In the first quarter of 2019, the property prices in Ajman for both sales and rents experienced marginal decreases compared to those seen in Q4 of 2018.
The property price trends in Ajman also show an increased interest in urban communities with higher rental yields such as Ajman Uptown and Corniche Ajman.
Popular Areas to Buy Apartments
The Ajman real estate market continues to be a favoured choice for property investors. In the first quarter of 2019, in terms of the apartments for sale in Ajman, there were quite a few areas displaying a decrease in prices for 1-bed units ranging between 7-9%. The sales prices for 1-bedroom apartments in Garden City decreased from AED 195k in Q4 2018 to AED 180k in the first quarter of 2019.
Prices for buying flats in Al Sawan also experienced a decrease, where 1-bed units slid from AED 350k to AED 325k and 2-bed units also showed a decrease from AED 650k to AED 600k. Finally, 1-bedroom units in Al Nuaimiya and Al Bustan also went down from AED 260k to AED 240k and AED 470k to AED 436k respectively.
Featured areas with apartments for sale in Ajman include Ajman Downtown, Al Rashidiya and Garden City. Sales prices across the board in Ajman Downtown experienced marginal changes. The average cost of 2-bedroom apartments for sale in Ajman Downtown went down from AED 340k in Q4 of 2018 to AED 325k this quarter. The prices went up slightly for studios from AED 170k to AED 175k and prices were unchanged for 1-bed units at AED 260k.
Al Rashidiya is another popular area for investors thinking of buying flats in Ajman. Here the average prices for studios and 2-bedroom apartments stand at AED 205k and AED 355k. The average sales prices for 1-bedroom apartments in Al Rashidiya saw a hike, while 2-bedroom prices rose 1.4%.
Garden City has remained popular among buyers looking to purchase flats in Ajman, where 1-bedroom prices fell 7.7%. As for the average sales prices for the other units, the cost of studios in Garden City went down from AED 150k to AED 140k, while 2-bedroom units stand at AED 225k.
Al Sawan, Al Nuaimiya, Corniche Ajman, Emirates City, Sheikh Maktoum Bin Rashid Street, Al Bustan and Al Jurf are all other popular areas with flats for sale in Ajman.
From the list of the 10 most popular areas for investing in the apartments in Ajman, Al Nuaimiya offers the highest rental yield in Ajman at 13.8%. This is followed by a 9.7% rental yield for the apartments in Garden City. Ajman Downtown, which is the most popular area for investing in Ajman’s apartments also offers high rental yields at 9%. The trends also show that apartments in Corniche Ajman and Emirates City offer high rental yields of 8.7%.
Popular Areas to Rent Apartments
Moving on to the property price trends for the rental apartments in Ajman; an 11.8% decrease in rents for studios in Al Jurf, where prices went down from AED 17k in Q4 2018 to AED 15k now. The other notable price falls were at the 6% margin for 1-bed units in Al Sawan from AED 30k to AED 28k followed by studios in Garden City from AED 15k to AED 14k.
For Q1 2019, featured areas for renting apartments in Ajman include Al Nuaimiya, Ajman Downtown and Al Rawda where prices experienced minor decreases for 1 and 2-bed units. The rents for studios in Al Nuaimiya experienced a marginal increase from AED 16.5k in Q4 of 2018 to AED 17k in the first quarter of the year.
Ajman Downtown saw the most notable decreases, at the 6% margin, for studios and 2-beds, where rents went down from AED 17k to AED 16k and AED 34k to AED 32k respectively. Rental prices for 1-bedroom flats in Ajman Downtown experienced a minimal change and stand at AED 23k.
Located close to the Ajman – Sharjah border, the community of Al Rawda has remained popular when it comes to flats for rent in Ajman. Here the rental prices for studios and 1-bedroom units remain unchanged at AED 14k and AED 22k respectively. Only the rents for 2-bedroom apartments in Al Rawda saw a dip of 5.4% and went from AED 28k in the previous quarter to AED 26.5k now.
The other popular areas for renting apartments in Ajman include Al Rashidiya, Al Sawan, Garden City, Al Jurf, Emirates City, Al Mowaihat, Corniche Ajman. Here studios in Al Rashidiya also dropped at the 6% margin from AED 17k to AED 16k. Rents did not change in Al Mowaihat, for studios and 1-bedroom units in Al Rawda, and for larger units in Al Rashidiya, Al Jurf and Emirates City.
For tenants, rents eased slightly this quarter: studios in Al Jurf, Garden City, Ajman Downtown and Al Rashidiya cost AED 1k to 2k less a year than in Q4 2018.
Popular Areas to Buy and Rent Villas
For the investors looking to buy villas in Ajman, Al Mowaihat stays as the most popular area for villa sales in the first quarter of 2019, accounting for 40.1% of total searches. The prices for the villas for sale in Al Mowaihat start at AED 1M. Following Al Mowaihat, Al Rawda is in the second spot accounting for 33.5% of searches. This time Al Yasmeen takes the third spot accounting for 8.7% of searches closely followed by Al Zahraa (7.1%) and then Al Jurf (3.6%). The other areas popular among investors looking at houses in Ajman include Al Hamidiyah, Musherief, Al Nuaimiya, Al Rashidiya and Corniche Ajman.
As for tenants, the top area for villa rentals in Ajman is Al Rawda. The starting price for houses for rent in Al Rawda is AED 50k for a 3-bed villa. Al Mowaihat is the second most popular area for villa rentals in the Ajman real estate market accounting for 24% of searches by tenants. This is followed by Al Jurf (10%), Al Hamidiyah (4.9%) and Al Nuaimiya (4.7%). The other popular areas for renting houses in Ajman include Al Zahraa, Musherief, Al Rashidiya, Al Bustan, and Al Yasmeen.
Featured Off-Plan Projects
Emirates City is the most popular project with off-plan properties in Ajman. Within Emirates City, the Paradise Lakes Towers attracted the most attention from potential investors accounting for 49.1% of the searches. Investors looking to purchase properties in this off-plan project will find the buying prices for an apartment in Paradise Lakes start from AED 145k for a 1-bedroom unit.
Ajman Uptown is the next most popular off-plan project in Ajman that got significant interest from potential investors. Here Erica 1 had the highest number of searches gathering 33% of the searches. Other off-plan developments in Ajman that caught the attention of buyers looking to invest in the Ajman property market include Al Helio, Corniche Ajman and Al Rashidiya.
Haider Ali Khan, CEO of Bayut, said: In recent years the Ajman property market has grown substantially, offering investors and renters a large portfolio of properties to choose from. While prices on average have decreased, there have been a number of recent deliveries in Emirates City and Al Nuaimiya to keep Ajman in the limelight. From a value perspective, Ajman is easily one of the most attractive markets to invest in the UAE and perhaps even globally, with some areas reporting rental yield of over 10%.
In Q1 2019, most Ajman sales prices and rents dipped slightly, Al Nuaimiya had the highest rental yield at 13.8% and Emirates City led off-plan searches.
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