Leading property market experts claim that Ajman, Sharjah, and Ras Al Khaimah have become real estate hotspots with excellent investment potential.
The real estate market in all three emirates is booming, but Ajman is leading the way with record-breaking growth in sales and rentals, while Sharjah and RAK are becoming well-liked places to buy property in the UAE, according to dubizzle’s annual property market reports. These reports are based on primary data gathered from site visits and user behaviour throughout 2023.
The data that have been made available for each emirate demonstrate 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.
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. Over 25 million page views were generated by listings promoted in Sharjah and the Northern Emirates in 2023, indicating the popularity of these listings among UAE property 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.
The quiet emirate’s growing appeal as a premier real estate destination, fueled by its ongoing infrastructural developments, urban planning, and a variety of properties with desirable amenities, is demonstrated by the substantial surge in the Ajman property market in 2023, according to dubizzle’s dedicated report.
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 ROI numbers.
With a great Return on Investment (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 percent, while Al Yasmeen emerges as the most desirable neighbourhood for villa purchases with 6.15 percent.
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.
The most sought-after neighbourhood for apartment purchases is Al Khan, with an average asking price of Dh948,000 and a return on investment of 3.51%. Other well-liked options with good return on investment were Muwaileh and Al Majaz. For flats, Al Majaz had the highest ROI (6.24 percent), and for villas, Al Sabkha had the highest ROI (6.23 percent). The cost of a 3 bedroom flat in Muwaileh, however, increased by an astounding 40.48 percent.
Al Nahda, which also experienced a 15.38% increase in rent, Muwaileh, Al Qasimia, Al Majaz, and Al Taawun were the finest locations to rent flats. The most well-liked area was Al Nahda due to its excellent location and reasonably priced rent.
In 2023, the RAK real estate market continued its remarkable upward trend while exhibiting intricate downward trends. 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. Al Hamra Village, Mina Al Arab, and Al Marjan Island were ranked as the best places to buy and rent real estate, according to the research.
The average annual rent for apartments was between Dh22,000 and Dh42,000. At Dh1.57 million, Al Marjan Island had the highest apartment sales price, while Yasmin Village provided the best return on investment (ROI) at 11.71 percent.
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