The JLL consultancy was brought in by the Ajman Department of Economic Development to devise a plan aimed at transforming the real estate sector of the emirate into a fiercely competitive one. With a lengthy history in the UAE, JLL will also contribute to the development of fresh strategies for the prosperity of Ajman’s real estate market.
This is part of the emirate’s broader push to bring in more investments into its economy, particularly on the real estate side. “The results of the study will contribute to drawing a roadmap for the future of Ajman’s real estate sector,” said a statement from the government department.
Real estate and related industries provide 30% of Ajman’s GDP each year. The property market in Ajman has benefited from the growth that its counterparts in the other emirates have been experiencing since 2021. The real estate markets in Sharjah and Ras Al Khaimah, two of the northern emirates, have seen notable increases in attracting investments year over year. The real estate market in Ras Al Khaimah has recently experienced one of the fastest value increases combined with a boom in off-plan launches.
What Ajman hopes to achieve
“JLL’s research, expected to be completed by the end of the first half of this year, will provide a diagnostic vision of Ajman’s capabilities, and result in setting a development road map for the future of this pivotal sector,” said Saeed Humood Saeed, Director of the Ajman Competitiveness Office at the Department of Economic Development.
Similar to other emirates, there has been a noticeable increase in demand for residential rentals in Ajman. The rental contracts that were signed last year totaled Dh4 billion, a 39.92% increase over 2022. In the medium term, more apartment buildings will be finished at a time when more locals are searching for reasonably priced rental properties.
The total amount of real estate transactions exceeded Dh16.9 billion, representing a 43% annual growth.
An eye on tourism prospects too
The JLL strategy will also concentrate on Ajman’s potential to lead its hospitality industry through additional investment.
“We are committed to developing the potential of the tourism sector by enhancing competitiveness and creating innovative investment opportunities,” said Mahmoud Khalil Al Hashimi, Director-General of Ajman Tourism Development Department.
“We believe this partnership (with JLL) will contribute significantly to building a system that enhances the attractiveness of Ajman as a distinguished investment destination on the international scene.”