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Ajman property deals rise 16% as economy rebounds

Ajman has a growing inventory of hotels and resorts focusing on wellness, cultural and adventure tourism Unsplash.com/Dovi
Ajman has a growing inventory of hotels and resorts focusing on wellness, cultural and adventure tourism

Real estate transactions in Ajman rose 15.6 percent year on year in the first half of 2023, propelled by the UAE’s thriving economy.

The number of property deals reached 5,310 and were valued at AED7.17 billion ($1.95 billion), the UAE state-run Wam news agency reported, citing Omar bin Omair Al Muhairi, director-general of Ajman’s Department of Lands and Real Estate Regulation.

The emirate recorded a total of 972 mortgage transactions worth AED1.55 billion during the six months, he added.

The growth is in line with the upward trajectory of the emirate’s real estate sector due to a sustained demand for properties.

Real estate transactions hit their highest point in May at AED1.9 billion, soaring 133 percent year on year.

Ali Jaber, chief executive of GJ Properties, told AGBI in April that every inch of sand in Ajman will be developed in the next five years.

The UAE’s fifth largest emirate, which measures 42 sq km and has a population of half a million people, is close to reaching saturation point in terms of new construction projects, he added.

The Ajman Real Estate Investment Exhibition, held in March, saw 75 deals concluded worth AED44.2 million.

Last December Ajman ruler Sheikh Humaid bin Rashid Al Nuaimi approved the emirate’s budget for 2023.

The AED2.92 billion spending plans marked a 21 percent year-on-year increase, the largest in the emirate’s history.

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