Welcome to our first market update for the emirate of Ajman! This is your essential data insight into Ajman's marketplace.
Table of content:
Overview
Ajman is one of the seven emirates of the UAE, was founded by the Al Nuaim tribe around 1775. It is located by the Northern Emirates alongside of the Arabian Gulf and the middle of Sharjah and Umm Al Quwain. It includes the cities of Musfout, Manama, and the city of Ajman which acts as the capital with all the Government entities offices.
Some key notable figures are:
It covers an area of 260 square kilometers. To 600 km.
Population 573,000
16 km long coastline on the shore of the Arabian Gulf
Ranked third among the seven emirates in terms of its industrial footprint
In 2023 it achieved a GDP of 36 billion AED at current prices, reflecting a growth rate of 6.25%
36,069 active business licenses issued in the Emirate during 2023
Last year real estate market figures
8,359 sales transactions recorded in 2023 compared to 7,735 in 2022
First quarter 2024 - 4.3 Billion AED sales values
Ajman’s real estate marketplace witnessed sales transaction value reaching a total of 4.3 billion AED during the first quarter of 2024. This marks a growth of over 26.6% compared to the same period in 2023.
During Q1 the Ajman Real Estate Investment Exhibition event took place with participation from a vast number of developers showcasing multiple off-plan projects. The exhibition saw a wide turnout of more than 3045 visitors and a total value of more than 195 mil AED in sales deals highlighting the rising interest from investors, attracted by the real estate investment return potential.
Second Quarter 2024 - 4.56 Billion AED sales values
During the Second Quarter of 2024 the real estate transactions value reached 4.56 billion AED underscoring an 8% growth compared to 1st quarter.
In total there were registered 3,232 real estate transactions, supported by the increase in diversity of investment opportunities across the emirate.
The highest sale value was registered in Al Jurf Industrial 2 for 157 million AED.
First half of the year
In the first half of 2024, Ajman's real estate market experienced significant expansion, with transactions exceeding 9 billion AED, marking a 33% rise from the corresponding period in 2023.
72 % of the transactions from foreign investors
28 % from citizens
It is notably to mention the real estate sale transactions fees from Department of Land and Real Estate Regulation in the sale process:
for citizens and GCC citizens: 2% or minimum 2,500 AED
for non-citizens 3% or minimum 3,000 AED
These are usually borne by the buyer.
Why Ajman ?
The market in Ajman offers different benefits that makes it an attractive investment opportunity:
Freehold property ownership in designated areas and Zero property tax
100% foreign business ownership in most existing activities
Lower fixed and operational costs with relative lower rents and real estate prices compared to other emirates
Ease of doing business in addition to the advantages granted at the UAE level
Exemption from fees for 3 years in priority sectors and under certain conditions
Flexible legislative environment
...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 bin Humaid Al Nuaimi,
Chairman of the Department of Land and Real Estate Regulation
Final Thoughts
Ajman’s real estate market is thriving, attracting both local and international investors. With its strategic location, business-friendly policies, and impressive growth rates, it presents exciting opportunities for those seeking to invest in the UAE.
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