Surge in Ajman Rents: Prices Nearly Double in One Year

Once a more affordable alternative to Dubai, Ajman is now experiencing a significant rise in rental prices, with rates nearly doubling over the past year.

Historically, Ajman was the go-to option for those seeking competitive rents within the UAE. However, the past two years have seen an increased demand for real estate across the entire country. The COVID-19 pandemic and global conflicts, such as the war in Russia, have driven many to relocate to the UAE, drawn by its safety, security, and abundant job and business opportunities. Additionally, the UAE government's attractive and easy visa options have made it an even more appealing destination.

While Dubai has seen a substantial surge in demand since the pandemic, Ajman has also experienced its own share of rent hikes, particularly in the past year. For example, this journalist, who used to pay just 24,000 AED per annum for a one-bedroom apartment in central Ajman near Grand Mall, reports that his landlord now charges new tenants 34,000 AED annually. In more premium areas like the Corniche, rents for one-bedroom apartments in highrises are reaching up to 40,000 AED, with two-bedroom units commanding even higher prices.

A building manager, who spoke on condition of anonymity, attributed this rise to the influx of Sudanese residents in Ajman. "Even smaller buildings with 3-4 storeys are now going for 21,000 AED annually for a one-bedroom apartment, and there is barely any inventory available," he noted.

The boom in the real estate sector across the UAE is partly fueled by the more job and business opportunities, as well as the attractive and easy visa options provided by the UAE government. However, experts suggest that a correction in prices may not occur anytime soon. For now, both buyers and tenants must navigate this sudden spike in prices if they wish to enjoy life in the UAE.