Overseas investors know a lot about Dubai – their interest in local real estate and prices of apartments in new development projects in Dubai has reached record levels. However, there are other regions in the country, each of which has its advantages. Abu Dhabi is the capital and the richest emirate, Ras Al Khaimah has the best climate and natural beauty, Sharjah can offer a family vacation and affordable prices, and Ajman has something to surprise foreigners.
Let’s take a closer look at the opportunities in other emirates of the UAE and their most promising projects.
Abu Dhabi
Brief information
- Status. The capital of the United Arab Emirates; is a political, industrial, commercial, and cultural center.
- Population. 1.5 million people, 80% are expats. There are many more foreigners than UAE citizens not only in Dubai but also in other emirates.
- Square. 67,340 km2. This largest emirate occupies 84% of the country’s territory.
- Geography. It is located on the coast of the Persian Gulf (400 km of coastline) on numerous artificial and natural islands connected to the mainland by modern highways.
- Attractions. Yas Island is home to the popular amusement parks Ferrari World and Warner Bros. World; Saadiyat Island is home to world-class museums including the Louvre Abu Dhabi and the Guggenheim Museum.
- Economy. Oil and gas sector (40% of GDP), tourism, finance and banking, real estate and construction, trade, industry. For the second quarter of 2023, Abu Dhabi’s non-oil economy grew by 12.3%, and the emirate’s total GDP grew by 3.5% compared to the same period in 2022.
Realty
The Abu Dhabi real estate market opened to foreigners only in 2019. The government has approved a list of areas where foreign investors can buy freehold properties. Since then, the emirate has been in great demand.
In the first half of 2023, Abu Dhabi registered 10,000 real estate transactions worth $12.61 billion. This is twice as much as a year earlier.
| The average cost of apartments | $2,000-4,500 / sq. m |
| The dynamics of apartment prices for the year | +2% |
| The average cost of villas | $0.4–1.6 million – for a three-bedroom villa$0.5–2.6 million – for a four-bedroom villa |
| The dynamics of villa prices over the year | +3% |
| Average real estate profitability | 6–8% |
| Popular areas | Yas IslandSaadiyat IslandAl Reem IslandAl Raha BeachAl ReefMasdar City |
What to buy
Foreigners could not purchase houses and apartments in the UAE capital 5 years ago. Nowadays, it has become possible, and Abu Dhabi is catching up with Dubai in property demand.
Aldar Properties is the major developer of the UAE’s capital and is dedicated to the comprehensive development of the Yas and Saadiyat Islands. The company is implementing a luxury project together with the world-famous Nobu hotel brand on Saadiyat Island. The Michelin-starred Nobu restaurant, a 125-room hotel, a spa, a fitness centre, a private cinema, and a premium complex of 88 spacious apartments with direct access to a private beach will be located in an area the size of eight football fields.
Also Read: Is Real Estate Investment Trusts A Good Career Path?
Ras Al Khaimah
Brief information
- Status. The northernmost emirate of the UAE is known for its beaches. It is developing as a tourist centre.
- Population. 370,000, 60% are foreigners.
- Square. 1,684 km2, which is 3% of the total territory of the UAE.
- Geography. It is famous for its diverse landscapes: 60 km of beaches along the Persian Gulf, the Hajar Mountains on the border with Oman, and nature reserves in the centre. Ras Al Khaimah is called the green emirate; the local climate is the mildest in the country.
- Attractions. Jebel Jais Mountain, where the world’s longest zipline track is located – 3 km (a record entered in the Guinness Book); Ras Al Khaimah Museum; several historical fortresses and villages.
- Economy. From 2023 to 2025, the emirate’s GDP is expected to grow by an average of 2.7% per year. The key sectors are tourism, the hospitality industry, trade, mining, agriculture and maritime transportation. The oil industry plays a minor role in the emirate’s economy.
Realty
Ras Al Khaimah, following Dubai, allowed foreigners to buy freehold properties. This law was adopted in 2009.
The local market is booming now. In the first half of 2023, RAK Properties announced a profit increase of 164% compared to the same period in 2022.
| The average cost of apartments | $1,100-3,500 / sq. m |
| The dynamics of apartment prices for the year | +11% |
| The average cost of villas | $380,000-600,000 – for a three-bedroom villa$1.0-2.2 million – for a four- to five-bedroom villa |
| The dynamics of villa prices over the year | +4% |
| Average real estate profitability | 6–8% |
| Popular areas | Al Marjan IslandAl HamraMina Al Arab |
What to buy
Ras Al Khaimah has always attracted foreigners with its climate, green spaces, international airport, and casino on the man-made archipelago of Al Marjan.
Al Marjan is one of the most interesting places to live and relax in the UAE. The archipelago consists of four islands, a 23-kilometre picturesque promenade, and many attractions. It is a well-equipped residential area developing through the tourism industry.
Sharjah
Brief information
- Status. The cultural capital of the Arab world, the most conservative emirate of the UAE, is suitable for a relaxing family holiday. It can offer relatively low real estate prices and well-developed infrastructure.
- Population. 1.8 million people, 89% are foreigners.
- Square. 2,590 km2, or 3.3% of the total area of the UAE. Sharjah is the third emirate in both area and population. It was located between Dubai and Ajman. It has its own airport.
- Geography. Sharjah is the only emirate with access to both the Persian and the Gulf of Oman. There are wonderful sandy beaches on both sides.
- Attractions. Al Nur Island, where the Butterfly House is located; Al-Kasbah embankment, which has many children’s playgrounds; nature reserves and safari parks; and art and archaeological museums. Most of the attractions are family-oriented.
- Economy. Wholesale and retail trade; cars and motorcycle repairs; manufacturing; tourism; real estate and construction. The emirate’s economy grew by 5.2% in 2022.
Realty
Since 2014, non-Arab foreigners have been able to purchase real estate in Sharjah on a leasehold basis for 100 years, but only if they have a UAE resident visa. The requirement to have a residence permit was abolished in 2018. Sharjah received the right to own freehold areas in 2022. For this reason, an investment boom is expected in the market in the coming years.
The growth is noticeable: in the first nine months of 2023, Sharjah sold properties for $2.5 billion, which is 18.9% more than a year earlier. Citizens of 97 countries have invested in the emirate.
| The average cost of apartments | $900-3,000 / sq. m |
| The dynamics of apartment prices for the year | +5% |
| The average cost of villas | $350,000-450,000 – for a three-bedroom villa$0.5–1.1 million – for a four- to five-bedroom villa |
| The dynamics of villa prices over the year | +1% |
| Average real estate profitability | 3–7% |
| Popular areas | Al NahdaAl MajazAl TaawunMuwaileh |
What to buy
Sharjah borders Dubai, but its lifestyle is different. The emirate is more family-friendly, conservative, and calm. An important advantage is the relatively low real estate prices.
Arada Developers stands out among local developers: it has been operating for six years and has established itself as a progressive and innovative developer. Its Masaar project impresses with its scale: eight parks with playgrounds and exercise equipment; bicycle and jogging paths surrounded by forests; picnic and meditation areas; a school, kindergarten, and shopping centre.
Also Read: 15 Best Free Real Estate Courses Online with Certification
Ajman
Brief information
- Status. The smallest emirate, a developing destination for beach holidays.
- Population. 411,000 people, most of whom are also foreigners.
- Square. 259 km2, or 0.3% of the territory of the UAE.
- Geography. It is surrounded by Sharjah on three sides, and the Persian Gulf on one side. The emirate has 16 km of sandy beaches and the Hajar mountain range. You can reach Sharjah in 10 minutes and Dubai in 40 minutes.
- Attractions. The 18th-century Ajman Fortress; a shipyard where traditional teak boats and modern sea liners are built; mineral springs with baths; an arena for camel racing; Al Zorah Nature Reserve; beaches.
- Economy. The emirate’s economy grew by 5.7% in 2022. There is no oil here, but other industries are well-developed. Industry, construction and real estate, retail trade, and tourism are the major contributors.
Realty
Ajman has allowed foreigners to buy property in full ownership since 2008. According to the results of the first half of 2023, Ajman concluded 5,300 deals totalling $1.9 billion. This is 15% more than a year earlier.
| The average cost of apartments | $700-2,500 / sq. m |
| The dynamics of apartment prices for the year | +12% |
| The average cost of villas | $300,000-900,000 – for a three- to five-bedroom villa |
| The dynamics of villa prices over the year | +5% |
| Average real estate profitability | 7–9% |
| Popular areas | Al ZorahAjman DowntownAl NuaimiyaAl RashidiyaAl AmerahAl YasmeenAl ZahyaAl Rawda |
What to buy
Ajman is famous for the Oberoi resort complex. The emirate has many advantages, such as mangrove forests, snow-white beaches, proximity to Dubai, etc.
The best location in the emirate for buying real estate is the coastal area of Al Zorah. There is a 12-kilometre embankment, natural streams, and a nature reserve. This area is being actively built up – there will be a whole city with luxury real estate, shopping and entertainment centres, and sports infrastructure. However, 60% of the territory will remain green.
Which one should you choose to purchase real estate in the UAE?
Whichever emirate you choose, rest assured, your choice will be right. There are several reasons for this: a huge real estate catalogue from developers and agencies will be available at https://emirates.estate/, managers will be able to offer you the best conditions for buying the property you like, a wide range of prices and locations, favourable promotions and discounts and much more. You will benefit.
