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According to dubizzle’s annual property market reports, the region offers strong investment opportunities
February 29, 2024 | Staff Reporter | UAE | Developers
Dubizzle’s Annual Property Market Report for the Northern Emirates has revealed that the region’s real estate markets have witnessed significant growth in 2023, with Ajman, Sharjah, and Ras Al Khaimah (RAK) at the forefront, according to the UAE’s leading property platform. Based on primary data gathered from site visits and user behaviour throughout 2023, the reports released for each emirate have shown an impressive uptrend in both the sales and rental sectors, revealing a promising outlook for investors and homebuyers alike.
Commenting on the report’s findings, Haider Khan, CEO of dubizzle, said, “Our 2023 Annual Property Market Reports for Ajman, Sharjah, and Ras Al Khaimah showcase their emerging status as rising stars in the UAE property market. We’ve noticed consistent increases in nearly all villa and apartment categories, bolstered by the availability of modern amenities at competitive price points and timely completion of off-plan projects and other developments.”
“Listings advertised in Sharjah and the Northern Emirates attracted over 25 million page views in 2023, showing their appeal with property seekers in the UAE. With demand for housing and investment options rising across the UAE, these emirates have become prime opportunities for those wanting more competitive options with similar amenities and benefits.”
Haider Khan, CEO of dubizzle
The Ajman property market experienced a significant surge in 2023, according to dubizzle’s dedicated report, showcasing the “quiet emirate’s” increasing appeal as a prime real estate destination, driven by its ongoing infrastructural developments, urban planning, and a variety of properties with desirable amenities. It saw some of the most notable surges in rents, per square foot prices, and ROI figures, due to increased interest from investors and homebuyers.
Ajman Downtown leads the way as a prime apartment buying destination with a remarkable Return on Investment (ROI) of 9.44%, a clear indicator of its growing popularity and value in the property market. Al Yasmeen emerges as the most sought-after area for villa purchases with 6.15%, with Al Zorah providing an impressive ROI of 6.99%.
The rental market has shown a healthy uptrend, with annual apartment rents ranging from AED 27,000 to AED 47,000. Al Nuaimiya leads in apartment rentals with an average annual rent of AED 27,000, and also ranks high for apartment purchases with an average sales price of AED 371,000.
Sharjah’s real estate market has shown remarkable growth in 2023, as detailed in dubizzle’s comprehensive annual property market report. Recognised as the cultural capital of the UAE and valued for its proximity to Dubai, the emirate has continued to attract a significant number of people, with an upward trajectory in both rental and sales prices for apartments and villas.
It also caters to a range of preferences and budgets, with certain areas emerging as particularly attractive for investment and residency. Preferred neighbourhoods are Al Khan, Muwaileh, Al Tai, Al Jazzat, Al Nahda, and Al Qasimia, which list among the most sought-after among prospective tenants and buyers.
The real estate market in Ras Al Khaimah (RAK) witnessed another year of impressive growth in 2023, while also displaying complex up-and-down trends. Completion of off-plan projects and developments, coupled with the availability of modern amenities, has sustained RAK’s appeal in the eyes of investors, buyers, and tenants. The preferred areas were Al Hamra Village, Mina Al Arab, and Al Marjan Island as the top choices for buying and renting properties.
