H1 Ajman Real Estate Market Report For 2018

Today on MyBayut, we bring you the next instalment of our H1 2018 market report series. This H1 Ajman real estate market report for 2018, analyses the sale and rent prices of properties in Ajman, to help you make an informed decision if you plan to invest in the Ajman real estate market. The following report compares the prices and search trends of the last six months of 2017, to the first six months of 2018. The data shows us that properties in Ajman continue to remain among the most affordable in the UAE, as prices have fallen from H2 2017 to H1 2018.

Al Nuaimiya emerges on top for RENTING APARTMENTS IN THE Ajman REAL ESTATE MARKET

Most popular areas for renting apartments in Ajman.

Ajman, without a doubt, is brimming with new developments, and the overall trend of decreasing prices is offering UAE residents numerous opportunities to rent affordable apartments in Ajman. The biggest rental decreases were for 2-bed apartments in Al Rawda, where average prices fell by 14.9% to AED 13.5k.

This time, Al Nuaimiya ranked top for the most popular area to rent apartments in Ajman. The average rent prices remain unchanged at AED 21k for studios in Al Nuaimiya and AED 36k for 2-bed apartments. The average rent prices for a 1-bedroom flat in Al Nuaimiya did show a decrease as it dropped to AED 25k. With a closer look at our data, the neighbourhood of Al Nuaimiya 1 in Al Nuaimiya ranked top as it accounted for 46.27% of searches by Bayut users. Al Nuaimiya 1 offers affordable studios and 1 and 2-bedroom apartments, with rent prices for studios in Al Nuaimiya 1 starting at AED 14k per year.

Emirates City came second as the most popular area for apartment rentals in Ajman. There have been modest decreases for 1 and 2-bedroom units with average rent prices going down to AED 23k and AED 28k respectively. In Emirates City, Paradise Lakes was the favourite, taking up 58.75% of searches, which offers a beautiful range of 1, 2, 3 and 4-bed apartment rentals.

Other popular areas to rent flats in Ajman include Al Rashidiya, Al Sawan, Al Jurf, Al Rawda and Al Bustan. Prices for renting in these popular locations in Ajman decreased in the first six months of 2018 by 2-14% across the board, with the only Al Rashidiya experiencing the second largest decreases by 10% when compared to the last six months of 2017.

Al Sawan is the best area to buy apartments in Ajman

Most popular areas for buying apartments in Ajman.

In recent years, real estate and hospitality industry investments have made an impact on Ajman, but there has been a downward trend in residential property prices, demonstrated by widespread decreases in average prices for both apartments and villas across the smallest emirate. The steepest falls in average prices for buying apartments in Ajman were in Emirates City, where the price for a 2-bed apartment fell by 13%.

Al Sawan claimed the top spot for the most popular area to buy flats in Ajman with sale prices decreasing across all apartment units. Studios for sale in Al Sawan are priced at an average of AED 280k, 1-bedroom apartments at AED 365k and 2-bedroom flats at AED 515k.

Coming in second for the most popular areas to invest in the Ajman property market is the area of Al Rashidiya. Sale prices for buying studios stand at AED 240k and 1-bed apartments at AED 290k with noticeable decreases only for 2-bed apartments where sale prices decreased by 11.6% to AED 380k.

The other popular areas to find apartments for sale in Ajman include Emirates City, Al Nuaimiya and Al Bustan where sale prices overall fell by 3-11%.

Al Rawda is the number one location to rent villas in Ajman

Al Rawda is the most popular for renting villas in the Ajman real estate market. Al Rawda saw the biggest drop in villa rental prices, where rent prices for 3-bedroom houses dropped by 14.2% to AED 60k. The price change for 4-bed villas remains stable with average rent prices at AED 65k. The average price for renting 5-bedroom villas in Al Rawda also reduced and now stands at AED 90k. Analysing the data further, the most popular neighbourhood for renting Ajman villas is the Al Rawda area is Al Rawda 3 as it claimed over 42% of searches on Bayut’s listings.

Ajman Uptown came second for the most popular area for renting villas in Ajman. This area saw prices remain unchanged for 3-bed villas standing at AED 45k. The average rent prices for 4-bed villas here stand at AED 51.8k.

Other popular areas to rent houses in Ajman include Al Mowaihat, Al Zahraa, Al Jurf and lastly Al Nuaimiya, where the biggest drop was 8.2% for 5-bed villas in Al Mowaihat and the price now stands at AED 90k.

Al Mowaihat claims the top spot for buying villas in Ajman

Most popular areas to buy villas in Ajman.

Bayut.com users who are looking to purchase a house in Ajman will find Al Mowaihat area favourable as the average sale price remained stable. Investors could expect to pay the same as they did in H2 2017 as the average price for 3-bed villas was AED 1.39M, while 4 and 5-bed villas stand at AED 1.45M and AED 1.48M, respectively.

The neighbourhood of Al Mowaihat 3, in Al Mowaihat, emerged as the most popular to buy villas in the Ajman real estate market. Investors looking to buy houses in Al Mowaihat 3 will find 5-bedroom units, with sale prices starting from AED 1.25M. Closely following Al Mowaihat 3, is the neighbourhood of Al Mowaihat 2 where the villa sale prices start at AED 1.2M. Sale prices for villas in the neighbourhood of Al Mowaihat 1 start at AED 1.22M.

The next popular area to find villas for sale in Ajman is Al Rawda, where 3-beds recorded an average annual sale price of AED 1.1M, 4-beds were listed at AED 1.35M and 5-beds at AED 1.7M. Other popular areas in the Ajman property market to buy houses include Al Yasmeen, Al Zahra and Al Jurf, with prices dropping by 2-7%.

As you can see from our H1 market reports for Dubai, Abu Dhabi and Sharjah, property prices in Ajman are also experiencing a similar trend over the last six months. Haider Ali Khan, CEO of Bayut, said: “While it may be the smallest emirate, Ajman is holding its own in the UAE property market, with some interesting real estate projects coming up. Our report shows that prices have fallen from last year, opening up opportunities for investors who were not previously able to enter the market.”

Khan added: “While there have been decreases in most areas of Ajman, the interest from users has been stable and in fact has increased based on our data from H2 2017 to H1 2018. We expect this trend to continue for the remainder of the year.”

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 Dubai.