The number of transactions in Ajman’s property market surged by an astounding 43% in 2023 over the previous year. According to the Ajman Department of Land and Real Estate Regulation’s annual report, 11,474 deals totaling more than AED16.9 billion in value were registered.
8,675 transactions totaling AED 10.2 billion were made, with the largest sale occurring in the Al Nakheel 2 neighborhood at AED 136 million.
The Department of Land and Real Estate Regulation’s Chairman, Sheikh Abdulaziz bin Humaid Al Nuaimi, stated that Ajman’s economy grew significantly in 2023 across several industries, particularly 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 clarified that the Ajman Department of Land and Real Estate Regulation’s strategic objectives center on expediting the property registration procedure to increase economic growth and foster competition. “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.
The emirate of Ajman is steadfastly pursuing its vision of integrated development, with tangible progress across various fronts, according to Engineer Omar bin Omair Al Muhairi, Director General of the Department of Lands and Real Estate Regulation. He attributed this 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.
Al Muhairi provided additional information by stating that 1,971 mortgage transactions totaling AED 4.8 billion were registered in 2023. AED 221 million was the highest mortgage value ever recorded in the Al Rashidiya 1 neighborhood. The neighborhood of Al Yasmeen was the most traded area, followed by Al Helio 2 and Al Zahya. The most traded major project was Emirates City, ranked above Ajman One and City Towers.
With over AED3.9 billion in transactions, the emirate’s eastern sector led the way. This was fueled by the trading of 1,667 plots, 1,269 luxury villas, 4 apartment buildings, and a cluster of 6 shops.