The Department of Lands and Real Estate Regulation in Ajman has reported that 173 real estate valuation transactions took place in November, amounting to AED598 million ($162.8 million). This represents a remarkable increase of 88 percent compared to the same month last year.
Overview of property types
Omar bin Omair Al Muhairi, director-general of the Department, highlighted that the valuations encompassed a variety of property types, including commercial, residential, and industrial sectors.
Valuation breakdown by sector
He noted that residential properties made up the largest portion, with a total valuation of AED300.6 million ($81.8 million), outpacing commercial properties, which were valued at more than AED204 million ($55.5 million). Industrial properties came in third, with a total value of AED82.5 million.
Inclusion of diverse valuation transactions
Additionally, he elaborated that the real estate valuation report for November included personal valuation transactions, assessments for courts and institutions, as well as evaluations related to long-term Golden Visas for investors. The latter category accounted for 156 transactions, collectively valued at over AED494 million.
In August 2024, Ajman saw a total of 1,264 real estate transactions, accumulating over AED1.57 billion ($427.4 million) in value.
Launch of strategic initiative
The Ajman Chamber of Commerce and Industry (ACCI) launched in July 2024 its 2024-2030 Strategy, led by Chairman Abdullah Mohammed Al Muwaiji. The comprehensive initiative aligned perfectly with Ajman Vision 2030, incorporating its strategic objectives and eight core principles. The strategy aimed to propel Ajman’s economic growth, foster a thriving business environment, attract investment, and champion innovation and sustainability across diverse sectors.
Promotional tour to China
In October 2024, the Ajman Tourism Development Department (ATDD) launched a promotional tour to China led by H.E. Mahmood Khaleel Alhashmi, director general of ATDD. Moreover, the tour, which included several visits to Shanghai, Guangzhou, and Beijing.
Ajman Tourism’s tour in China sought to explore and develop collaboration prospects in addition to establishing tourism partnerships with leading operators in China. The department further aimed to sign several agreements and memorandums that will strengthen tourism ties between the two countries. During the tour, the department also highlighted Ajman’s latest tourist destinations and projects, all of which seek to position the emirate as a leading global tourism destination.
Surge in tourists from China
By September 2024, Ajman saw a surge in tourists from China, with international visitors totaling 72 percent and resident tourists accounting for 28 percent. In this same year, China positioned itself as one of the top 10 source markets for Ajman.
Ajman Tourism’s promotional tour to China aims to achieve a set of strategic goals. This includes raising global awareness of Ajman as a unique tourist destination and providing its unique experiences to the Chinese market. The department also aims to foster partnerships with global stakeholders in the sector. By tapping into new markets and attracting more visitors, the department aims to boost the national economy through greater hotel revenues. In addition, it seeks to foster employment creation and investment in the tourism sector.
