The emirate of Ajman follows other areas of the UAE and has seen growth in its real estate market. Ajman property deals have reached an astonishing figure in the opening six months of 2024.
In total, there were 7,071 transactions valued at over AED 9bn. This reflects a 33% increase compared to the same period in the previous year.
Ajman’s Land and Real Estate Regulatory Department broke down the sales into demographics. They found 2,039 transactions were for citizens, totaling AED 2.98bn, and 5,139 transactions for foreign investors, totaling AED 6.048bn.
In Q1 2024, Ajman’s real estate hit $523m as Golden Visa investors boosted sales – 277 real estate valuation transactions totaling AED 669m ($182m) for investors with golden visas.
Sheikh Abdulaziz bin Humaid Al Nuaimi, Chairman of the Department of Land and Real Estate Regulation in Ajman emphasised that the real estate sector’s alignment with Ajman’s continuous development and economic progress, attributing this success to the wise vision of H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and the diligent efforts of H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Executive Council.
Abdulaziz noted that the growth achieved by the emirate’s real estate sector reflects investors’ confidence in Ajman. It is seen as a leading investment destination and strengthens the sector’s robustness.
Also, the department’s report mentioned that the volume of real estate transactions in Ajman during the first half of the year reached 5,449 transactions. This is a total of AED 6.139bn, an increase of 37% compared to the same period last year.
Additionally, 1,205 mortgage transactions were recorded with a total value of AED 1.797bn over the past six months.
The areas of Al Yasmeen, Al Zahia, and Al Helio 2 were the highest in real estate transactions during the first half of 2024, seemingly the most attractive area for Ajman property buyers.
The eastern sector was the most active in real estate transactions during the same period, followed by the southern and northern sectors.
An increase in foreign investment in the emirate, most notably the promotional activities, including the Ajman Real Estate Investment Exhibition, saw the signing of 336 deals worth AED 195.8m, have added to the real estate boom.
Other reasons include the emirate’s excellent and central location among the Emirates, the ease of obtaining financing for projects, and the availability of facilities that allow foreigners to purchase and own property up to 100%.
