Ajman Property Market Report for Q3 2020: Affordable prices and attractive ROI draw investors and tenants

• Apartment sales
• Apartment rentals
• Buying and renting villas
• Off-plan projects

After revealing consumer interest for properties in Dubai, Abu Dhabi and Sharjah, it’s now time to look at how prices have evolved in the most sought-after neighbourhoods of Ajman during Q3 2020 compared to Q2 2020. Consistently popular areas like Ajman Downtown, Emirates City and Al Nuaimiya have continued to dominate interest from buyers and tenants, thanks to their strategic location, affordable property prices and upscale amenities. Emirates City and Ajman Downtown have also offered impressive projected ROI of 9.7%, for investors looking to purchase apartments in Ajman.

For an accurate representation of sales trends for villas and apartments in popular areas, we have compared property prices in the northern emirate based on the average price per square foot. The prices of rental properties in Ajman have been compared based on average asking rents in popular neighbourhoods.

Ajman Downtown: The most popular area for buying apartments in Ajman

When it comes to the most sought-after areas with apartments for sale in Ajman, Ajman Downtown has remained the most searched option by prospective buyers. The central location of the community, along with the modern facilities in the area have contributed to the neighbourhood’s strong position in the Ajman property market. Compared to Q2 2020, the price per square foot for apartments in the area has also decreased from AED 212 to AED 204. The average price of the studios for sale in Ajman Downtown has stayed competitive at AED 154k. When it comes to the more spacious 1-bed apartments for sale in Ajman Downtown prices have averaged at AED 221k while the 2-bed flats for sale in Ajman Downtown have averaged at AED 305k.

The developing area of Emirates City has also continued to be a popular choice with those looking at flats for sale in Ajman. In comparison to the second quarter of 2020, the price per square foot for flats in the area has experienced a slight decrease from AED 176 in Q2 2020 to AED 172 in Q3 2020.

Ajman Corniche, with its proximity to nearby leisure destinations and promising investment opportunities, has been the third most popular area with buyers interested in apartments for sale in Ajman. In comparison to the second quarter of this year, the community has seen a minor decrease in price per square foot for apartments — going from AED 418 in Q2 2020 to AED 417 in Q3 2020. 

Additionally, Al Sawan and Al Rashidiya have also been gaining traction with investors. While most of these areas have encountered modest declines, there has been a slight uptick in the price per square foot for apartment sales in Al Nuaimiya and Sheikh Maktoum Al Rashid Street.

Ajman Downtown and Emirates City have the highest ROI for apartment sales

Emirates City and Ajman Downtown have offered the highest ROI for apartment sales in Ajman with projected rental yields of 9.7%. Other areas with healthy ROI have been Garden City, Al Sawan, Corniche Ajman and Sheikh Khalifa Bin Zayed Street.

Al Nuaimiya: Most popular area for renting apartments in Ajman

Al Nuaimiya has topped the list of popular areas for renting apartments in Ajman yet again. The area’s proximity to the Sharjah border, affordable rents and waterfront location have continued to add to its appeal with tenants. Prices have also remained stable for studios and 1-bed apartments in the area, compared to Q2 2020; however, the rent for 2-bed flats have dropped slightly by 3.4%. The average cost of studios for rent in Al Nuaimiya has remained very competitive at AED 15k. Additionally, the 1-bed flats for rent in Al Nuaimiya have also stayed steady at AED 19k per annum. Those looking for more expansive accommodations have turned to the 2-bed apartments for rent in Al Nuaimiya averaging at AED 28k.

Another area that has consistently been popular with tenants is Ajman Downtown. In comparison to Q2 2020, the price of studio apartments in Ajman Downtown has decreased by 6.7%, while 1-bedroom and 2-bedroom flats have decreased slightly by 4.8% and 3.4%, respectively.

The third most popular area for rental apartments in Ajman has been Al Rashidiya. The price of studios for rent in Al Rashidiya has declined by just over 6% to average at AED 15k per annum. The 1-bed flats for rent in Al Rashidiya have also experienced a slight drop of around 5% and currently average at AED 20k. Similarly, the 2-bed apartments for rent in Al Rashidiya have also become more competitive, averaging at AED 27k.

Family-friendly areas like Al Rawda, Emirates City and Al Jurf have also remained popular with tenants in the Ajman property market. Other areas that have also garnered the interest of tenants include Al Sawan, Corniche Ajman and the eco-friendly Garden City. The rental prices in these areas have remained fairly stable for 1 and 2-bedroom apartments in Q3 2020.

Most popular areas to buy and rent villas in Ajman

Located near the border between Ajman and Sharjah, Al Mowaihat has continued to attract the interest of investors looking at houses for sale in Ajman. As per listings advertised on Bayut, the price to buy villas in Al Mowaihat has ranged from AED 950k to AED 3M.

Al Yasmeen has been the second most sought-after area to buy villas in Ajman. The continued popularity of the area isn’t surprising considering its many family-friendly attractions and proximity to other communities. You can buy a 3-bed villa in Al Yasmeen for a price ranging from AED 750k to AED 1.2M as per current listings on Bayut. Those in search of more spacious accommodations can also consider the 4-bed villas for sale in Al Yasmeen which have a starting price of AED 845k.

Al Rawda, a popular community which offers convenient access to schools and supermarkets, has also been highly sought-after for villa sales in Ajman. The community is also close to major highways in the UAE, making it easy for residents to travel to other emirates. The price of villas for sale in Al Rawda has ranged from AED 850k to AED 2.6M, according to listings advertised on Bayut.

Al Yasmeen has the highest ROI

Investors buying villas in Ajman will be happy to note that Al Yasmeen has offered impressive rental yields of over 7%. Other neighbourhoods that have also offered healthy rental yields in Ajman include Musherief, Al Helio and Al Mowaihat.

Al Rawda: Most popular choice to rent villas in Ajman

The neighbourhood of Al Rawda has also held strong as a popular choice to rent villas in Ajman in the third quarter of 2020. As per listings on Bayut, the prices of the villas for rent in Al Rawda start at AED 50k.

Other popular communities to rent houses in Ajman have included Al Mowaihat, Al Nuaimiya, Musherief, Al Jurf, Al Hamidiyah, Al Helio, Al Raqaib and Al Rashidiya. These areas boast excellent family-friendly facilities, proximity to schools and are well-connected to the rest of the UAE.

Top Off-plan projects in Ajman Real Estate

Ajman may be the smallest emirate in the UAE, but it has an impressive portfolio of upcoming developments for prospective buyers. Emirates City Tower in Emirates City has emerged as a popular off-plan development in the emirate. The ideal location, excellent amenities and easy access to Dubai and Sharjah have contributed to the popularity of this development.

The second most sought-after off-plan project in Ajman has been VIP Villa in Ajman Uptown. Another premier development in the charming emirate, these houses boast modern architecture, integrated facilities and a wealth of on-site recreational facilities perfect for families with children. While some phases of this project are complete, a few are still in development.

The third most popular off-plan development in the emirate has been Al Mazraa Tower in Al Amerah, an up and coming suburb in the emirate.

This concludes our Ajman real estate market report for Q3 2020. Don’t forget to also take a look at our Dubai property market for Q3 2020 to gain a better insight into property prices in this emirate. If you want to know how the property market has fared for the capital city during the past three months, take a look at the Abu Dhabi market report for Q3 2020.

Disclaimer: The above report is based on prices advertised by real estate agencies on behalf of their clients on Bayut.com, and not representative of actual real estate transactions conducted in Ajman.