Ajman’s real estate sector recorded AED7.17 bn worth of transactions in the first half (H1) of 2023. This is equivalent to a 15.6 percent growth rate year-on-year (YoY).
The transactional growth in Ajman’s property industry highlights its bustling local economy, and its continued appeal as an investment destination. Ajman’s Department of Lands and Real Estate Regulation released the data recently.
At 260 square kilometers, Ajman is the smallest among the seven emirates in the United Arab Emirates (UAE).
Growing real estate scene
Omar bin Omair Al Muhairi, the department’s director-general, reported that Ajman saw a total of 5,310 real estate transactions in the first six months of the year. The cumulative value of AED7.17 bn demonstrates a strong demand for properties in the area.
Of the said amount, trading activities accounted for AED 4.57 bn, involving 3,980 transactions. Meanwhile, mortgage transactions numbered 972, reaching a total value of AED1.55 bn.
In recent years, the emirate has consistently seen its real estate landscape grow. A sustained demand for properties and a steady influx of investments in various real estate projects within the emirate play a vital part in this upward trend.
May, a peak month for the local real estate sphere, saw transactions hitting AED1.9 bn. This reflects a 133 percent YoY growth.
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Bustling nearby areas
Meanwhile, in other parts of the Northern Emirates, Ras Al Khaimah’s real estate sector is also enjoying a period of robust growth. This is mainly driven but its investor-friendly policies and a diversified economy.
Latest available figures show that more than AED4 bn worth of land and property transactions were recorded in the first half of 2022, a 45 per cent year-on-year increase.
Another neighboring emirate, Sharjah, had total real estate transactions of 40,843. The total trading value of these deals amount to AED13.4 bn.
In a statement by Abdulaziz Ahmed Al-Shamsi, director-general of Sharjah Real Estate Registration Department, said the “property sector continues to be one of the most important economic pillars in the emirate.”
Overall, the UAE had a strong H1 performance in the real estate sector, with residential and hospitality driving the growth. “The outlook remains relatively strong on the whole, despite seemingly dissipating global macroeconomic headwinds,” according to the UAE Real Estate Market Review Q2 2023 report published by CBRE.
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