Today, we take a look at how the property prices in the Ajman real estate market have transitioned from H1 2018 to H2 2018. This year, the property price trends in Ajman have seen similar declines as those seen in Dubai and Abu Dhabi. These modest decreases keep Ajman as one of the most lucrative options for both investors and renters looking to live in one of the fastest growing property markets in the UAE. Here’s what we’ve uncovered after comparing the current price trends in the emirate with data from the H1 market report for Ajman.
TOP 10 AREAS TO BUY APARTMENTS IN THE AJMAN REAL ESTATE MARKET
The Ajman real estate market has always been an extremely popular option for expats, locals and other property investors. This time those interested to invest in Ajman’s apartments should note that Ajman Downtown had the highest interest by Bayut’s users. The prices for buying apartments in Ajman Downtown have decreased across the board with studios going down from AED 200k in H1 to AED 185k and 1-beds going from AED 290k to AED 265k. Within Ajman Downtown the Ajman Pearl Towers was the most popular building apartment sales and accounts for 40.4% of searches while Goldcrest Dream Towers in Emirates City topped the list as the most popular building overall with 85% of searches.
Al Sawan is the second most popular area for buying flats in Ajman. Here the average prices for studios in Al Sawan saw the steepest decline of 11.5% from AED 282k to AED 250k. Sales prices for 1-bedroom and 2-bedroom units remained more or less stable at AED 360k and AED 520k, respectively.
Garden City, Al Rashidiya, Al Nuaimiya Corniche, Ajman Emirates City, Al Bustan, Al Jurf and Sheikh Maktoum Bin Rashid Street are all other popular areas with flats for sale in Ajman, where the changes for the sale prices were between 4% to 9%.
The only areas that saw the biggest decreases were a 12.5% drop for prices studios in Al Rashidiya from AED 240k in H1 to AED 210k and the same for 1-bedroom apartments in Emirates City. The units that did not see a change in property prices from H1 include studios in Al Bustan and Al Jurf where prices are AED 305k and AED 180k respectively; 1-beds in Sheikh Maktoum Bin Rashid Street at AED 639k; and finally 2-beds Al Sawan and Al Bustan where prices average at AED 520k and AED 701k respectively.
MOST POPULAR AREAS TO RENT APARTMENTS IN AJMAN
When it comes to renting apartments in the property market in Ajman, Al Nuaimiya one again emerged on top as the most popular for apartment rentals. The average prices for studios in Al Nuaimiya decreased from AED 20k to AED 18k and for 1-beds from AED 26k to AED 24k. 2-bedroom apartments in Al Nuaimiya remained stable at AED 35k. Within Al Nuaimiya, Al Nuaimiya 1 is the most popular, receiving 39.7% of the searches in the area. Other sub-communities for apartment rentals in Ajman that have garnered a high volume of interest includes Al Mowaihat 3 in Al Mowaihat with 76.9%.
Coming in a close second we have the ever-popular Ajman Downtown, which is another area with significant price drops. There was a 10.7% decrease for the rents for 1-bedroom apartments in Ajman Downtown from AED 28k to AED 25k, followed by a 10.5% decrease for 2-beds from AED 38k to AED 34k. The average rents for studios in Ajman Downtown saw a minimal decrease and are now at AED 18k.
The other popular areas for renting apartments in Ajman include Al Rashidiya, Garden City, Al Sawan, Al Rawda, Al Jurf, Al Mowaihat, Al Bustan and Emirates City. In these areas, the only notable price fall is a 10.5% decrease for studios in Al Rashidiya where rents went from AED 17k to AED 19k. The deceases for average sales prices for other areas are between 3% to 8%
BEST AREAS TO BUY AND RENT VILLAS IN AJMAN’s PROPERTY MARKET
While the Ajman property market doesn’t have many planned villa communities as in Dubai, there is a large choice of spacious villas for sale and rent available across the emirate and have all the necessities such as schools, hospitals and supermarkets nearby.
For 2018, the rental houses in Al Rawdaa were the most searched by Bayut users garnering 36.1% of searches for renting villas in Ajman. Al Mowaihat took the second spot with 34.1% of searches. The areas of Al Jurf, Al Zahraa and Al Al Nuaimiya followed. The other popular areas include Al Hamidiyah, Al Bustan, Musherief, Al Rumaila and Al Raqaib.
As for villa sales in Ajman, the houses in the historical neighbourhood of Al Mowaihat were the most popular in H2 2018, accounting for 34.6% of total searches. This was closely followed by Al Rawda accounting for 33.3% of searches. The other sought after areas by investors for buying villas in Ajman include Al Zahraa, Al Yasmeen, Al Jurf, Al Hamidiyah, Musherief, Al Rashidiya, Al Bustan and Al Raqaib.
BEST OFF-PLAN PROJECTS IN AJMAN
For those looking to invest in the off-plan property market in Ajman will find that the 00% freehold area of Emirates City is the most popular off-plan development in Ajman. This area features a mix of residential and commercial units and the buildings that come equipped with a swimming pool, round the clock security and concierge services. It is also located right on Emirates road and is just a 20 minutes drive from Dubai, making it ideal for anyone looking to live in Ajman and work in Dubai. The sale prices for properties in Emirates City start from AED 150k according to Bayut’ss current listings.
Following Emirates City, the off-plan properties in Ajman Downtown take the second position. Over here you will be able to invest in a range of properties which include a mix of apartments, townhouses and villas of varying configurations, all of which boast spacious floor plans and French-styled architecture. While a few residential units here that have been partially delivered here, you can find plenty of off-plan properties in Ajman Uptown that are available for buying. As per the current listings on Bayut, the sale prices for the properties in Ajman Downtown start from AED 400k.
Helio City is the third most popular for off-plan projects in Ajman with sale prices starting at AED 200k.
We can conclude that the trend of decreasing prices for properties in Ajman and the rise of so many new developments are definitely offering UAE residents numerous opportunities to rent affordable properties. And with the new reforms coming into effect in the coming year, Ajman real estate trends will definitely see increased interest in terms of renting and buying.
Forecast for 2019
Commenting on the current Ajman real estate trends, Haider Ali Khan, CEO of Bayut, said: “Ajman has always been an attractive market for investors and renters and with the delivery of off-plan projects in Ajman Uptown, Emirates City and Corniche Ajman, there is now a larger portfolio of properties to choose from. The larger availability paired with softening prices and newly introduced reforms will strengthen the emirate’s position in the UAE property market and we expect it to resonate in the coming years as well.”
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.