In a bid to bolster Ajman’s real estate sector and attract increased foreign investment, the Ajman Department of Economic Development has enlisted the expertise of JLL consultancy to devise a transformative strategy. With a rich history of operations in the UAE, JLL is poised to contribute significantly to the rejuvenation of Ajman’s real estate landscape with innovative strategies tailored for sustainable growth.

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This initiative forms part of Ajman’s broader economic agenda aimed at enhancing its competitiveness and expanding its appeal to global investors, particularly within the real estate domain. A statement from the government department emphasized the pivotal role that the study results will play in charting a comprehensive roadmap for the future development of Ajman’s real estate sector.

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Yearly, the real estate and associated industries collectively contribute a substantial 30% to Ajman’s GDP, underscoring the sector’s importance to the emirate’s economic vitality. Ajman’s property market has been buoyed by the positive growth trajectory witnessed by its counterparts in neighboring emirates since 2021. Notably, Sharjah and Ras Al Khaimah have emerged as investment hotspots, witnessing significant year-on-year increases in capital inflows. Ras Al Khaimah, in particular, has experienced a rapid surge in property values alongside a surge in off-plan launches, signaling robust market dynamics.

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The overarching goal for Ajman is clear: to leverage JLL’s expertise to develop a forward-looking strategy that capitalizes on the emirate’s strengths and addresses existing challenges. Saeed Humood Saeed, Director of the Ajman Competitiveness Office, expressed confidence that JLL’s research, slated for completion by the first half of this year, will provide invaluable insights into Ajman’s capabilities and lay the groundwork for strategic development initiatives.

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In tandem with the uptick in real estate demand, Ajman has witnessed a notable surge in residential rentals, with rental contracts totaling Dh4 billion in the previous year alone—an impressive 39.92% increase over 2022 figures. Looking ahead, the completion of more apartment buildings is anticipated to meet the growing demand for affordable rental properties, particularly among local residents.

The total value of real estate transactions in Ajman soared to Dh16.9 billion, reflecting a robust 43% annual growth—an encouraging sign of investor confidence in the emirate’s real estate market.

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Additionally, the JLL strategy will explore Ajman’s potential to position itself as a leader in the hospitality industry through targeted investment initiatives. With an eye on tourism prospects, this multifaceted approach aims to unlock new avenues for growth and diversification within Ajman’s economy, further cementing its status as a dynamic investment destination in the region.

In conclusion, the collaboration between Ajman’s government and JLL underscores a proactive approach to revitalizing the emirate’s real estate sector, with the ultimate aim of fostering sustainable economic growth and prosperity.