AED16.9 billion of real estate transactions in Ajman in 2023
Ajman’s property market soared in 2023, with a staggering 43% increase in transactions compared to the previous year.
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A total of 11,474 deals were registered, exceeding AED16.9 billion in value, according to the annual report issued by the Ajman Department of Land and Real Estate Regulation.
A total of AED10.2 billion was traded across 8,675 transactions, with the highest sale reaching AED136 million in the Al Nakheel 2 neighbourhood.
Sheikh Abdulaziz bin Humaid Al Nuaimi, Chairman of the Department of Land and Real Estate Regulation, said that Ajman’s economy experienced substantial growth in 2023 in various sectors, especially real estate.
“Ajman’s 2023 performance underscored the effectiveness of its targeted economic initiatives, showcasing the resilience and dynamism of its key sectors. The real estate market, bolstered by the leadership’s forward-thinking vision and the government’s regulations and investment facilitation measures, achieved remarkable milestones, with the upward trajectory expected to continue. This lays a strong foundation for the Emirate’s sustainable economic development in the years ahead,” he said.
He explained that the strategic goals of the Ajman Department of Land and Real Estate Regulation revolve around streamlining property registration processes to strengthen competition and boost economic growth. “By actively shaping its future and defining the region’s investment landscape through data-driven insights, the empowered real estate sector will play a leading role in attracting and guiding sustainable investments.”
“The Emirate of Ajman is rapidly transforming into a modern, integrated city, attracting residents who seek a secure and prosperous future,” he stressed.
For his part, Engineer Omar bin Omair Al Muhairi, Director General of the Department of Lands and Real Estate Regulation, said that the emirate of Ajman is steadfastly pursuing its vision of integrated development, with tangible progress across various fronts, thanks to strong collaboration between various stakeholders, including government agencies and institutions.
“The record performance of the real estate market during 2023 stands as a testament to sound policy decisions and robust economic fundamentals,” he explained.
Shedding light on more details, Al Muhairi said that the year 2023 witnessed the registration of 1,971 mortgage transactions with a total value of AED4.8 billion. The highest mortgage value of AED221 million was recorded in the Al Rashidiya 1 area. The Al Yasmeen neighbourhood topped the list of the most traded areas, followed by Al Zahya and Al Helio 2. The Emirates City topped the list of the most traded major projects, ahead of the Ajman One and City Towers projects.
Leading the pack, the emirate’s eastern sector took the top spot with over AED3.9 billion in transactions, driven by the trading of 1,667 plots, 1,269 luxury villas, 4 apartment buildings, and a cluster of 6 shops.
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
This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.
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Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.
Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”
Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.
Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.
With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.
Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
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
