Ajman is the UAE’s smallest emirate, however, what it lacks in size it makes up for in culture, diversity and opportunity. Ajman real estate provides an incredibly untapped market for both local and foreign investors.
In this article, we will discuss the fantastic features of Ajman that make it a worthwhile region to buy, sell and rent a property. We will also explain how expatriates can invest in Ajman property, before showcasing the best places to live in Ajman.
Ajman is a small emirate, taking up only an estimated 0.3% of the nation’s land area. Located on the coast of the Persian Gulf, Ajman also controls two small inland exclaves, Al Manama and Masfout, known for their agriculture.
Sharjah borders Ajman, with the latter located just half an hour away from the international airports of Dubai and Sharjah. Ajman is undergoing major construction to create its own airport facilities to strengthen its accessibility and tourism.
The emirate has its own small port that serves thousands of vessels each year. Located near the port is the Ajman Free Zone, which is occupied by thriving industrial enterprises. In fact, Ajman contributes to approximately 10% of the UAE’s industrial production.
Ajman strives to utilise most of its coastline, offering the UAE’s largest boatyard. Here, boat manufacturers use old-style manual techniques to make dhows, a traditional Arabian sailing boat. The emirate is also at the forefront of building contemporary ships and watercraft.
The capital, Ajman City, offers a dynamic range of cultural activities, making it a popular weekend destination for UAE nationals from neighbouring emirates. Ajman is actively ramping up its entertainment and tourism offerings in a bid to attract visitors and investors to its white sandy shores.
All of these factors mean that real estate in Ajman is a lucrative opportunity for potential investors. As the emirate focuses its efforts on development, now could be the best time to buy property in Ajman.
In the capital, the majority of residential properties are apartment complexes. Buying and offering apartments for rent in Ajman have proven to be incredibly profitable for investors. As of Q4 2020, the annual rent for apartments in Ajman ranged from AED 12,000 per year for studios up to AED 35,000 per year for three-bedroom apartments.
In comparison, most villas for rent or sale in Ajman can be found in the smaller coastal villages. These areas are less developed, however, Ajman has certainly displayed enthusiasm for development. The government is committed to improving Ajman’s infrastructure by expanding its road network, increasing water supplies and creating power plants.
Rent in Ajman is considerably more affordable when compared to areas such as Dubai and Abu Dhabi, attracting more and more people to settle in this emirate.
For a long time, expats were not allowed to own property in the UAE. The first emirate to change this rule was Dubai, before others like Ajman, Abu Dhabi and Sharjah followed suit. Today, UAE property is easy to invest in, especially when you understand and follow the laws and regulations.
Under the Amiri Decree No. 7 and 8, 2008, foreigners are permitted to own both freehold and leasehold property in Ajman. Leaseholds are offered to expats for a period of 50 years.
Non-GCC developers and buyers can purchase freehold land and property in designated areas that are approved by the Ruler of Ajman. For this reason, it is recommended that expatriates talk to both, legal professionals and investment advisors to gain insight into the areas in which they can invest.
There are plenty of fascinating residential areas across Ajman, with a variety of lifestyle options for businessmen, tourists and families. Here are some of the most popular areas in Ajman for rentals and purchases.
Ajman Downtown is a buzzing district, packed with vibrant energy and action. In the heart of the city centre, residents are close to a wide array of shopping and entertainment opportunities. It is also close to the Ajman Freezone Area, making it the perfect location for the daily commute.
For landlords, this area reaps abundant profits. Investors can buy a studio apartment for as little as AED 164,000. In comparison, two-bedroom flats in Ajman Downtown can cost as much as AED 315,000 to purchase.
The rents are also quite affordable for tenants. A studio costs tenants an average of AED 15,000 annually in this bustling location. Meanwhile, two-bedroom apartments here can command rents that are upwards of AED 30,000.
Al Yasmeen is a quiet residential neighbourhood in the suburbs, making it perfect for those that wish to be away from the hustle and bustle of the inner city. This tranquil area does not have large shopping malls and entertainment centres. Instead, residents can expect to find independent stores, laundrettes and cafés. Nearby parks offer both play and sports facilities, making this location ideal for growing families.
Al Yasmeen is full of luxurious villas. Tenants in this area on average pay as much as AED 63,000 for a four-bedroom villa. For those who want an additional room, rental prices can be upwards of AED 68,000.
Many look for villas for sale in this family-friendly neighbourhood of Ajman. Four-bedroom villas can cost over AED 1 million, therefore, investors need to have a reliable property management team to attract the right attention that will make their investment worthwhile.
Situated along the shore of Ajman lies the Ajman Corniche community. This neighbourhood provides waterfront living in high-rise towers, full of deluxe apartments. Within walking distance, residents can find restaurants, spas, gyms and malls along with sandy white beaches.
The average rental price of a two-bed apartment is around AED 50,000 per year. Tenants can expect to pay approximately AED 78,000 for an extra bedroom. The living space of these units typically ranges from 1,250 sq ft up to 3,094 sq ft.
For those interested in purchasing a flat in Ajman Corniche, prices can exceed AED 1 million. A studio apartment averages AED 300,000, while a one-bedroom apartment for sale in Ajman Corniche can cost anywhere between AED 310,000 to AED 842,000. In comparison, a three-bedroom apartment in this area is ranged between AED 1 million and AED 1.7 million on average. Villas with five bedrooms typically start at around AED 1.5 million.
Despite its size, Ajman offers unlimited potential for both national and international investors.
For more information on investment opportunities in Ajman, talk to our dedicated Ajman team. They have their ears to the ground in the vibrant emirate, providing the latest insights and market trends.
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