Q3 Ajman Market Report: Modest price changes across properties for sale and rent
After our Q3 report on Dubai, Abu Dhabi and Sharjah property markets, it’s now time to look at the smallest emirate in the UAE and see how the prices for properties in Ajman have fared since Q2 of 2018. Despite being the smallest emirate in the UAE, the modest prices, coupled with the family-friendly ambience of the Ajman property market has made the emirate an attractive option, particularly for families with children. Read on to get the latest insights on the Ajman real estate market with a detailed analysis of the top areas for renting and buying in the emirate along with details on the top off-plan projects in Ajman.
Top 10 areas to rent apartments in the Ajman real estate market
When it comes to apartment rentals the top spot predictably goes to Al Nuaimiya, which frequently features on the list of best places to live in Ajman. In terms of the prices for renting apartments in Ajman, Al Nuaimiya is one of the most affordable, with the average price of AED 19k for studios, AED 24k for 1-bedroom flats and AED 35k for 2BHK units.
The price changes on average for the top 10 areas to rent flats in Ajman have been moderate, with the most noticeable change being for studios in Al Rawda, where prices are down by 11.1% to AED 16k and 2-bedroom flats in Ajman Downtown, where prices fell by 8.1% to AED 34k. There were only two property types that showed an increase in prices. A change of 4.5% was seen for 1-bedroom apartments in Al Mowaihat, where prices increased from AED 22k to AED 23k in Q3. Studios in Al Jurf also increased marginally by 2.9% to AED 17.5k. Overall, we can notice quite a lot of stability setting into the Ajman property market this quarter.
Other popular areas to rent apartments in Ajman include Al Rashidiya, Al Sawan, Garden City, Al Bustan and Emirates City.
best areas to invest in Ajman apartments
When it comes to investing in the UAE real estate market, Ajman is an extremely popular option for expats, locals and other property investors. Ajman Downtown has the largest number of searches for buying apartments in Ajman. Located close to the free zone in the emirate, the prices for buying apartments in Ajman Downtown have reduced on average by a margin of 5-7% this quarter, with studios averaging at AED 190k, 1 BHK units at AED 265k and 2-bedroom flats at AED 350k.
While most the real estate trends in Ajman point to modest price falls across the market, 2-bedroom apartments for sale in Emirates City showed a more substantial fall of 7.4% to AED 250k. There were also marginal increases of 3.7% and 1.7% for buying 1-bedroom apartments in Al Bustan and 2-bed units in Al Nuaimiya.
Once again, the trends point to a bottoming out of prices, so there could be more stability in the next quarter. Other established neighbourhoods to buy apartments in the property market in Ajman include Al Sawan, Garden City, Al Rashidiya, Corniche Ajman, Sheikh Maktoum Bin Rashid Street and Al Jurf.
Best areas to buy and rent villas in the Ajman property market
The villas in Ajman are extremely popular with families across the UAE. There is a wide selection of large, spacious, reasonably priced villas in Ajman, which are in close proximity to a variety of amenities including schools, hospitals and supermarkets. While you may not see as many planned villa communities here as in Dubai, the houses in Ajman have a charm of their own.
The top spot for renting villas in Ajman predictably goes to the historically significant neighbourhood of Al Mowaihat which accounted for 39.6% of the searches for villa rentals in Ajman. Coming in a close second is Al Rawda with 33.9% of searches, followed by Al Zahraa, Al Jurf, Al Nuaimiya, Al Sawan, Al Hamidiyah, Al Rumaila, Al Rashidiya and Al Raqaib in order of popularity.
Families looking to invest in Ajman villas should note that Al Rawda was the most popular area, gathering 36.05% of the total searches. Other popular localities in the Ajman real estate market for buying villas are similar to popular areas for villa rentals in the emirate. Al Mowaihat, Al Zahraa, Al Yasmeen, Al Jurf, Al Hamidiyah, Musherief, Al Zahia, Al Rashidiya and Al Sawan are the other top locations for investing in Ajman houses.
Top off-plan projects in Ajman
In the recent years, we have seen a renewed interest in off-plan properties across the UAE property market. The real estate market in Ajman has also followed suit, with a number of off-plan properties becoming available for investors. The notable areas for investing in Ajman off-plan projects include Ajman Uptown, Emirates City and the Corniche Ajman.
The Ajman Uptown project is an extremely popular choice and features a good mix of apartments, villas and townhouses. Although a part of the project has already been handed over, there are still a lot of off-plan properties in Ajman Uptown that you could invest in. The French-inspired villas in Erica 2V and Erica 1 are the clear favourites for those investing in the Ajman off-plan projects.
The other popular area for off-plan properties in Ajman is Emirates City, conveniently located on the main highway to Dubai. The apartments in Paradise Lakes are the most searched for off-plan development in the area, followed by M R Tower.
In the Corniche Ajman, the most popular off-plan project is Ajman Corniche Residence, which offers some spectacular waterfront properties to invest in the emirate.
Things are certainly looking bright for this charming emirate, with the Ajman real estate market fortifying its position as one of the most promising regions to invest in the GCC. Its attractive prices and quaint vibes have even made it popular with those working in the larger emirates, as seen from the fact that a large of people are choosing to live in Ajman and work in Dubai.
Haider Ali Khan, the CEO of Bayut.com commented on the continued interest in the properties in Ajman and said: “It’s really refreshing to see Ajman hold its ground and come up as an attractive option for investors to consider parking their capital in. The prices in Ajman appear more stable, which is always a good measure of what direction the market is moving in. We could see bigger names and more off-plan projects entering the Ajman real estate market, resulting in more investor interest from different parts of the world into the emirate.”
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 the Ajman real estate market.
