$398 Million Total Transactions in March for Ajman Real Estate
Ajman’s real estate sector saw a robust growth during March 2024, with property transactions reaching $398 million.
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The Ajman real estate sector exhibited strong growth, in March 2024, with the total property transactions reaching AED 1.46 billion, marking a nearly 50% increase from the previous year.
The Department of Land and Real Estate Regulation in Ajman recorded 1,169 transactions in this period. Engineer Omar bin Omair Al Muhairi, the department’s Director-General, noted that the transaction volumes were approximately AED 1.03 billion during this time.
Favorable Investment Conditions
Engineer Al Muhairi highlighted that Ajman’s real estate sector is thriving due to its competitive advantages and supportive investment climate, which continue to attract investors across various property types.
The highest transaction in March was a sale in the Al Helio 1 area, amounting to AED 72 million. Additionally, mortgage transactions also rose, with 168 mortgages recorded in March, having a total value exceeding AED 280 million; the largest of these was AED 20.9 million in the Al Rawda 1 area. According to official data, Al Yasmeen was the most traded neighborhood, and Ajman One was the most active major project in the month.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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Villa prices saw particularly strong growth, with capital values increasing by 33.4 percent year-on-year
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Dubai’s real estate market showed strong performance in the second quarter of 2024, with notable increases across the residential, office, and retail sectors, according to a new ValuStrat real estate report for Q2 2024.
Villa prices experienced particularly strong growth, with capital values rising by 33.4 percent year-on-year.
Haider Tuaima, Director and Head of Real Estate Research at ValuStrat said: “The Dubai real estate market has shown impressive growth and resilience in recent months. The ValuStrat Price Index for Residential Capital Values increased by 6.4 percent quarterly and 28.2 percent annually, reaching 178.2 points.
“Despite severe flooding caused by record rainfalls in April, the quick and effective response from developers and authorities helped to control the damage, ensuring that market activity and property valuations remained robust in the subsequent months.”
The office sector also performed well, with the VPI for office capital values surging by 31.7 percent annually and 9.4 percent quarterly, reaching 212.5 points—the highest quarterly increase in a decade.
In the retail sector, Emaar Properties reported 98 percent occupancy in their prime mall assets, while overall mall occupancy stood at 96 percent during the first quarter of 2024. The hospitality sector also saw growth, with total international guests reaching 8.12 million as of May 2024, a 9.9 percent increase compared to the same period last year. Hotel occupancy reached 81 percent, rising by 1.4 percent year-on-year.
Despite these positive indicators, Tuaima added, “The decline in transaction volumes calls for a closer examination of market dynamics as stakeholders navigate this evolving landscape.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
