Ajman’s realty deals reach Dhs9b

Ajman’s real estate market witnessed remarkable growth in the first half of 2024, with 7,071 transactions valued at over Dhs9 billion, reflecting a 33 per cent increase compared to the same period in 2023.

According to a report by Ajman’s Land and Real Estate Regulatory Department, these transactions were distributed as follows: 2,039 transactions for citizens, totalling Dhs2.98 billion, and 5,139 transactions for foreign investors, totalling Dhs6.048 billion, reflecting an impressive 88 per cent growth.

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 emphasised that the real estate sector’s alignment with Ajman’s continuous development and economic progress, attributing this success to the wise vision of His Highness Sheikh Humaid Bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and the diligent efforts of 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, he explained.

He added that the real estate sector in Ajman has seen remarkable growth in recent years, due to the emirate’s provision of facilities and success factors for investors and their projects, as well as its flexible legislative environment that attracts investments, the ease of registration procedures, the speed of transaction completion, and the advanced modern infrastructure of the emirate.

Sheikh Abdulaziz emphasised that the growth achieved by the emirate’s real estate sector reflects investors’ confidence in Ajman as a leading investment destination and strengthens the sector’s robustness. It also reflects the success of the Department of Land and Real Estate Regulation’s strategy aimed at providing an integrated and distinguished business environment for investors of various categories.

The department’s report mentioned that the volume of real estate transactions in Ajman during the first half of the year reached 5,449 transactions valued at Dhs6.139 billion, an increase of 37 per cent compared to the same period last year. Additionally, 1,205 mortgage transactions were recorded with a total value of Dhs1.797 billion over the past six months.

The report explained that 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.

The report identified several key reasons for the increase in foreign investment in the emirate, most notably the promotional activities in the emirate, especially the Ajman Real Estate Investment Exhibition, which saw the signing of 336 deals worth AED195.8 million. Other reasons include the emirate’s excellent and central location among the Emirates, its flexible laws and regulations that attract investment, the variety of models offered in the real estate market, the ease of obtaining financing for residential and commercial projects, and the availability of facilities that allow foreigners to purchase and own property up to 100 per cent.