Ajman, Sharjah, and Ras Al Khaimah have emerged as real estate hotspots offering strong investment opportunities, according to leading property market experts.
Based on primary data gathered from site visits and user behaviour throughout 2023, dubizzle’s annual property market reports show that while the three emirates are at the forefront of a real estate boom, Ajman shines with record growth in sales and rentals, while Sharjah and RAK emerge as hotspots for property purchases in the UAE.
The reports released for each emirate have shown an impressive uptrend in both the sales and rental sectors across all three emirates with high levels of return on investments, making for lucrative investment opportunities and revealing a promising outlook for investors and homebuyers alike.
Asteco, a leading property management company, anticipates a continuation of the stable-positive trajectory observed over 2023 with the Northern Emirates market exhibiting notable signs of recovery and growth over the course of 2023 characterized by a consistent upward trend in both sales prices and rental rates. Asteco observed that the groundwork laid in 2023 positions the Northern Emirates real estate market for sustained growth in 2024.
Haider Khan, CEO of dubizzle, said the 2023 Annual Property Market Reports for Ajman, Sharjah, and Ras Al Khaimah showcase their emerging status as rising stars in the UAE property market. “We’ve noticed consistent increases in nearly all villa and apartment categories, bolstered by the availability of modern amenities at competitive price points and timely completion of off-plan projects and other developments. Listings advertised in Sharjah and the Northern Emirates attracted over 25 million page views in 2023, showing their appeal with property seekers in the UAE. With demand for housing and investment options rising across the UAE, these emirates have become prime opportunities for those wanting more competitive options with similar amenities and benefits,” said Khan.
The Ajman property market experienced a significant surge in 2023, according to dubizzle’s dedicated report, showcasing the “quiet emirate’s” increasing appeal as a prime real estate destination, driven by its ongoing infrastructural developments, urban planning, and a variety of properties with desirable amenities
Ajman’s realty saw some of the most notable surges in rents, per square foot prices, and ROI figures, due to increased interest from investors and homebuyers.
“Ajman Downtown leads the way as a prime apartment buying destination with a remarkable Return on Investment (ROI) of 9.44 per cent, a clear indicator of its growing popularity and value in the property market. Al Yasmeen emerges as the most sought-after area for villa purchases with 6.15 per cent, with Al Zorah providing an impressive ROI of 6.99 per cent,” the report said.
The rental market has shown a healthy uptrend, with annual apartment rents ranging from Dh27,000 to Dh47,000. Al Nuaimiya leads in apartment rentals with an average annual rent of Dh27,000, and also ranks high for apartment purchases with an average sales price of Dh371,000.
In Sharjah, there has been a general rise in prices across the board, with apartments averaging from Dh601,000 to Dh1.01 million in selling prices, and Dh21,000 to Dh45,000 in annual rents.
Al Khan leads as the most sought-after area for buying apartments, with an average asking price of Dh948,000 and an ROI of 3.51 per cent. Muwaileh and Al Majaz also emerged as popular choices with attractive ROIs. Al Majaz recorded the highest ROI for apartments at 6.24 per cent, while Al Sabkha topped the list for villas with a 6.23 per cent ROI. Muwaileh’s 3bhk apartment prices, meanwhile, saw a staggering rise of 40.48 per cent.
Top areas for apartment rentals were Al Nahda (which also had a 15.38 per cent rent increase), Muwaileh, Al Qasimia, Al Majaz and Al Taawun, with Al Nahda leading due to its ideal location and reasonable rents.
RAK real estate market witnessed another year of impressive growth in 2023, while also displaying complex up-and-down trends. “Completion of off-plan projects and developments, coupled with the availability of modern amenities, has sustained RAK’s appeal in the eyes of investors, buyers, and tenants. The preferred areas were Al Hamra Village, Mina Al Arab, and Al Marjan Island as the top choices for buying and renting properties,” said the report.
For apartments, the average annual rent ranged from Dh22,000 to Dh42,000. Al Marjan Island recorded the highest sales price for apartments at Dh1.57 million, while Yasmin Village offered the highest ROI of 11.71 per cent.