AJMAN: The smallest emirate offers up some of the biggest benefits. That’s the takeaway from the most recent issue of Propertyfinder Trends, which reveals Ajman is the cheapest place to rent an apartment in the UAE, with apartment prices asking just AED 30 per square foot and AED 22 per square foot for villas; a touch more affordable than Sharjah (apartments asking AED 34 per square foot and AED 24 per square foot for villas).
Ajman also offers the best rental yields for apartments in the UAE with a world-leading 9.6% per annum.
RAK is the most expensive option of the Northern Emirates. But it gets points for being the least volatile, dropping in price by less than one percent for an apartment or to rent a villa. The emirate is also setting itself up to draw crowds over the coming years, both of the tourist and residential variety.
Last month, the Gulf’s first cultured pearl farm opened to the public in RAK. Visitors to Suwaidi Pearls’ Al Rams farm will be able to safely dive for their own pearls and gain a deeper historic and cultural understanding of pearl diving to the Gulf.
The island community of Mina Al Arab, a Ras Al Khaimah mega-project, is expected to be completed in 2019 and cost an estimated AED 9.9 billion. Mohammed Sultan Al Qadi, CEO of RAK Properties, told Arabian Business, “I want to build every square foot of land in Mina Al Arab.” The master plan includes eight resorts (including two eco-hotels), a traditional souk, retail, Abra (water taxis), and thousands of new residences including villas, townhouses and apartments.
Most notably, though, is the completion of the RAK Ring Road this year, which is supposed to cut traffic by a third and reduce the drive time to Dubai by up to an hour.
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