Leading property market experts claim that Ajman, Sharjah, and Ras Al Khaimah have become real estate hotspots with excellent investment potential.
Dubizzle’s annual property market reports, which are based on primary data collected from site visits and user behaviour throughout 2023, demonstrate that while all three emirates are experiencing a real estate boom, Ajman stands out with record growth in sales and rentals, while Sharjah and RAK become popular destinations for property purchases in the United Arab Emirates.
The data that has been made available for each emirate demonstrates a remarkable upward trend in the sales and rental sectors in each of the three emirates, together with high rates of return on investment. These developments present profitable investment prospects and a positive picture for both prospective homeowners and investors.
Leading property management firm Asteco predicts that the Northern Emirates market will continue on its stable, positive trajectory throughout 2023, with notable signs of growth and recovery throughout the year, including a steady upward trend in both sales prices and rental rates.
According to Asteco, the Northern Emirates real estate market is well-positioned for long-term growth in 2024, thanks to the foundation put in place in 2023.
According to dubizzle CEO Haider Khan, the 2023 Annual Property Market Reports for Ajman, Sharjah, and Ras Al Khaimah highlight these cities’ burgeoning prominence in the UAE real estate market.
“We’ve seen steady rises in almost all villa and apartment categories, supported by timely completion of off-plan projects and other developments as well as the availability of contemporary facilities at attractive price points. The Northern Emirates and Sharjah listings attracted more than 25 million page views in 2023, demonstrating their popularity among UAE home buyers. These emirates have emerged as top choices for individuals seeking more affordable options with comparable amenities and perks, as demand for real estate and investment opportunities rises throughout the United Arab Emirates,” according to Khan.
As a result of the “quiet emirate’s” ongoing infrastructural developments, urban planning, and availability of a wide range of properties with desirable amenities, the Ajman property market saw a significant uptick in 2023, according to a dedicated report by dubizzle.
Due to growing interest from investors and purchasers, Ajman’s real estate saw some of the most remarkable increases in rents, per-square-foot pricing, and Return on Investment (ROI) numbers.
With a great ROI of 9.44%, Ajman Downtown is undoubtedly the best place to buy apartments, and this is evident from its rising value and appeal in the real estate market. According to the survey, Al Zorah offers an exceptional return on investment of 6.99%, while Al Yasmeen emerges as the most desirable neighbourhood for villa purchases with 6.15%.
With yearly apartment rents ranging from Dh27,000 to Dh47,000, the rental sector has seen a solid upswing. With an average yearly rent of Dh27,000, Al Nuaimiya is the market leader for rental apartments. With an average sales price of Dh371,000, it is also a top location for apartment purchases.
All prices in Sharjah have increased, with apartments typically costing between Dh601,000 and Dh1.01 million to buy, and between Dh21,000 and Dh45,000 per year to rent.
With an average asking price of Dh948,000 and a return on investment (ROI) of 3.51%, Al Khan is the most sought-after neighbourhood for apartment purchases. Al Majaz and Muwaileh also became well-liked options with a good return on investment. With a 6.24% ROI, Al Majaz had the highest ROI for apartments, and Al Sabkha had the highest ROI for villas, at 6.23%. The cost of a three-bedroom flat in Muwaileh, however, increased by an astounding 40.48%.
The best places to rent apartments were Al Nahda (which also saw a rent increase of 15.38%), Muwaileh, Al Qasimia, Al Majaz, and Al Taawun. Al Nahda was the most popular because of its prime location and affordable rents.
In addition to continuing its remarkable upward trend, the RAK real estate market had complex up-and-down patterns in 2023.
“The availability of contemporary amenities in conjunction with the completion of off-plan buildings and developments has maintained RAK’s appeal in the eyes of buyers, tenants, and investors,” the research stated, while predicting that the best locations for purchasing and leasing real estate were Al Hamra Village, Mina Al Arab, and Al Marjan Island.
The average annual rent for apartments was between Dh22,000 and Dh42,000. Yasmin Village provided the best return on investment (ROI) of 11.71%, while Al Marjan Island recorded the highest apartment sales price of Dh1.57 million.