In its annual real estate report the Department of Land and Real Estate Regulation in Ajman pointed out, that the emirate’s real estate market performance in 2020 was stable and real estate transactions reached USD 2.42 billion.
Nasser Al Marzouqi, Deputy Director-General of the Department, highlighted that Ajman’s real estate sector had managed to maintain its positive performance, due to the proactive initiatives introduced by the Ajman Government in order to reduce the impact of the COVID-19 pandemic. For example, the Visual Communication Service (Gareeb) was launched, which helped to carry on with real estate operations during the pandemic.
In the previous year, real estate investments were estimated to stand at some USD 1.2 billion with investments by citizens amounting to USD 626 million, foreign investments totalling USD 272 million and investments by Gulf Cooperation Council, GCC, citizens making up USD 38.9 million.
The largest transaction of 2020 was registered in Zahya District in the Eastern Sector worth USD 39.7 million. The largest mortgage deal took place in Al Jurf 1 and it was valued at USD 127 million.