Prices Soften Overall In The Ajman Property Market – Bayut.com H2 2018 Report

Photo credit: Al Rashidiya 1 - Ajman - United Arab Emirates. Author: pj soans.

The Ajman real estate market remains a lucrative option for both investors and renters as prices experience a modest decline in H2 of 2018 when compared to H1 2018, according to Bayut.com’s real estate market report for 2018.

Sales highlights

● The steepest price falls are 12.5% for studios in Al Rashidiya from AED 240k in H1 to AED 210k and for 1-bedroom apartments in Emirates City from AED 240k to AED 210k. Prices for Studios in Al Sawan also decreased by 11.5% from AED 282k to AED 250k.

Rental highlights

● Prices on average experienced a dip for rental apartments in Ajman, with the most significant changes being a 10.7% decrease for 1-bedroom apartments in Ajman Downtown, prices fell from AED 28k to AED 25k, followed by a 10.5% decrease for 2- beds from AED 38k to AED 34k. The other notable price fall is a 10.5% decrease for studios in Al Rashidiya from AED 19k to AED 17k.

Apartment sales

Ajman Downtown is the most popular for apartment sales with prices decreasing across the board with studios going down from AED 200k in H1 to AED 185k and 1-beds going from AED 290k to AED 265k.

The units that did not see a change in property prices from H1 include studios in Al Bustan and Al Jurf where prices are AED 305k and AED 180k respectively; 1-beds in Sheikh Maktoum Bin Rashid Street at AED 639k; and finally 2-beds Al Sawan and Al Bustan where prices average at AED 520k and AED 701k respectively.

Average sales prices for other areas are between 4% to 9%.

Apartment rentals

For 2018, Al Nuaimiya was the most popular for apartment rentals where prices decreased for studios from AED 20k to AED 18k and for 1-beds from AED 26k to AED 24k. 2-bedroom apartments in Al Nuaimiya remained stable at AED 35k.

The prices for 2-bedroom apartments in Al Nuaimiya, Al Mowaihat and Al Bustan all remain unchanged at AED 35k, AED 27k and AED 43k respectively.

The rental prices in other popular areas decreased between 3 to 8%.

Villa sales

Al Mowaihat was the most popular for villa sales in H2 2018, accounting for 34.6% of total searches, closely followed by Al Rawda (33.3%), Al Zahraa (9%), Al Yasmeen (8.7%) and Al Jurf (7.2%). The other sought after areas by investors include Al Hamidiyah, Musherief, Al Rashidiya, Al Bustan and Al Raqaib.

Villa rentals

Al Rawdaa takes the top spot for villa rentals, gathering 36.1% of searches by Bayut’s users followed by Al Mowaihat (34.1%), Al Jurf (7%), Al Zahraa (6.7%) and Al Al Nuaimiya (4.1%). The other popular areas include Al Hamidiyah, Al Bustan, Musherief, Al Rumaila and Al Raqaib.

Most popular sub-communities

Ajman Pearl Towers in Ajman Downtown is the most popular for apartment sales and accounts for 40.4% of searches while Goldcrest Dream Towers in Emirates City tops the list as the most popular overall with 85% of searches.

For apartment rentals, within Al Nuaimiya, Al Nuaimiya 1 is the most popular, receiving 39.7% of the searches in the area. Other sub-communities for apartment rentals that have garnered a high volume of interest includes Al Mowaihat 3 in Al Mowaihat with 76.9%.

For villa sales, Al Mowaihat 2 in Al Mowaihat is the most favoured for Bayut users for gathering over 38.6%. In the other areas, the sub-community of Al Rashidiya 3 in Al Rashidiya has gathered the most number of searches at 92.8%.

For villa rentals, Al Rawda 2 in Al Rawda has received the highest interest by Bayut users with 40% of searches.

Forecast for 2019

Haider Ali Khan, CEO of Bayut, said: “Ajman has always been an attractive market for investors and renters and with the delivery of off-plan projects in Ajman Uptown, Emirates City and Corniche Ajman, there is now a larger portfolio of properties to choose from. The larger availability paired with softening prices and newly introduced reforms will strengthen the emirate’s position in the UAE property market and we expect it to stay strong in the coming years as well.”

Disclaimer: The above report is based on prices advertised by real estate agencies on behalf of their clients on Bayut.com, and not representative of actual real estate transactions conducted in Ajman.

Photo credit: Al Rashidiya 1 – Ajman – United Arab Emirates. Author: pj soans.