The Ajman Municipality and Planning Department has revealed a substantial rise in the value of rental transactions for the year 2024. The cumulative value of lease contracts reached AED4.929 billion ($1.3 billion). This figure indicates a growth of AED1.646 billion, representing an increase of 50.13 percent compared to 2022, as stated in the Department’s 2024 Annual Report.
Abdul Rahman Mohammed Al Nuaimi, director general of the Ajman Municipality and Planning Department, affirmed that the Emirate of Ajman has emerged as a prime city drawing residents, visitors, and investors alike, equipped with all the elements that ensure an ideal and safe living environment.
He elaborated that the Emirate has become a favored destination for visitors due to its luxurious amenities and contemporary facilities that promise a unique experience. The value of Residential Lease Contracts for the previous year, 2024, was AED2.647 billion, while commercial contracts saw an increase of AED2.15 billion.
Investment contracts reveal growing demand
Investment contracts reached AED266 million, signifying a rising demand for housing in the Emirate, alongside a notable recovery in the commercial sector, highlighting Ajman’s attractiveness for quality investment opportunities.
Al Nuaimi emphasized that Ajman is making significant strides in attracting investments and supporting development projects while ensuring sustainability and success across all sectors.
Read more: Ajman construction contracts value surpasses $2.6 billion in 2024, up 62.5 percent
Strategic location enhances demand for contracts
He noted that the Emirate’s strategic geographic position, serving as a vital link between the other emirates, has significantly contributed to the heightened demand for Residential, Commercial, and Investment Contracts.
He underscored the wise directives of Ajman’s leadership, which places immense value on encouraging both citizens and investors by offering comprehensive support and facilities. Al Nuaimi highlighted that the Emirate’s legislation and regulations are adaptable, fostering an encouraging environment for entrepreneurs. These initiatives, part of Ajman’s smart transformation, have greatly expedited transaction processing and enhanced service efficiency.
Continuous improvement in customer experience
Moreover, the Ajman Municipality and Planning Department is dedicated to enhancing customer experiences, thanks to its skilled staff working towards developing integration projects with relevant partners and launching electronic and smart systems that streamline transactions remarkably. These efforts align with the Department’s strategic goal of achieving Balanced Urban Development and enhancing the wellbeing of residents and stakeholders in Ajman.
Significant increase in rental contract attestations
In addition, Ammar Abdul Karim Al Kayed, the Director of the Rental Regulation Department at MPDA, explained that the attestation of all types of rental contracts—Residential, Commercial, and Investment—saw a significant surge during the past year, 2024, compared to 2022 and 2023. The teams processed 100,236 Residential Contract Transactions, 37,855 Commercial Contract Transactions, and 269 Investment Contract Transactions.
