The real estate markets in the northern emirates of Ajman, Sharjah, and Ras Al Khaimah (RAK) are experiencing a significant boom, according to a report by Dubizzle, a leading property platform in the United Arab Emirates.
Based on data collected throughout 2023, the report reveals a remarkable uptrend in both the sales and rental sectors across all three emirates. This surge in activity is attracting both investors and homebuyers seeking promising opportunities.
Ajman, often dubbed the "quiet emirate," has emerged as a frontrunner, witnessing record growth in both sales and rental prices. This growth is attributed to ongoing infrastructure development, improved urban planning, and the presence of properties offering desirable amenities. Investors and homebuyers have shown increased interest in Ajman, leading to a rise in rents, per square foot prices, and return on investment (ROI).
Within Ajman, specific areas have become particularly popular. Ajman Downtown, for example, boasts an impressive ROI of 9.44% for apartment purchases, making it a prime destination for investors. Al Yasmeen, on the other hand, has become the most sought-after area for villa purchases, offering a 6.15% ROI. Other promising investment areas include Emirates City, Al Sawan, and Al Amerah, with ROIs exceeding 8%.
The rental market in Ajman has also witnessed a healthy uptrend, with annual apartment rents ranging from Dh27,000 to Dh47,000. Al Nuaimiya has emerged as a leader in both apartment rentals and sales, offering an average annual rent of Dh27,000 and an average sales price of Dh371,000.
Sharjah's property market has also seen a general rise in prices, with apartments averaging between Dh601,000 and Dh1.01 million for sale and Dh21,000 to Dh45,000 in annual rent.
RAK's real estate market has continued its impressive growth trajectory, with the completion of off-plan projects and the availability of modern amenities sustaining its appeal. The preferred areas for buying and renting properties in RAK include Al Hamra Village, Mina Al Arab, and Al Marjan Island, with average annual rents for apartments ranging from Dh22,000 to Dh42,000.
Experts predict that the positive outlook for the northern emirates' property market will continue in the coming year, with stable growth expected in both sales prices and rental rates. This surge in the northern emirates' real estate market presents a unique opportunity for investors and homebuyers seeking a thriving and promising market.