Ajman's property marketplace has managed to put in some good growth numbers along with other emirates. Now, Ajman wants to get more out of this sector. Image Credit: Shutterstock

Dubai: Ajman’s Department of Economic Development has contracted the consultancy JLL to come up with a strategy to help make the emirate’s property market into a highly competitive one. JLL, which has a longstanding presence in the UAE, will also help with creating new ways by which Ajman’s real estate can be successful.

This is part of the emirate’s broader push to bring in more investments into its economy, particularly on the real estate side. “The results of the study will contribute to drawing a roadmap for the future of Ajman’s real estate sector,” said a statement from the government department.

Real estate and ancillary activities contribute 30 per cent to Ajman’s GDP annually. Ajman's property market has plugged into the growth its peers in the other emirates have been having since 2021. Among the northern emirates, Sharjah and Ras Al Khaimah real estate markets have been recording significant year-over-year increases in attracting investments. Ras Al Khaimah's property market has been recording some of the fastest increases in values of late alongside an offplan launch boom.

Dh 4 billion

Value of rental contracts signed in Ajman during 2023

What Ajman hopes to achieve

"JLL’s research, expected to be completed by the end of the first-half of this year, will provide a diagnostic vision of Ajman’s capabilities, and result in setting a development road map for the future of this pivotal sector," said Saeed Humood Saeed, Director of the Ajman Competitiveness Office at the Department of Economic Development.

Again, as in other emirates, Ajman's residential rental market has been seeing a sizeable uptick in demand. The value of rental contracts entered into last year reached Dh4 billion, which is an increase of 39.92 per cent on 2022. More apartment towers are to be completed in the medium-term, coming up when more residents are looking for budget-friendly rental options.

The overall value of real estate transactions crossed Dh16.9 billion, from a 43 per cent year-on-year increase.

An eye on tourism prospects too

The JLL plan will also focus on the chances for Ajman to top its hospitality sector by way of new investments.

"We are committed to developing the potential of tourism sector by enhancing competitiveness and creating innovative investment opportunities," said Mahmoud Khalil Al Hashimi, Director-General of Ajman Tourism Development Department.

"We believe this partnership (with JLL) will contribute significantly to building a system that enhances the attractiveness  of Ajman as a distinguished investment destination on the international scene."