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43% growth in Ajman’s real estate transactions

According to the annual report by the Department of Land and Real Estate Regulation, in 2023, over 11,474 transactions worth 16.9 billion dirhams were recorded in Ajman

Ajman

According to the annual real estate report, from the Department of Land and Real Estate Regulation, in Ajman, a total of 11,474 real estate transactions were recorded in 2023. The combined value of these transactions exceeded 4.56 billion USD (16.9 billion dirhams) showing a growth rate of 43% compared to the year 2022. Out of a total of 8,675 trading transactions, the total trading volume amounted to 2.754 billion USD (10.2 billion dirhams). It is worth noting that the highest sale was recorded in “Al Nakheel 2” at an amount of 136 million dirhams.

Ajman: On an upward growth trajectory

Sheikh Abdulaziz bin Humaid Al Nuaimi, Head of the Department of Land and Real Estate Regulation, said, “The Emirate of Ajman witnessed during the year 2023 a comprehensive economic boom in various sectors, especially the real estate sector, which achieved record numbers that reflect the extent of its solidity and confirm the commitment of the wise leadership to support this vital sector thanks to its forward-looking vision aimed at consolidating Ajman’s position as a pioneer investment destination by providing a flexible and integrated business environment that supports various segments of investors and provides them with all the facilities and tools necessary for the success of their investment projects.”

He further explained, “The strategic objectives of the Department of Land and Real Estate Regulation revolve around improving the real estate investment environment and contributing to economic growth by enhancing competitiveness in property registration and empowering the competencies of the real estate sector to be an important element and an effective partner in anticipating the future of the sector and drawing the features of the investment map in the region. Moreover, the Emirate of Ajman is one of the fastest-growing cities in the world and has become a modern, integrated city and a preferred place to live and work, where its residents enjoy security and prosperity.”

His Excellency Engineer Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation, further elaborated, “Ajman is moving steadily towards achieving integrated development in various fields, thanks to the concerted efforts and constructive partnership that brings together various government agencies and institutions in the emirate, indicating that the record performance of the real estate market during the year 2023 is a true reflection of a clear leadership vision and strong economic foundation.”

What do the numbers say about Ajman’s real estate market?

In detail, the Director General of the Department of Land and Real Estate Regulation has confirmed that in the year 2023, there were a total of 1,971 mortgage transactions registered amounting to a value of 4.8 billion dirhams. The highest recorded mortgage value was 221 million dirhams, in the “Al Rashidiya 1” area.

Among the traded neighbourhoods “Yasmine” topped the list followed by “Al Zahia” and “Al Helio 2”. When it comes to projects the “Emirates City” project was at the forefront in terms of trading activity surpassing both the “Ajman One” and “City Towers” projects. In terms of sectors with trading volumes Al Muhairi explained that the eastern sector took place with a total value exceeding 3.9 billion dirhams. This sector witnessed trading activity involving 1,667 vacant lands and 1,269 villas, in addition to 4 buildings and 6 shops.