5,310 Transactions Were Made.
In the first half (H1) of 2023, the real estate market in Ajman saw transactions of AED7.17 billion. This translates to a year-over-year growth rate (YoY) of 15.6%.
The booming local economy and Ajman’s sustained attraction as an investment location are highlighted by the transactional growth in the property sector. The information was recently made available by Ajman’s Department of Lands and Real Estate Regulation.
Ajman is the smallest of the seven emirates in the United Arab Emirates (UAE), at about 260 square kilometres.
Expanding Real Estate Market Ajman
The director-general of the division, Omar bin Omair Al Muhairi, stated that 5,310 real estate transactions took place in Ajman throughout the course of the first half of the year. The total amount of AED7.17 billion reveals there is a high demand for properties in the region.
Trading operations contributed for AED 4.57 billion of the total, or 3,980 transactions. The entire value of mortgage deals, which totaled 972, was AED1.55 billion.
The emirate’s real estate market has steadily expanded in recent years. This growing tendency is significantly influenced by a persistent demand for homes and a constant inflow of capital into various real estate developments inside the emirate.
Transactions in the local real estate market reached AED1.9 billion in May, a busy month. This is a YoY gain of 133%.
Bustling Nearby Areas
While this is happening, Ras Al Khaimah’s real estate market is also expanding strongly in other Northern Emirates. Investor-friendly policies and a diversified economy are the major factors driving this.
According to the most recent data available, land and property sales of more over AED4 billion were reported in the first half of 2022, an increase of 45% compared to the same period last year.
Sharjah, a different neighbouring emirate, saw a total of 40,843 real estate sales. These transactions have a combined trade value of AED13.4 billion.
The director-general of Sharjah Real Estate Registration Department, Abdulaziz Ahmed Al-Shamsi, stated that the “property sector continues to be one of the most important economic pillars in the emirate.”
In the real estate industry, the UAE had a good H1 overall, with residential and hotel driving the rise. The UAE Real Estate Market Review Q2 2023 study released by CBRE states that despite seemingly fading global macroeconomic headwinds, “the outlook remains relatively strong overall.”
