The Ajman Department of Economic Development has taken a significant step towards revitalizing the emirate’s real estate sector by enlisting the expertise of JLL consultancy. With a formidable track record in the UAE, JLL will spearhead the development of a comprehensive strategy aimed at propelling Ajman’s real estate market into a new era of competitiveness and growth.

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This initiative forms a crucial part of Ajman’s broader economic agenda, which seeks to attract more investments and foster sustainable development across various sectors. The government department emphasizes that the insights gleaned from this collaboration will play a pivotal role in charting the future course of Ajman’s real estate landscape.

Currently, real estate and its ancillary industries contribute a significant 30% to Ajman’s GDP annually. The emirate has been buoyed by the positive momentum witnessed in the real estate markets of neighboring emirates like Sharjah and Ras Al Khaimah since 2021. Notably, Ras Al Khaimah has emerged as a hotspot for real estate investments, marked by rapid value appreciation and a surge in off-plan launches.

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Director of the Ajman Competitiveness Office, Saeed Humood Saeed, underscores the importance of JLL’s research in providing a comprehensive assessment of Ajman’s real estate potential. The forthcoming strategy aims to identify key growth areas and formulate a roadmap that aligns with the emirate’s long-term development goals.

Ajman’s rental market has witnessed a robust uptick in demand, with rental contracts totaling Dh4 billion in the past year alone—a nearly 40% increase from 2022. This surge in demand is driving the development of more affordable housing options, particularly in the form of apartment buildings, to cater to the needs of both residents and investors.

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Moreover, the total value of real estate transactions in Ajman surpassed Dh16.9 billion, indicating a robust 43% year-on-year growth, further underscoring the emirate’s attractiveness as an investment destination.

Looking beyond residential real estate, the JLL strategy will also explore Ajman’s potential to position itself as a leading player in the hospitality sector. Director-General of Ajman Tourism Development Department, Mahmoud Khalil Al Hashimi, expresses confidence in the partnership with JLL, emphasizing its role in enhancing Ajman’s appeal as a premier investment and tourism destination on the global stage.

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In summary, the collaboration between Ajman and JLL signals a new chapter in the emirate’s journey towards economic prosperity and sustainable development. By leveraging JLL’s expertise, Ajman aims to unlock its full potential and emerge as a thriving hub for real estate and tourism in the region.