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.
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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
