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AJMAN / WAM
Omar bin Omair Al Muhairi, Director-General of the Department of Lands and Real Estate Regulation in Ajman, confirmed that statistics on real estate mortgages showed a rise in value during the first half of 2023.
A total of 972 mortgage transactions valued at AED1.5 billion were recorded, a 41 percent increase compared to the same period in 2022, which saw 688 transactions. Al Muhairi said that the area of Al Amerah had the highest value of property mortgages, reaching AED173 million, while the highest value mortgage for real estate development projects was AED900,000 at the Corniche Tower.
He added that the notable rise in real estate mortgage transactions and the recorded figures during the first half of the year reflect the rapid growth of the property market, supported by comprehensive and sustainable economic development and the continuous flow of local and foreign investments.