Tue 22-08-2023 18:19 PM
AJMAN, 22nd August, 2023 (WAM) — The real estate market in Ajman showed robust performance in the first half of 2023 (H1’23), with total real estate transactions surpassing AED7.17 billion.
This figure, which represents a significant growth rate of 15.6 percent compared to the corresponding period in 2022, was included in the real estate report published by the Department of Lands and Real Estate Regulation and underscored the thriving economic activity in the emirate’s property sector.
Omar bin Omair Al Muhairi, Director-General of the Department of Lands and Real Estate Regulation, said that the aforementioned period witnessed a total of 5,310 real estate transactions, adding that the cumulative value of these transactions exceeding AED7.17 billion highlights a robust demand for properties.
The trading volume accounted for AED4.57 billion, involving 3,980 trading operations. Mortgage transactions numbered 972, translating to a total value of AED1.55 billion.
Al Muhairi also noted that this performance is in line with the consistent upward trajectory of the emirate’s real estate sector and can be primarily attributed to a sustained demand for properties and a steady inflow of investments in diverse real estate projects within the emirate.
May, in particular, emerged as a notable month, witnessing a peak value of real estate transactions totalling AED1.9 billion, signifying an impressive growth rate exceeding 133 percent compared to the corresponding month in 2022.
These statistics also collectively portray the resilience and vibrancy of Ajman’s real estate market.
Tariq Al Fahaam/ Amjad Saleh