Ajman’s real estate sector has witnessed a remarkable surge in activity, recording transactions worth AED 20.5 billion in 2024, according to the latest report by the Ajman Department of Land and Real Estate Regulation. This substantial growth underscores the emirate’s rising appeal as a prime destination for real estate investment, supported by infrastructure development, investor-friendly policies, and a robust regulatory framework.
Real Estate Market Growth in Ajman
The report highlights a year-on-year increase in real estate transactions, driven by strong demand for residential, commercial, and industrial properties. The sector’s continued expansion is fueled by factors such as affordable property prices, high rental yields, and strategic location, making Ajman an attractive alternative to larger emirates like Dubai and Abu Dhabi.
Eng. Omar bin Omair Al Muhairi, Director-General of the Ajman Department of Land and Real Estate Regulation, emphasized that the real estate market’s resilience and steady growth are a testament to Ajman’s commitment to providing a business-friendly environment and enhancing the emirate’s appeal to local and international investors.
Key Drivers of Growth
Several factors have contributed to Ajman’s booming real estate sector in 2024:
- Increased Foreign Investments: Government initiatives to streamline property ownership for foreign investors have led to a surge in international interest.
- Affordable Housing and High ROI: Ajman continues to offer cost-effective real estate solutions compared to neighboring emirates, attracting both end-users and investors.
- Infrastructure and Urban Development: Ongoing improvements in transportation, utilities, and public amenities have enhanced the overall attractiveness of the emirate.
- Government Support and Regulatory Enhancements: Policies promoting ease of doing business, transparent transactions, and legal protections have bolstered investor confidence.
- Growing Commercial and Industrial Sectors: The free zones and logistics hubs in Ajman have encouraged businesses to set up operations, increasing demand for commercial properties.
Breakdown of 2024 Real Estate Transactions
The AED 20.5 billion worth of transactions reflects a diverse range of property activities, including sales, mortgages, and new project launches. The report provides an overview of the transaction categories:
- Sales Transactions: AED 12.8 billion, reflecting strong demand in the residential and commercial sectors.
- Mortgage Transactions: AED 5.6 billion, highlighting increased bank financing and real estate loans.
- Other Transactions: AED 2.1 billion, including leasehold agreements and investment deals.
Most Popular Areas for Investment
Some of Ajman’s top-performing locations in 2024 include:
- Al Nuaimiya: A preferred choice for residential buyers and investors due to its strategic location and amenities.
- Al Rashidiya: Witnessed a high volume of transactions due to its mix of residential and commercial properties.
- Al Jurf: A growing hub for industrial and commercial investments, attracting businesses and entrepreneurs.
- Ajman Corniche: Known for its luxury waterfront developments, this area has seen a rise in high-end property transactions.
Future Outlook and Market Predictions
Ajman’s real estate sector is expected to maintain its upward trajectory, with experts forecasting continued growth due to:
- New Government Initiatives: Policies aimed at enhancing real estate investment opportunities and offering long-term residency visas for investors.
- Upcoming Mega Projects: Large-scale residential and commercial developments will further boost demand and property values.
- Technology Integration: The adoption of smart city solutions, digital property transactions, and AI-driven real estate services will enhance efficiency and transparency.
- Sustainable Development: Increased focus on green buildings and energy-efficient infrastructure to align with the UAE’s sustainability goals.
Conclusion
The AED 20.5 billion real estate transactions recorded in 2024 highlight Ajman’s growing influence as a real estate investment hub. The emirate’s strategic location, affordability, and government-backed initiatives continue to drive investor confidence and market expansion. As Ajman positions itself as a key player in the UAE’s property landscape, the future looks promising for both investors and end-users seeking high returns and long-term growth opportunities.
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