Realty Buzz: Industrial land in the spotlight

Industrial land recorded the highest demand in months both in Sharjah and Ajman last week, boosting property sales between Dh40 million and Dh45 million in Sharjah and Dh18 million in Ajman.

In Sharjah, demand for industrial and commercial land was higher than that for residential land. Agricultural land, however, recorded the least demand in the property market.

Abdul Gader Mohammed, director of Sharjah-based Al Majd Real Estate, said industrial land prices remained the same despite the high demand.

"Demand on industrial land is due to the business activity presently being witnessed in the emirate. The demand on industrial land has been very high in recent months," he said.

Villas and apartment prices in Sharjah, he said, have also remained unchanged during the last six months with those of finished buildings being governed by the quality of facilities the landlords offer the tenants.

Meanwhile, industrial land dominated the property market in Ajman with demand on residential and agricultural land followed by industrial and commercial lands.

Abdullah Al Jasmi, director of Ajman-based Al Jasmi Real Estate, said demand on industrial land increased during last week followed by that for commercial land.

"We have noticed a sudden increase in demand on industrial land with the number and value of deals the highest for industrial land. In previous weeks, the emirate attracted considerable investors."

However, Al Jasmi did not mention a clear reason for the sudden surge of demand on industrial land but he said this could have been due to investment activity in the emirate.

Residential land occupation is currently 95 per cent with apartment demand in the finished buildings remaining high.