjah accounted for a 165% surge in real estate investments in 2023 (according to Emirates News Agency), reaching a transactional volume surge of USD 7,351,138,800. On the other hand, each city reflects unique experiences, historical cultures, and opportunities for business traders and visitors.

New York Vs. Sharjah: Comparison Of Living Costs

The cost of living in New York is 153% more expensive than in Sharjah. New York is ranked 6th, while Sharjah is ranked 3069th among the most expensive cities in the world.

New York City is ranked 9th, and Sharjah is ranked 352nd among the best cities to live in the world (according to the Living Cost 2023 report).

Living CostNew York (USD)Sharjah (USD)
Cost of Living One Person$4,036$1,552
One Person Rents$2,655$1,076
Family Rent$3,964$1,466
Transport Expenses$392$126
Airport Proximity13 km12 km
Population8.8 M1.25 M
Mortgage Interest Rate for 20 Years6.66%4.6%
Apartment Price to Buy in the City Center 10 ft2$16,151$3,634
International Primary School$20,746$5,152

Unveiling Investment Opportunities: Exploring New York’s Potential

New York is known for being a city of opportunities and a place to invest. The diverse and vibrant economy, cultural attributes providing a melting pot for investors, and proximity to major markets in New York City make it appealing for investment destinations. Additionally, New York’s burgeoning scene attracts most of the investors seeking growth in startups and innovation hubs.

The most demanding properties in New York City are listed below:

1)  733 Ocean Parkway, 8 B, Brooklyn, NY 11230
2)  661 Driggs Avenue, 2 B, Brooklyn, NY 11211
3)  9 Chapel Street, 3 C, Brooklyn, NY 11201

1. 733 Ocean Parkway, 8 B, Brooklyn, NY 11230

This property is located in south Brooklyn, Kensington, which provides easy access to all the entertainment offerings of the city, making it the most desired and convenient place for investors. The separate state-of-the-art kitchen provides an efficient cooking area, while the unique layout adds extra personality to the home.

A list of features at 733 Ocean Parkway, 8 B, Brooklyn, NY 11230 is listed below:

  • Outdoor Kitchen
  • Newly built
  • Outdoor living space
  • Parking area
  • Fitness centers/gyms
  • Panoramic view of the city

 

Apartment TypeArea/sq.mPrice/sq.m (USD)Avg. price (USD)
1-BED58$9,927$570,000

(The property prices are for luxury apartments in NY according to James Edition schedules.)

  • The average price/sq.m for 733 Ocean Parkway, 8 B, Brooklyn, NY 11230, is USD 9,927.

2. 661 Driggs Avenue, 2 B, Brooklyn, NY 11211

This stunning modern building is located in New York, near the Metropolitan and Grand Avenues, where every amenity is available next to the door. Entry is through the modern wooden lobby towards the elevator that takes you to the private residences equipped with two units. Unit B2 is a loft-like 2-bed unit with multiple windows and a living room, making it the perfect place for investors.

A list of features at 661 Driggs Avenue, 2 B, Brooklyn, NY 11211 is listed below:

  • Duplex
  • Newly built building
  • Water view
  • Gas Stovetop
  • Bars
  • Terrace and balcony

 

Apartment TypeArea/sq.mPrice/sq.m (USD)Avg. price (USD)
2-BED90$19,381$1,725,000

(The property prices are for luxury apartments in NY according to James Edition schedules.)

  • The average price/sq.m for 661 Driggs Avenue, 2 B, Brooklyn, NY 11211, is USD 19,381.

3. 9 Chapel Street, 3 C, Brooklyn, NY 11201

The 14-story, 27-unit free-standing condominium tower was designed by an award-winning architectural studio and is located in downtown Brooklyn, NY. A unique building is providing 360-degree views of the city. One-bed apartment offering south, north, and west views with a covered area easily accessible from the living room and bedroom.

A list of features at 9 Chapel Street, 3 C, Brooklyn, NY 11201 is listed below:

  • Open kitchen
  • Waterfront
  • Kitchen island
  • Panoramic city view
  • Bars
  • Terrace and balcony

 

Apartment TypeArea/sq.mPrice/sq.m (USD)Avg. price (USD)
1-BED82$14,838$1,210,000

(The property prices are for luxury apartments in NY according to James Edition schedules.)

  • The average price/sq.m for 9 Chapel Street, 3 C, Brooklyn, NY 11201, is USD 14,838.

 

Unlocking Investment Opportunities: Delving Into Sharjah’s Market Potential

Sharjah is part of the UAE and is gaining special attention as a prime real estate destination. Its strategic location, infrastructure, and state-of-the-art business policies make it an interesting investment hub for investors worldwide. Sharjah offers a diverse range of properties, fulfilling the investor’s needs, including commercial and residential options.

The most demanding apartments for sale in Sharjah City are listed below:

1) Al Khan
2) Al Majaz
3) Al Nahda

1. Al Khan

Al Khan is the most popular area in Sharjah for buying and selling properties. The waterfront area of Al Khan makes it the most preferable area to buy apartments. The property is close to key amenities and transportation hubs, making it one of the most appealing properties for investors. 12-story residential building offering 1-3 bed apartments and providing retail prices on ground floors.

A list of facilities at Al Khan is listed below:

  • Covered parking
  • Elevators in buildings
  • Gyms and fitness centers
  • Pet-friendly environment
  • Concierge and guest services

 

Apartment TypeAvg. area/sq.ft.Avg. price (USD)
1-BED851$170,437
2-BED1,125$225,162
3-BED1,793$358,844

(The property prices are for luxury apartments in Sharjah, according to Bayut’s 2023 Sharjah market report.)

  • The average price/sq.ft. for luxury apartments in Al Khan averaged USD 200.
  • The ROI value for Al Khan is 4.35%, a 1.82% increase from the previous year.

 

2. Al Majaz

Waterfront district Al Majaz in Sharjah is located along the Buhaira corniche. The area is spread over 231,000 sq. ft. Initially, Al Majaz was built for tourism only, but now the specified property area offers residential and commercial plots with shops and offices, which are primarily offered for rent. Al Majaz is popular among both investors and renters.

Apartment TypeAvg. area/sq.ft.Avg. price (USD)
1-BED1,422$175,066
2-BED1,404$172,887
3-BED2,139$263,279

(The property prices are for luxury apartments in Sharjah, according to Bayut’s 2023 Sharjah market report.)

  • The average price per square foot for luxury apartments in Al Majaz averaged USD 123.
  • The ROI value for Al Majaz is 5.67%, an increase of 2.71% from the previous year.

 

3. Al Nahda

Al Nahda is very spacious and affordable for families living in the UAE. It is located at the border with Sharjah. This is a vertical community close to the commercial hubs, with a range of apartment buildings. It was declared the most affordable apartment on offer in 2020, according to Bayut.

Why choose Al Nahda is listed below?:

  • An affordable community in Dubai offering residential and commercial properties
  • Healthcare facilities are provided within the area
  • Located on the Sharjah border
  • Ideal for people who are looking for a quiet neighborhood

 

Apartment TypeAvg. area/sq.ft.Avg. price (USD)
1-BED1,040$110,811
2-BED1,312$139,671
3-BED2,030$216,177

(The property prices are for luxury apartments in Sharjah, according to Bayut’s 2023 Sharjah market report.)

  • The average price per square foot for Al Nahda averaged USD 106.
  • The ROI value for Al Nahda is 6.50%, an increase of 3.15% from the previous year.

 

New York Vs. Sharjah: Rates Of Property Taxes

Taxes in the United States vary from state to state. The highest rate for property tax in New York is 3.40%, which is one of the highest rates in the country (according to the Door Loop Report). The applied taxes may change every year because market prices fluctuate and the requirements of the local government change, but adjustments are capped at 2% increases unless voted upon with 60% approval.

While in Sharjah, according to the immigrant investment report, when buying and selling a property in the UAE, there are two types of taxes: the transfer fee and the registration fee. The transfer fee rate may vary in the UAE; for example, the transfer fee in Dubai is 4%, while in Abu Dhabi it is 2%. This is equally divided between buyer and seller. There are no taxes on gifts and inheritance; the buyer pays the registration fee in the UAE, which depends on the cost of the property, for example.

  • $544 for property worth less than $137,000
  •  $1,090 for property worth more than $137,000

In Sharjah, buyers pay a 2% registration fee, while sellers pay a 1% fee, both based on the property value.

New York Vs. Sharjah: Presumption

New York City, a global financial hub, boasts iconic skyscrapers and a dynamic real estate market. Its diverse neighborhoods cater to various lifestyles, from upscale condos in Manhattan to trendy lofts in Brooklyn.

On the other hand, Sharjah, part of the UAE, presents a growing real estate market with a focus on sustainability and innovation. Its strategic location, coupled with government incentives, attracts investors seeking affordable yet high-quality properties.

Rental Yields: According to Bayut analysis, the average rental yield for Sharjah properties is 6.18%. While in New York, the average rental yield is below 4% (according to LinkedIn Pulse).

Living Cost: as mentioned previously, New York is 153% more expensive than Sharjah. New York ranked 6th, while Sharjah ranked 3069th among the most expensive cities in the world.

Property Prices: according to the Bayut report, the average price per square foot in Al Khan is USD 200, with an ROI of 4.35%, an increase of 1.82% from the previous year. While in Al Majaz, the average price per square foot is USD 123, with an ROI of 5.67%, an increase of 2.71% was seen from the previous year. Al Nahda, the average price per square foot is USD 106, with an ROI of 6.50%, an increase of 3.15% was seen from the previous year.

While in New York, the average price per square meter at 733 Ocean Parkway is USD 9,927. At 661 Driggs Avenue, the average price per square meter is USD 19,381. At 9 Chapel Street, the average price per square meter is USD 14,838. The average ROI in New York is 13.38% (according to a property management report.)

Property Taxes: as mentioned above, the taxes on property in New York are the highest of all the country’s states. While taxes in Sharjah are exempt on many services, including land and rental properties, property taxes in New York are 3.40%

New York Properties

Popular AreaArea/sq.mPrice/sq.m (USD)Avg. price (USD)
733 Ocean Parkway58$9,927$570,000
661 Driggs Avenue90$19,381$1,725,000
9 Chapel Street82$14,838$1,210,000

Sharjah Properties

Popular AreaAvg. Price/Sq. Ft. USD1-BED2-BED3-BED
Al Khan200$170,437$225,162$358,844
Al Majaz123$175,066$172,887$263,279
Al Nahda106$110,811$139,671$216,177

Frequently Asked Questions (FAQ’s)

What are the Average Property Prices in New York City Compared to Sharjah?

Property prices in New York City are generally higher compared to Sharjah due to its status as a global financial center. However, specific comparisons vary based on factors like location, property type, and market conditions.

The average property price per square meter in New York City at 733 Ocean Parkway is USD 9,927; at 661 Driggs Avenue, it is USD 19,381; and at 9 Chapel Street, it is USD 14,838 (according to the James edition schedule). The average property price per square foot in Sharjah at Al Khan is USD 200; at Al Majaz, it is USD 123; and at Al Nahda, it is USD 106 (according to the Bayut report). Property prices may depend on market stability, rental yields, and economic trends.

What are the Key Factors Influencing Property Investment Decisions in New York City vs. Sharjah?

Factors such as market stability, rental yields, the regulatory environment, economic trends, and lifestyle preferences play crucial roles in property investment decisions in both New York City and Sharjah. Understanding these factors helps investors assess risks and opportunities in each market.

How do the Infrastructure and Amenities in New York City and Sharjah Compare, and How do they Impact Property Values?

Access to transportation, healthcare, education, and recreational facilities can significantly influence property values and desirability. Comparing the infrastructure and amenities available in Sharjah and New York provides insights into the quality of life for residents and the potential for property appreciation in each location.

What are the Risks Associated with Property Investments in New York City vs. Sharjah, and How can Investors Mitigate these Risks?

Identifying potential risks like market volatility, regulatory changes, economic downturns, and geopolitical factors allows investors to develop risk management strategies tailored to each market.