With new projects, Ajman developers target affordable home sales – and rents too
New residential projects create options for Ajman developers and residents too
Dubai: Ajman’s property market is starting to see ongoing residential projects nearing completion and new ones launched as the emirate draws interest from a cost-conscious resident base.
In fact, Ajman is doing much to widen the residential possibilities in its property market. From May 1, Ajman landlords are allowed to offer short-stay rentals.
In this, the emirate has joined Sharjah in first creating additional residential capacity and then opening up the market to long- or short-term rental possibilities. All this at a time when there are more people willing to put in longer travel distances to their places of work as long as they can keep their rental commitments within limits.
“The northern emirates’ highway expansions are finally delivering the intended results – winning over new residents and retaining existing ones,” said an estate agent. “This is also happening because new apartment buildings and villas are completed and many have moved into them.
“Landlords with older properties are offering lower rents for renewals to try and retain tenants. All of which is quite different to the ongoing situation in Dubai’s rental market.”
Adding to Ajman’s mix
By December, one Ajman developer, GJ Properties will have more homes ready for occupancy. Its Rose Tower project should be ready by then, and with prices starting Dh445,000. Another one, called the ‘Gulf Tower’, is also aiming for an end-of-year completion, and has prices at Dh479,000. On the completed side, GJ has its Gulfa Towers, where units would be Dh550,000.
The developer as well as its peers will take a lot of boost from the Ajman Department of Economic Development’s data that shows 1,500 new licences were issued to businesses during Q1-2023, higher by 13 per cent on Q1-2022.
“This news highlights the resilience and sustainability of the emirate's economy, the growing confidence in the business environment,” said a statement from GJ. (The developer is running multiple projects simultaneously, with the new Ajman Creek Towers setting sights on a December 2026 completion. The project will have 1,875 apartments and the developer makes a point of saying it will be ‘only 25 minutes from Dubai Airport’.
Those road networks are coming in handy…
Sharjah's ready for more
Sharjah too is seeing more completed projects - even a casual glance at its changing skyline will confirm that. Landlords in the emirate are still offering multiple incentives, including rent-free periods, to new signings.
Since start of the year, 'there is more bullishness among Sharjah landlords, as the pace of renewals shot up," said an estate agent focussed on the emirate. "Sharjah and Ajman real estate is directly benefiting from new business licenses being issued and commercial activity picking up."
Sharjah property market is still flying high from the law on freehold titles, and which has rubbed off on projects like Aljada, Masaar and Al Zahia.
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A bit of help from short-stays
"Second-half 2023 should see more demand for short-stay rents in Sharjah - people are starting to become aware of such options and landlords are getting keen," said a property management firm. "I think by the fourth quarter, we should see more short-rental homes listed. There's a lot of overflow possibilities that's up for grabs from Dubai, especially with Gulf or Arab families."
Ajman's got the short-stay formula too
From May 1, Ajman too is into short stays. "This initiative is expected to attract a larger number of international tourists to Ajman," said Mahmood Khaleel Alhashmi, Director-General of the Ajman Department of Tourism Development. "It provides them with an opportunity to not only explore the natural beauty of the region (and) enjoy the comforts of their own home while doing so."