Ajman is the cheapest place to rent property in the UAE, with costs three times less expensive compared to Dubai’s median asking price, according to data from Propertyfinder’s Trends report.
Apartment prices average AED 30 per square foot and AED 22 per square foot for villas, making it more affordable than neighbouring Sharjah, where prices are AED 34 per square foot and AED 24 per square foot for villas.
The country’s smallest emirate also has the best rental yields for apartments in the UAE, with a world-leading 9.6% per annum.
In the Northern Emirates, Ras Al Khaimah is the most expensive option, despite being the least volatile, with prices dropping less than 1% for apartments and villa rentals.
The emirate is expecting a wave of tourists in the next few years, having opened several attractions including the Gulf’s first cultured pearl farm, which offers a historic and cultural understanding of pearl diving in the region.
The island community of Mina Al Arab, a Ras Al Khaimah mega-project, is also expected to be completed in 2019, costing an estimated AED9.9 billion ($2.7bn).
This year will also see the completion of the RAK Ring Road, aimed to cutting traffic by a third and reducing drive time to Dubai by up to an hour.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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