Ajman’s real estate market witnessed significant growth in the first half of 2024, with 7,071 transactions valued at over AED9 billion ($2.45 billion). This reflects a 33 percent increase compared to the same period in 2023, according to a report by Ajman’s Land and Real Estate Regulatory Department.
Transactions distributed between citizens, foreign investors
Furthermore, the transactions were distributed as follows: 2,039 transactions for citizens, totaling AED2.98 billion, and 5,139 transactions for foreign investors, totaling AED6.048 billion. This represents an impressive 88 percent growth in foreign investment.
Visionary leadership driving success
Sheikh Abdulaziz bin Humaid Al Nuaimi, chairman of the Department of Land and Real Estate Regulation in Ajman, highlighted the emirate’s significant achievements across various sectors. He attributed this success to the wise vision of H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and the efforts of H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Executive Council. Their leadership has positioned Ajman as an attractive destination for real estate investments.
Enabling environment for real estate sector
Moreover, the real estate sector’s alignment with Ajman’s continuous development and economic progress has been a key factor. Sheikh Abdulaziz highlighted that the emirate’s provision of facilities, flexible legislative environment, ease of registration procedures, and advanced infrastructure have all contributed to the sector’s remarkable growth.
Significant surge in real estate transactions and mortgages
The report also mentioned that the volume of real estate transactions in Ajman during the first half of the year reached 5,449 transactions valued at AED6.139 billion, an increase of 37 percent compared to the same period last year. Additionally, 1,205 mortgage transactions were recorded with a total value of AED1.797 billion over the past six months.
Hotspots of real estate activity
The areas of Al Yasmeen, Al Zahia, and Al Helio 2 were the highest in real estate transactions (ownership) during the first half of 2024, while the eastern sector was the most active in real estate transactions during the same period, followed by the southern and northern sectors.
Factors driving foreign investment in Ajman
The report further identified several key reasons for the increase in foreign investment in the emirate, including promotional activities, the emirate’s excellent and central location, flexible laws and regulations, the variety of real estate models, the ease of obtaining financing, and the availability of facilities that allow foreigners to purchase and own property up to 100 percent.
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