UAE developer Omran Properties has announced plans to launch $670m-worth of real estate projects in Sharjah.

The developer, which is made up of a partnership between the Sharjah Investment and Development Authority (Shurooq), Dubai’s Emaar Properties and Abu Dhabi’s Eagle Hills, said it will develop three major mixed-use schemes in the northern emirate.

The largest of the planned developments is Maryam Island, an AED2.26bn ($615m) mixed-use project located between Al-Khan Lagoon and the Al-Mamzar peninsula.

Other projects include the Al-Khan Village Resort, a $33m five-star hotel. The company also plans on building the $29m Kalba Waterfront Mall.

Despite this drive to improve Sharjah’s retail and entertainment offerings, rents are set to fall in this year, according to a number of real estate consultancies.

The emirate’s population has been growing rapidly due to its more affordable real-estate rents compared to Dubai, but more recently declining rents in Dubai have started to affect the Sharjah market.

According to UK-based Cluttons, rents in Sharjah’s residential and commercial property markets have fallen for a second year in a row, increasing tenancy options in the emirate.

The recent report by Cluttons looking at the Sharjah property market said “tenants who are looking to get more for their money are moving towards Sharjah’s more spacious communities or the significantly more affordable community spaces in Ajman.”

“Until we arrive at that tipping point, rents in Sharjah are likely to continue ebbing, with a further 5-7 per cent fall next year before things stabilise,” says the report.