Friday, August 22, 2008

Ramadan Kareem from Kempinski Hotel Ajman

In celebration of the Holy Month, this September, Kempinski Hotel Ajman and Kempinski Hotel Mall of the Emirates have joined forces and created an exciting accommodation combination package bringing together the Emirates of Ajman and Dubai during Ramadan.
The ‘Ramadan Kempinski Combination Package’ includes:

o A luxurious two-night stay in a Deluxe room at the exquisite and stylish Kempinski Hotel Mall of the Emirates, Dubai followed by a two-night stay in a Deluxe room at the renowned beachside resort, Kempinski Hotel Ajman.

o This total package starts from AED 4,590.00, including all taxes, breakfast daily and transfers from Kempinski Hotel Mall of the Emirates to Kempinski Hotel Ajman.

o Airport transfer from Kempinski Hotel Ajman to Dubai International Airport (applicable for departures only)

o Rates are based on double occupancy with a minimum stay of two nights stay within each hotel. Valid from 1st to 30th September, 2008

Once at Kempinski Hotel Ajman, guests will receive 30% discount on motorised sports and 50% discount on non-motorised sports, plus complimentary entry to Kempinski Hotel Ajman’s Ramadan Tent after Iftar.

For guests wishing to simply enjoy the festivities of Iftar dining at Kempinski Hotel Ajman, they may enjoy an utterly authentic and enchanting feast of delectable delights, enchanting décor and a spirit of togetherness.

Savour in the divine ensemble of experiences in celebration with family, friends and loved ones during the Holy Month.

Venue: Ramadan Tent, Kempinski Hotel AjmanDate: First to last day of RamadanTime: Iftar Buffet dining commences at approximately 6:30 pm, dependingon the sunsetCost: AED 125 per person (AED 120 per person for groups of 50 and more)

The Ramadan tent also offers Arabic à la carte and set menu from 8:00pm until 2:00am. Entry to the Ramadan tent from 8:00 pm costs AED 30 per person and includes two beverages.
Join us to celebrate the unforgettable spirit of Ramadan at Kempinski Hotel Ajman this September.

Kempinski Hotel Ajman Tenth Year Anniversary:Kempinski Hotel Ajman celebrates ten distinctive years as the region’s favourite resort getaway. The original Kempinski property in the Middle East and the first luxury hotel in Ajman, the hotel has welcomed guests from all over the globe and remains a firm favourite with leisure travellers to the region since 12 October 1998. To mark the occasion, the resort has planned a continuous roll-out of special promotions and giveaways throughout the year, culminating in October.

About Kempinski:Europe’s oldest luxury hotel group, Kempinski Hotels was founded in Germany in 1897. Kempinski’s impressive portfolio of distinctive properties includes historical landmarks, unique hide-away resorts and vibrant city hotels throughout Europe, the Middle East, Africa, South America and Asia. Rich in tradition, each Kempinski hotel celebrates the local culture and customs of its destination whilst maintaining the impeccable personalised service for which Kempinski is renowned. Put simply, they are the first choice for the discerning luxury traveller.

As a valued private-sector member of the Stop TB Partnership, Kempinski is proud to support the Luis Figo Campaign to Stop TB through the distribution of campaign postcards in guest rooms, explaining how tuberculosis, if it is diagnosed and treated with effective medication, is curable. We share the Stop TB Partnership’s vision and goal of a TB-free world.

Kempinski is a member of the Global Hotel Alliance. Based on the airline alliance model, Global Hotel Alliance is the world largest alliance of independent hotel brands. It uses a common technology platform to drive incremental revenues and create cost savings for its members, while offering enhanced recognition and service to customers across all brands. GHA currently comprises Anantara, Cham, Dusit, Kempinski, Landis, Leela, Marco Polo, Omni and Pan Pacific, encompassing 160 upscale and luxury hotels with over 46,000 rooms in 41 different countries.
Ajman News from Albawaba

Asian investors crowd Ajman real estate sector

As Gulf region is going through a real estate boom, in the sleepy emirate of Ajman property business is at an all-time high. Ajman is the smallest of the seven emirates and the second emirate, after Dubai, to throw open its freehold property sector.

To support the massive real estate boom, the Ajman government is also implementing a $1.4-billion infrastructure plan to secure investor confidence in the emirate of UAE. There is $2 trillion worth of upcoming projects in all sectors in the Gulf Cooperation Council (GCC), according to market estimates.

A humungous $330 billion of this is reserved for civil construction projects. Ajman is also immensely benefiting from the Asian real estate developers, especially from Pakistan, coming to the emirate in large numbers.

Ajman Real Estate Investment News from PakRealEstate

Sunday, August 17, 2008

Asian investors crowd Ajman real estate sector

As Gulf region is going through a real estate boom, in the sleepy emirate of Ajman property business is at an all-time high. Ajman is the smallest of the seven emirates and the second emirate, after Dubai, to throw open its freehold property sector.

To support the massive real estate boom, the Ajman government is also implementing a $1.4-billion infrastructure plan to secure investor confidence in the emirate of UAE.

There is $2 trillion worth of upcoming projects in all sectors in the Gulf Cooperation Council (GCC), according to market estimates. A humungous $330 billion of this is reserved for civil construction projects. Ajman is also immensely benefiting from the Asian real estate developers, especially from Pakistan, coming to the emirate in large numbers.

Ajman Real Estate News from GoWealthy, 17 August 2008

Realty buyers in Ajman to get residence visa

Real estate buyers in Ajman will be given residence visas provided property developers give assurance to that effect to project developers in the emirate of the UAE.

The visas will have a validity of one year and will be renewed annually in the emirate of the UAE, said several project developers. They say they will be signing pacts with the master developers for the issuance of visas.

A residence visa will be given only after the investor or buyer gets possession of the apartment and the developer issues a no-objection letter. The visa is expected to cost about Dh1,500 and can be renewed in Ajman every year.

Ajman Real Estate News from Gowealthy, 17 August 2008

Monday, August 4, 2008

Ajman Real Estate: JCA Real Estate unveils AED 252 million Emerald Tower

For the first time in the history of Ajman real estate sector, guaranteed returns of 11%
• Earthquake resistant structure
• G+6 parking floors + podium floor + 40 residential floors + health club + swimming pool floor
• 100% freehold property with UAE Residence Visa*

JCA Real Estate today unveiled Emerald Tower, a 100% freehold residential tower to be built in the Emirate of Ajman, UAE. To be built at an estimated cost of AED 252 million, the Emerald Tower will be situated in the newest development area of Emirates City, located on Emirates Road, Ajman.

The Emerald Tower is a 50-storey residential tower equipped with full amenities like health club, swimming pool, advanced CCTV and safety systems, prayer room, 8 high-speed elevators along with covered car parking for each unit.

JCA Real Estate, an associate company of Jitendra Group of Companies, said that Emerald Tower will boast of an earthquake resistant structured design and entire tower will have quality architectural designs crafted by none other than Adnan Saffarini Engineering Consultant.

JCA Real Estate also announced that it has been appointed as the exclusive sales and marketing agents for the Emerald Tower by its developer BSEL Infrastructure Realty FZE. Under the agreement, JCA Real Estate will have the exclusive rights to market, advertise and sell Emerald Tower anywhere in the world.

Speaking at a press conference, Jitendra Gianchandani, Chairman, JCA Real Estate & Founder, Jitendra Chartered Accountants, said: “We are glad to offer investors and buyers an excellent property in Ajman which will not only offer a good life style but also good returns. For the first time in the history of Ajman real estate, we are offering guaranteed 11% returns to investors. This is a manifestation of our belief that the Emirate of Ajman will continue to grow in the future.”

R. Lewis, Chief Executive Officer, JCA Real Estate said: “The launch of Emerald Tower heralds a new chapter for our company. Till now we have brokered many real estate deals, and now we are ready to take-off in a big way. We will be doing international road shows to promote Emerald Tower. With booking amount as low as AED 10,000, buy back guarantee by the developer and UAE residence Visa –Subject to immigration laws or approval-, we are confident of attracting local as well as foreign investors.”

Christina Cabading, President, BSEL, said: “Emerald is our fifth tower on the market, the earlier four being Pearl, Fayrooz, Kahraman & Almas. For the first time we have entered into an exclusive sales and marketing tie-up and we are already seeing the benefits of it. We find JCA Real Estate as our partner of choice with a very young and dynamic team burning their midnight oils to achieve results. With the recent landmark real estate law and the $ 2 billion 1000 MW power plant announcement, Ajman is fast emerging as the Emirate of choice.”

Investors and buyers can opt between 1 Bed and 1 Bed plus study room apartments, ranging from 730 sq. ft to 1070 sq.ft. The prices range from AED 346,750 to AED 508,250.

Ajman Real Estate news from Albawaba, 4 August 2008

Wednesday, July 30, 2008

Ajman emulates Dubai, Abu Dhabi to develop infrastructure

The emirate of Ajman in the United Arab Emirates (UAE) is fast following in the footsteps of Dubai and Abu Dhabi in building world class infrastructure to attract real estate developers.

Investments in the infrastructure sector in the emirate now total 1.4 billion dirhams ($380.4 million), according to a statement issued by real estate developer Great Properties.

"A solid infrastructure is being implemented in Ajman with a total investment of about 1.4 billion dirhams in a bid to attract world-class real estate developers," Great Properties vice-president Mohammed Al Zarah said in the statement.

"This figure includes 500 million dirhams ($136.1 million) allocated by the emirate for infrastructure, as well as 800 million dirhams ($217.8 million) that was allocated for the recently launched sewerage system, which is one of the most important infrastructure projects in the emirate," he said.

Ajman is the smallest of the seven emirates that make up the UAE.

Located along the Gulf, it has a population of over 360,000, which also includes a sizeable number of expatriate Indians.

After Dubai, Ajman was the second emirate to offer freehold property and is now the only one to offer 100 percent ownership of real estate to people of any nationality.

This is attracting a large number of investors from both the UAE and abroad to the emirate.

According to Al Zarah, Ajman's real estate market holds great potential.

"The emirate's real estate development market is ranked third largest in the country after Dubai, which has the lion's share, and Abu Dhabi," he said.

Citing a recent report, Al Zarah said there are six real estate mega projects - valued at 40.8 billion dirhams ($11.1 billion) - under construction in Ajman, which accounts for over 10 percent of the current projects being developed across the UAE.

Projects in Dubai and Abu Dhabi accounted for 50 percent and 30 percent respectively of the country's total construction activities, he said.

Ajman Real Estate News source: http://mangalorean.com, dated 30 July 2008

Tuesday, July 29, 2008

Ajman Real Estate, Escape real estate development to open by 2010 end in Ajman

Escape equestrian community site in Ajman, initiates earth moving work, marking the real estate development's official ground breaking. The contract was given to Kazarooni Contracting Company of Ajman and after the earthwork villa construction will start on the 8.2 square million feet area in the UAE emirate.

"The technical and engineering timelines for Escape are on track and on schedule. Villa construction will start after summer, and the project consulting team is fully dedicated to this project," said Anwer Sher, General Manager Escape LLC.

The 200-acre exclusive development offers a variety of residential properties, over 500 villas and 150 Saddle Homes, including affordable two-bedroom duplexes and low-rise apartments. Escape real estate project is scheduled to open at the end of 2010 in Ajman.

Latest Ajman News on Gowealthy dated 29 July 2008

Sunday, July 27, 2008

$18m Awali City deal is awarded

Awali Real Estate Investments has awarded Adnan Saffarini Engineering Consultants the 65 million UAE dirhams ($17.6m) contract for the architectural design, supervision and engineering consultancy services for 15 residential and commercial towers in the Ajman-based Awali City.

The agreement was signed by Awali Real Estate Investments chairman Hussein Hassan Al Nemer and Adnan Saffarini Engineering Consultants chief executive officer Engineer Ahmad Saffarini.

"We are introducing new architectural icons to the Awali City map and adding to the company's portfolio a host of state-of-the-art towers that reflect Awali's position as a leader in the field and the luxurious projects we offer a superior residential and commercial investment opportunities," Mr Al Nemer said.

"We have chosen Adnan Saffarini Engineering Consultants because we have supreme confidence in their strong track record and the impressive performance demonstrated by them in the field of architectural design across the country," he added.

"The towers will boast luxurious, modern and stylish designs and state-of-the-art technologies to cater to the various needs of clients, residents and investors. These towers will be the first step for excellence and innovation of architectural designs in Awali City," Engineer Saffarini said.

The 15 towers consist of two height levels. There are 11 towers of 32 storeys each, which form the Northern and Southern Gates of the city, and four 25-storey towers forming the City's entrance from Emirates Road.

Source: Gulf News, dated 27th July, 2008

Wednesday, July 23, 2008

Germany's ICT to launch fund for Ajman project

International Capital Trust (ICT), a German investment fund, will soon launch Ajman ICT Fund II to raise €10 million (Dh55m) to develop six residential towers in Ajman, a top company executive said yesterday.

"We recently got approval from the German Finance Ministry to launch another fund to raise €10m. We will use it to develop six towers in Ajman, worth Dh1.2 billion sales value, over a four year period," Dirk Sassen, shareholder and founder of ICT, told Emirates Business.

The company's first fund raised €5m, which was used to develop three residential towers in the Park View residential complex of Ajman. The towers, which have sales value of Dh600m, are being developed by High Sky Properties and will have a total built-up area of 65,400 square metres with 1,140 studio, one- and two-bedroom apartments.

Aliya Contracting Company has been appointed as the main contractor's for the project. "We have completed leveling of the plots and started site mobilisation. We will start construction in the first week of August."

According to Sassen, property prices have started to appreciate in Ajman following the government's announcement of setting up a new power plant and making escrow accounts mandatory for developers.

Last week, the government had signed an agreement with Malaysian Mining Corporation to build a 1,000MW power plant at a cost of $2 billion.

"Earlier, we were selling units at Dh550 per square foot, but following the announcements, we believe that prices will jump by almost Dh100."

There is huge demand for affordable housing in Ajman as rents have been rising over the years in the UAE. Middle-income people are looking at alternatives of buying house in the UAE and Ajman offers them a good opportunity, he said.

ICT has sold 50 per cent of its first three projects mostly to international investors from France, Germany, India, Pakistan and the UAE.

When asked about returns on investment, Sassen said that returns have been in the range of 20 per cent per year, which are high compared to returns of five to 10 per cent in Germany.

ICT is planning to launch another fund to finance a quarry crusher plant. "We haven't decided where to set up the plant, but it could come in Ras Al Khaimah or Oman," he said.

Source: http://www.business24-7.ae, dated 23rd July

Thursday, July 17, 2008

Awali Real Estate Investment unveils properties worth Dh1.2bn in Ajman


Awali Real Estate Investment announced the launch of four towers valued at Dh1.2 billion located within the Dh20 billion Awali City in Ajman, UAE.

Mohammad Al Nemer, chief marketing officer of Awali Real Estate, said: "The demand for real estate has grown significantly over the last few years, prompting developers to launch a number of mega projects in the emirate, in a bid to fill the gap between supply and demand."

The 25-storey Mashrabia Residence will be residential properties, comprising 800 apartments in the emirate of the UAE. The two Chevron commercial realties will be 25 storeys each and will offer a total of 15,000 square feet of office space on each floor in Ajman

Source: Gowealthy, 17th July 2008

Monday, July 14, 2008

Ajman real estate sector witnesses major boom


The real estate sector of the Northern Emirates industry is witnessing a major boom with property projects worth more than Dh300 billion scheduled for completion by 2011. There is a rise in major hotel projects in Northern Emirates is due to a drastic increase in the number of tourists visiting Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah and is expected to reach more than 5 million a year.

Ajman has announced major tourism infrastructure projects earlier in the year totaling Dh5.55 billion including Ajman Museum and Heritage village. Due to rise in real estate developments in the emirate, Ajman government has allocated Dh1.38 billion to develop infrastructure. A major development in the emirate is the Dh3 billion Ajman Marina spread over 14 million sq ft.

Al Zorah is another major master development in Ajman. Real estate project worth Dh50 billion, it will cover an area of 10 million sq m on the Ajman coast. The development will also be connected to Dubai via Emirates Road, a separate access to which is being built.

Source: GoWealthy

Keep visiting for Latest Ajman Real Estate News

Thursday, July 10, 2008

Self-contained beachfront city in Ajman

Ajman recently held a VIP groundbreaking ceremony for a 220 billion dhirams real estate initiative aimed at developing the emirate's coastline into a sustainable residential, business and leisure community.

Named Al Zorah, the new city will be developed by the Al Zorah Development Company, a joint venture between the government of Ajman and Solidere International Limited, a leader in urban planning and the development of large scale projects in the Middle East and Mediterranean region.

Located along Ajman's pristine beachfront and creek, Al Zorah will be a self-contained, master-planned city containing varied residences, offices, retail, schools, hospitals and leisure facilities including marinas and a number of 5-star resort hotels.

It will be 12 square kilometres in area, with a built up area of 22 million sq m and will have a total of 16 kilometres of sandy white beaches and waterside walks.

In line with the vision of Shaikh Humaid bin Rashid Al Nuaimi, UAE Supreme Council Member and Ruler of Ajman, the project aims to transform the emirate into a world class residential, tourism and investment destination.

"Al Zorah is a milestone for Ajman, reflecting the combination of tradition and innovation that distinguishes the emirate," said Shaikh Rashid bin Humaid Al Nuaimi, chairman of the Al Zorah Development Company.

"Already a sought-after destination for high-value investors, who are drawn by its business-friendly regulations and relatively open marketplace, Ajman is entering a new chapter in its development. Al Zorah is a truly spectacular project that will become an international destination."

Latest Ajman Real Estate news on Gulf weekly

Friday, July 4, 2008

Awali Real Estate Investments opens its offices in Ajman

Awali Real Estate Investment, the region's reputed investment firm, has announced the opening of a new branch office in Ajman that will offer convenient services to its customers in Ajman Real Estate and the neighbouring emirates and follow up on its projects’ progress, ensuring that quality specifications and timeframes are adhered to.

Awali Real Estate Investment’s portfolio in Ajman Real Estate includes the mega “Awali City” project on the Emirates Road, launched in cooperation with Ajman Government’s property investment establishment at the beginning of this year. The project is a self contained, state-of-the-art, city-size development spread over an area of 33 million ft² and includes 36 plots of land, designated for residential and commercial use. Awali City will offers 20 to 50-storey towers that will accommodate over 120 000 people.

Commenting on the opening of the firm’s new office, Mr. Ali Hussein Al Nemer, Managing Director of Awali Real Estate Investment, said, “The opening of our new office in Ajman comes at a time of significant growth in Ajman real estate market, which has made the emirate an attractive destination for property development and investment, thanks to the co-operation of the private and public sectors, as well as the government’s initiatives to develop investor-friendly infrastructures and legal systems. These efforts are now bearing fruit, as evidenced by the recent launch of billions of dollars’ worth of projects in the residential, commercial, tourist and leisure sectors.

“It is very important to be in direct contact with our customers in Ajman and the neighbouring emirates, so that we can provide them with the best possible service, maintaining and improving our existing relations with them,” he added.

Al Awali Real Estate Investment is a UAE firm based in Dubai, founded by the Saudi-based Awali Real Estate Investment (Al Nemer Group) as part of the mother company’s regional expansion plan, with the aim of capturing a portion of the region’s booming real estate market, particularly in the GCC. Al Nemer Group, an Awali subsidiary, has over 40 years’ experience in the KSA real estate market and has co-founded a number of real estate companies, such as Jenan Real Estate and Mawten Real Estate, with capitals of SR500 and SR1.2 billion respectively.

Recent years have seen aggressive expansion from Al Awali across the region, as the experienced company has entered GCC markets, establishing several real estate and investment companies.

Al Awali has also co-founded a number of companies in the financial and aviation sectors in Bahrain and Kuwait, in addition to Arbah Financial, Watan Financial Investment, Awali Supporting Financial Services, Affaq Aviation, United Holding Company and Dubai-based Essus Real Estate, a joint venture with Dubai Islamic Bank and other strategic partners, as well as forging a number of strategic partnerships.

About Ajman Real Estate on Arabian Business

Tuesday, July 1, 2008

Why Invest in Ajman Real Estate?

Ajman Real Estate is set to be the next big thing in the Middle East. Located along the Persian Gulf Ajman is the smallest member state of the United Arab Emirates, with an area of just 260 square kilometres.

Ajman is currently the only Emirate in the UAE offering investors of any nationality fully transparent true 100% freehold ownership on Ajman real estate, which in turn has attracted a huge number of local as well as international investors to Ajman. This in turn has prompted the Ajman Government to initiate a number of development projects, which will make Ajman Real Estate as one of the most desirable property and one of the newest and most desirable cities in which to live and work.

With Real Estate prices approximately a third of the price of neighbouring Dubai, Ajman Real Estate is an enticing location for investors and those working in the Emirates. A short distance from the Dubai International Airport and the Sharjah International Airport makes Ajman easily accessible from the surrounding major business centres.

Ajman government has announced plans to build Ajman International Airport, hosting about two million passengers per year, construction will start in the second half of 2008 in the Al Manama area Ajman, with airport operations are set to start by 2011.

Ajman is the fastest growing Emirate in the UAE and some say one of the best places to invest at the moment, with low capital outlay and fantastic potential returns making this city “an investors dream.”

Saturday, June 28, 2008

Crescent Towers launch set to raise the bar in Ajman's real estate landscape

Crescent Towers, a luxurious residential project by Al Jabal Holdings, has officially been launched.

The project, located in Ajman's Marmooka City, comprises of three residential 18 storey towers designed by Adnan Saffarini Engineering Consultants- one of the oldest and most distinguished architectural firms in the UAE.

The Crescent Towers is Al Jabal Real Estate's debut development, which today promises to be one of the best investment opportunities in the booming UAE real estate market. Due for completion in October 2011, each floor will have nine spacious apartments ranging from studios to one bedroom, two bedrooms, and three bedrooms.

Set in the rapidly developing city of Ajman, on the 12 lane Emirates Road highway connecting Ajman to Dubai, the Crescent Towers is a short distance from one of the most unique coastlines in the UAE, with the crystalline waters of the Arabian Sea. The government of Ajman envisions the city as an international tourist destination & business hub. Within Ajman, Marmooka City in particular has captivated the attention of home seekers due to its unique master plan and amenities.

'We have chosen Marmooka City as the location for Crescent Towers due to its ambitious design and fantastic location, a mere 25 minutes from Dubai,' says Saeed Ali Currimjee, Managing Director of Al Jabal Real Estate. He further adds, 'Marmooka City is developing its own city within a city with shopping malls, schools, mosques, lush gardens at very affordable prices, which perhaps is the most lucrative investment potential in the real estate market today.'

The architectural design of Crescent Towers is awarded to Adnan Saffarini Eng. Consultants famous for designing Princess Tower at the Dubai Marina among many other projects they have undertaken.

For The Crescent Towers, Adnan Saffarini Eng.Consultants have chosen to blend traditional and contemporary designs with tasteful soft earthy colors to produce a highly appealing façade. Being the master designer for Marmooka City as well, Adnan Safarini Eng. Consultants have a great feel for the surrounding area.

'The apartments will make the best use of natural light, reflecting Crescent Towers' environmentally friendly approach to providing a green living environment. Residents will have access to several world class features, including a temperature-controlled rooftop pool, state of the art gym and ample covered parking,' explains Ahmad Saffarini CEO of Adnan Saffarini Eng. Consultants.

The Crescent Towers will certainly be one of the most admired developments in the Marmooka City offering spacious, tranquil and refined living.

About Ajman Real Estate on AME Info

Friday, June 20, 2008

BSEL welcomes Ajman new real estate law

UAE-based BSEL Infrastructure Realty today said that the new decree number 7 & 8 issued by His Highness Shaikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman is a welcome move.

“The new decree will bring in to force many regulations that are beneficial to the buyers, investors, developers and the Emirate as a whole. The decree will create a solid frame work for the real estate sector in Ajman and allow all stakeholders to come on the same page,” said Christina Cabading, President, BSEL Infrastructure Realty FZE.

“The rulings will have a profound impact on the development of Ajman considering that it empowers the Department of Land and Property for certain regulations, it notifies inheritance law, bank guarantees, freezing of 5% of the project value, maintenance responsibilities and also penalties for real estate businesses operating without a valid license,” she added.

BSEL Infrastructure Realty FZE, UAE, has acquired seven plots approximating 7.9 million sq. ft. in Ajman, Main Emirates City, UAE. BSEL will be building a cluster of seven towers, namely, Pearl, Fayrooz, Kahraman, Almas, Emerald, Sapphire and Ruby. Construction of Pearl, Fayrooz, Kahraman, and Almas has already started.

About Ajman Real Estate on Albawaba

Monday, June 16, 2008

Ajman issues new realty law

Ajman: A new property law is set to boost Ajman's real estate sector which has witnessed solid growth over the last few months.

His Highness Shaikh Humaid Bin Rashid Al Nuaimi, Member of the Sup-reme Council and Ruler of Ajman, last week issued Amiri Decree No 7 and 8, 2008, to regulate the emirate's land and properties sector.

Billions of dollars are being pumped into the emirate's property sector, where prices have jumped from Dh350 per square foot to nearly Dh500 during the last six months, as investors scramble for a piece of Ajman's growing housing sector.

The decree comprises 34 articles that legalise freehold ownership of land and property for UAE and GCC citizens and companies wholly owned by them as well as to the public stock companies.

Non-GCC developers and buyers can also own freehold land and property in designated areas that are to be determined and approved by the Ajman Ruler. Foreign investors have snapped up land on both sides of Emirates Road to build master-planned projects in Ajman.

"Apart from GCC nationals, other expatriates could obtain property on a freehold as well as 50-year leasehold basis which is renewable in areas designated by the Ruler," the law says.

The law empowers the Department of Land and Property to regulate the sector, survey areas, approve the land map and the fees for the services provided by the department and register all properties.

The Lands Department is solely assigned to register property rights and long-term leasing contracts.

"The inheritance notification must be registered with the property register, in case heirs have property rights within their inheritance. And no dealings will be admitted unless registered," it said.

Bank guarantees must be deposited for those who wish to invest in Ajman and that money must be used only for the project itself.

"An amount of five per cent of the project value will be frozen and will not be released until completion of construction of the project," it stipulates.

The law states that a developer may not advertise projects without written approval from the department.

The developers will be responsible for maintaining the project for 10 years following handover.

A fine of Dh100,000 will be imposed on those who practice real estate business in the emirate without a licence.

At a glance: 24 projects on track

Ajman One, Ajman uptown, Al Mamouqa City, Al Itihad Village, Green City, Ajman Boulevard, Emirates City, Al Hamidia City, Al Ameera Village, Al Emirat Lagoon, Ajman Eye City, Humaid City, Aqaar, Park Avenue, Al Awali City, Down Town, Shabil, Falcon Towers, Ajman Pearl, Creek Towers, Ajman Marina, Al Nuaimi Towers, Free Zone Marina, Al Zorah.

About Ajman Real Estate on Gulf News

Tuesday, June 10, 2008

Sweet Homes eying a larger share of 120 billion Ajman real estate sector

Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector, has announced that it will be launching a host of projects within the AED 120 billion Ajman real estate market, as part of its AED 2 billion investment plan for 2008. According to the most recent statistics released by the Ajman Chamber of Commerce & Industry, the growing popularity of Ajman-based developments among global investors has resulted in the boom in the emirate’s Foreign Direct Investment (FDI), which has exceeded the rest of the other emirates’ by 300 per cent. Through the launch of its new projects, the developer is aiming to attract greater investment into Ajman, which will further boost the real estate sector within the emirate.

Ajman has eclipsed the other emirates in terms of attracting foreign investments into the country, with foreigners now owning 33 per cent of development projects established in the booming city compared to 11 per cent in the other emirates, thereby elevating Ajman's annual investment growth rate to an average of 6.7 per cent. In addition, expatriates and GCC nationals are also being drawn to the relatively lower prices of properties in the emirate compared to the skyrocketing costs of investments in Dubai and Abu Dhabi. As more private developers are being encouraged to launch residential properties aimed at low- to middle-income end-users, especially in the Emirates City along the Emirates Road, Sweet Homes has identified Ajman as an ideal location for a large percentage of its future projects.

“There is a strong possibility that Ajman will be able to replicate the success it has witnessed during 2007 due to its intense focus to become a leading tourist, residential and investment destination,” said Fahad Sattar Dero, CEO, Sweet Homes Group. “Amidst the government’s massive initiative to develop an investor-friendly business climate that is attracting stakeholders from all over the world, we have recognised the potential in providing a community development that addresses investor’s requirements for residential and commercial built space. Ajman definitely lives up to our expectations, and we are currently on the process of developing more high profile projects in the emirate.”

A special department has been set up by the Government of Ajman to regulate the booming real estate sector, which has been steadily growing since 2004. At present, freehold and escrow account laws in addition to STRATA regulations similar to those adopted in Dubai, are being drafted by the new Ajman Development and Investments Authority. Moreover, urban development projects worth AED 580 million, investments into maintenance services and infrastructure projects amounting to AED 174 million, and an AED 800 million sanitary water treatment project, were recently undertaken by the government in efforts to attract more local, regional and global developers and investors.

As one of the most prominent developments in Ajman, the ‘Ajman Uptown’ project has attracted elite investors and high profile developers due to its outstanding concept and offerings, which match the emirate's strides in infrastructure, roads, service improvements, telecommunications, ports and free zone development. The AED 2.5 billion residential township is the first freehold villa and townhouse community in Ajman, which will comprise a total of 1,504 G+2 villas and townhouses and 7 G+4 buildings spread over 4 million square feet of land that is directly accessible from the Emirates Road and adjacent to Emirates City. In addition to its ideal location, the development is also catching the attention of investors due to its unique flexible four-year self-financed payment scheme.

“The investment boom in Ajman enjoys complete legal and legislative protection with laws being constantly updated for the benefit of investors and developers. By reflecting a very positive image through its massive infrastructural transformation, Ajman’s development as an emirate complements the vision we have for Ajman Uptown as a premier commercial and residential community,” concluded Dero.

Fully committed to delivering results, Sweet Homes’ diversified business activities have played an integral part in the growth of the real estate market in Dubai, Ajman and Ras Al-Khaimah. The developer has acquired extensive experience in the fields of general engineering and contracting, trading, real estate brokerage, marketing, selling and managing prestigious properties in the UAE. Through its widespread network of real estate contacts, Sweet Homes has built a name based on its professional and efficient services, in addition to its reliance on highly innovative technologies.

About Ajman Real Estate on Albawaba

Sunday, June 8, 2008

Ajman to build $3.54bn city

The UAE emirate of Ajman plans to build a 13 billion-dirham ($3.54 billion) city stretched out over 3.72 square kilometres, state news agency Wam reported on Sunday.

Sheikh Humaid bin Rashid Al Nuaimi, ruler of Ajman has signed an agreement with developer Ajman Oasis to build the city, which will include a shopping mall, hotels, mixed-use towers, hospital, school and other amenities.

The project, which will be located between Ajman and Sharjah in the Al-Tallah area along Emirates Road, is expected to take 10 years to complete.

Ajman Oasis has commenced work on the design phase, Wam said.

Ajman Oasis is a joint venture between Dubai Investments Real Estate Co. and Aqaar Properties focused on developing projects in the emirate.

The company was established in October last year.

About Ajman Real Estate on Arabian Business

Tuesday, June 3, 2008

Lake Signature launched by GR8 Real Esate at Emirates City, Ajman

Gr8 Real Estate, a leading player in the real estate market and member company of the Gr8 Group, today announced the launch of ‘Lake Signature', a project located at Emirates Lake Towers, an extension of Emirates City in Ajman.


The project will be a G+ 30 floors and will offer a selection of studios, 1 and 2 bedroom units with 100% ownership and UAE residence visa.

Commenting on the same, Mr Syed Rehan Bin Warris Gillani, Director, Gr8 Holdings said, "Our success lies in the belief in putting our customers at the centre of our business which makes them successful and in turn ensures our success. Our vast experience in the handling of sales of properties, management of properties, leasing and brokerage has earned us the trust and respect of the industry professionals and our client base."

Lake Signature will offer spectacular views as it is situated on the banks of the lake. Some of the other salient features of this modern residential tower include:

• 24 residential floors

• G + 5 Podium Parking

• Exclusive Lobby

• Provision for activities like billiards, Table Tennis, Gymnasium, Jacuzzi, Sauna Room, Ladies Aerobic Hall, Swimming Pool (kids separate)

• Wireless Internet

• Guest Room

• 24 Hours security


Notes and contacts

About Gr8 Real Estate

Gr8 Holding is a member company of Gr8 Group, who has significant presence in various industries since the last 30 years. Some of them being, Gr8 Real Estate, Gr8 Building Material LLC, Guardian Real Estate (Pvt Ltd), Bridgeight Interior Designers, The Cube Event, Armour Protection Services and Capital Market.

Gr8 Real Estate established in 2004, has carved a niche for itself in the real estate sector in the UAE, handling sales of properties, property management, leasing and brokerage. With strong presence in UAE, Pakistan and USA, the group is continuously increasing the value of its portfolio through diversification and expansion, under an expert management.

Ajman Real Estate: Arabian Business

Monday, June 2, 2008

Smart City unveiled in Ajman, UAE


Goldcrest Properties, a member of the Giga Group and one of the leading real estate developers in the region, has unveiled Smart City project, Dh2 billion freehold residential development in Ajman, UAE. Smart City comprises of 8 luxury towers spread across a built-up area of 4.2 million sq ft along the Emirates Road

Amir Giga, MD, Goldcrest Properties, said, "Smart City will be a picture of inspiration, with environs which only enhance its value. We are confident that the quality of planning and attention to detail that we have employed in the execution of this project will be highly appreciated by the residents of this community, in terms of both function and aesthetics".

Smart City will offer over 3,500 luxury apartments comprising studios, 1 and 2-bedroom units. The Giga Group has come up with in-house interest-free financing options with flexible payment plans for the real estate development in Ajman.

GoWealthy

Saturday, May 31, 2008

Ajman's real estate valued at Dh120b

The value of the real estate sector in Ajman, the smallest emirate of the UAE, has gone up to Dh120 billion, according to government statistics.

Ajman Chamber of Commerce and Industry's latest report shows that foreign direct investment (FDI) has exceeded the other emirates by 300 per cent in Ajman Real Estate.

Ajman Real Estate has eclipsed the other emirates in terms of attracting foreign investments into the country, with foreigners now owning 33 per cent of development projects established in the booming city compared to 11 per cent in the other emirates, thereby elevating Ajman's annual investment growth rate to an average of 6.7 per cent.

In addition, expatriates and GCC nationals are also being drawn to the relatively lower prices of properties in the emirate compared to the skyrocketing costs of investments in Dubai and Abu Dhabi.

Sweet Homes, a private developer, yesterday said it will launch a host of projects worth Dh2 billion in 2008.

There is a strong possibility that Ajman will be able to replicate the success it has witnessed during 2007 due to its intense focus to become a leading tourist, residential and investment destination," said Fahad Sattar Dero, CEO, Sweet Homes Group. As more private developers are being encouraged to launch residential properties aimed at low- to middle-income end-users, especially in the Emirates City along the Emirates Road, Sweet Homes has identified Ajman as an ideal location for a large percentage of its future projects.

Amidst the government's massive initiative to develop an investor-friendly business climate that is attracting stakeholders from all over the world, we have recognised the potential in providing a community development that addresses investor's requirements for residential and commercial built space. Ajman definitely lives up to our expectations, and we are currently on the process of developing more high profile projects in the emirate, he said.

Moreover, urban development projects worth Dh580 million, investments into maintenance services and infrastructure projects amounting to Dh174 million, and an Dh800 million sanitary water treatment project, were recently undertaken by the government in efforts to attract more local, regional and global developers and investors.

A special department has been set up by the Government of Ajman to regulate the booming real estate sector, which has been steadily growing since 2004.

At present, freehold and escrow account laws in addition to regulations similar to those adopted in Dubai, are being drafted by the new Ajman Development and Investments Authority.

Source: Ajman Real Estate by MENAFN

Thursday, May 29, 2008

Sweet Homes eying a larger share of 120 billion Ajman real estate sector

Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector, has announced that it will be launching a host of projects within the AED 120 billion Ajman real estate market, as part of its AED 2 billion investment plan for 2008. According to the most recent statistics released by the Ajman Chamber of Commerce & Industry, the growing popularity of Ajman-based developments among global investors has resulted in the boom in the emirate’s Foreign Direct Investment (FDI), which has exceeded the rest of the other emirates’ by 300 per cent. Through the launch of its new projects, the developer is aiming to attract greater investment into Ajman, which will further boost the real estate sector within the emirate.

Ajman has eclipsed the other emirates in terms of attracting foreign investments into the country, with foreigners now owning 33 per cent of development projects established in the booming city compared to 11 per cent in the other emirates, thereby elevating Ajman's annual investment growth rate to an average of 6.7 per cent. In addition, expatriates and GCC nationals are also being drawn to the relatively lower prices of properties in the emirate compared to the skyrocketing costs of investments in Dubai and Abu Dhabi. As more private developers are being encouraged to launch residential properties aimed at low- to middle-income end-users, especially in the Emirates City along the Emirates Road, Sweet Homes has identified Ajman as an ideal location for a large percentage of its future projects.

Wednesday, May 28, 2008

Saudi and UAE firms collaborate on Ajman real estate development

The Saudi-based developer Berjal Real Estate has joined with local developer Al-Rashid Real Estate to launch a major project in the emirate of Ajman.

To be called Berjal City, the 2.8 million square metre mixed-use development is expected to attract $4.1bn in investment.

Berjal Real Estate will be responsible for the development and implementation of infrastructure for the project, while Al-Rashid will be in charge of marketing the site.

Within the development, 123 free-hold plots have been earmarked for residential towers, commercial and administrative use. Investors in the plots can choose from a number of options to build commercial and residential towers ranging from 19 to 60 storeys.

It is planned that 60 per cent of the total area will be set aside for open spaces, such as hills and lakes.


About Ajman Real Estate from Meed

Sunday, May 25, 2008

Berjal City, a project of Saudi-Emirates collaboration invests more than Dhs15bn

Today Berjal Real Estate and Al Rashid Real Estate launch one of the largest real estate projects in the Emirate of Ajman, Berjal City.

The two companies announced the project of selling of lands for investors and real estate developers.

Berjal City is located in an extremely vital location on the main Emirates Road just beside the Emirates City in Ajman.

Berjal Real Estate, one of the most important real estate companies in Saudi Arabia, is developing and paving the infrastructure of the project and is providing all the necessary services needed. Al Rashid Real Estate, a developing and real estate marketing company in the Emirate of Ajman, is exclusively marketing this vital project.

Earlier, Yasir bin Abdullah Alnimr, the GM of Berjal Real Estate and Ahmad Alkaabi, the Chairman of Al Rashid Real Estate announced the details regarding the investment plan and selling strategy of the project.

During the conference, Abdulla Al Nasir the executive director of Berjal Real Estate explained the multi purpose project, which include 123 land plots earmarked for residential towers and commercial, administrative uses; that provides good opportunities for real estate developers to invest in the purchase of land to achieve highly promising investment returns due to the vital location of the project.

'Berjal City' provides 30 million feet of land for investment in which investors from all the nationalities will have a free hold permit. He also said that the Berjal Company chose the Emirate of Ajman for this unique project due to the fertile environment which is highly promising with the highest investment returns, specially being in a vital location on the Emirate Road.

The project is providing the investors with multiple choices to invest on these plots by building commercial and residential towers ranging between 19- 60 floors with various sizes and its expected that the investment volume will exceed Dhs15bn.

The GM of Berjal Real Estate ,Yasir Al Nimr said that 60 % of the total area will be earmarked for green hills and lakes to be enjoyed by the city residents.

He continued saying that this project of the company provides soft methods of payment to investors, allowing them to pay in installments of up to 30 months without interest. Berjal has a distinguished and marked presence in the UAE market through multiple real estate projects since quite long a time and Berjal City is another vital step of the company towards its remarkable presence and proof in the UAE market ,and still more projects to follow .

After purchasing the land, the company is now paving and preparing the infra structure taking into account the distinctive ways in which all the towers and magnificent buildings will be designed with fantastic water parks and green spaces to provide maximum comfort for the residents of the city. The paving of ground configuration to the investors will be completed in two months.

Ahmad Al Kaabi, Chairman of Al Rashid Real Estate said that his company will be exclusively marketing the project of Berjal City inside and outside the country in different ways based on the long-standing experience in the field of development and marketing stressing on the latest successful project which is fully sold to nvestors in Ajman. It contains 91 residential, commercial and administrative towers. The investors will start the construction in two months, beside that the city will include the first unique shopping center in the world in coordination with the most famous designing companies.

Ahmad Al Kaabi added that his company is currently marketing more than 35 real estate projects in the UAE including towers, villas and lands. Al Rashid Real Estate will market the plots of Berjal City internationally by contributing in the coming real estate exhibitions in different countries including South Korea from 23-28 june 2008,and other countries of Saudi Arabia, Qatar and Pakistan.

He also expressed his thanks to Berjal Real Estate which is highly famous in the Saudi market for their trust in Al Rashid Real Estate capabilities and selecting them for marketing this project, which intern will add a lot to the real estate market inside the UAE.

After the growing importance of the real estate market in the UAE and the great development drive in the recent years and its attractiveness to investors from all countries of the world, its worth mentioning that Berjal of the Saudi Real Estate company has many projects here and has recently opened an office in Dubai.

Wednesday, May 21, 2008

Ajman Real estate projects has a long wait-list for utilities

Ajman Real estate projects has a long wait-list for utilities

Some 30 towers with hundreds of residential and commercial units are sitting empty following a wait of up to five years for services such as electricity, water and sewerage, said real estate sources in Sharjah and Ajman.

The problem is not the result of slow bureaucracy but a reflection of municipal systems that do not have the capacity to keep up with the demands of the rapidly growing emirates.

Ahmed Al Abdullah, CEO of New Dubai Property, which operates in Sharjah and Ajman, said population growth had made it difficult to resolve a current lack

of capacity despite efforts to expand infrastructure in both emirates.

The CEO of Sharjah's Noor Al Mamzar Property, Khalid Abdul Aziz Al Suwaidi, said the waiting list for public utilities was "years' long", in both emirates, but the problem was worse in Ajman.

However, Sharjah has seen the problem of empty buildings – with owners unable to rent out flats due to lack of electricity and water – particularly in high construction areas such as Muwilah.

Al Suwaidi said he knew of developers in Sharjah, who had to wait four years for services after obtaining their building licences.
And he said the problem was different in the two emirates because Sharjah produces its own power, while Ajman is dependent on federal sources. Ajman has already experienced power cuts as the demand on the electricity grid has outgrown supply. As a result, new buildings cannot be hooked up to the main network until more power is created.

Sources close to the negotiations, who did not wish to be named, told Emirates Business Ajman has already reached out to international companies to discuss building its own power plants. Ajman officials recently held meetings with representatives of a Canadian firm to discuss building a power plant – which could cost as much as Dh1bn – powered from gas from coal.

Meanwhile, the waitlist for utility services has grown so long some investors have begun to treat a notice of confirmation that supply will be provided from the municipality as a commodity that can be sold. These investors then sell projects that will be hooked up for much more than they paid for the land, without every building anything, said Obeid Al Tunaiji, CEO of Al Tunaiji Property. The promise of electricity and water, he said, has become enough to increase the value for developers.

While real estate officials, including Al Tunaiji, said growth in the two emirates is being hindered by the lack of utility capacity, they denied that property prices are high as a result.

Massive population growth, Al Tunaiji said, is behind the continuous rise in prices in Ajman and Sharjah, rather than a lack of supply. Even if the empty buildings came on the market, he said prices and rents would continue to rise. Al Suwaidi said returns on investment in property in the two emirates stands at 20 per cent annually.

Monday, May 19, 2008

Ajman hopes to be next mini Dubai

Ajman hopes to be next mini Dubai

For the rulers of Ajman, presiding over the smallest emirate presents an opportunity as much as a challenge.

It is a philosophy that underpins the daily business of government, with Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, starting each day discussing matters of state over a working breakfast with his sons, including Sheikh Ammar bin Humaid Al Nuaimi, the Crown Prince of Ajman.

The arrangement, says Sheikh Ammar, is typical of life in Ajman. “It is cosy here, a real family affair. A place where everybody knows everyone else.”

When The National interviewed Sheikh Ammar he was joined by his brother Sheikh Rashid bin Humaid Al Nuaimi, just 22 but already a part of a group of young and trusted advisors. “I am my brother’s jester,” Sheikh Rashid says, to laughter.

“He is also my bodyguard,” Sheikh Ammar jokes back.

When it comes to their ambitions for Ajman, a more serious note is struck. “Our uniqueness is in our small size and our proximity to the big cities and emirates,” Sheikh Ammar says.

“We want Ajman to become the getaway from the hectic working cities of Abu Dhabi and Dubai, where someone would spend three days working – and three days relaxing in Ajman.”

The magnitude of the emirate’s ambition was revealed earlier this month with the announcement of a Dh220 billion (US$59.9 bn) investment along the coast that will create a new city called Al Zorah.

While the development will bring thousands of jobs, Sheikh Ammar says his first concern is to protect the natural beauty of the 16 kilometres of coastline, including fragile mangrove swamps and other wildlife.

“They are precious and should be carefully preserved and be part of the project’s vision,” he says. “The first condition we put on this development was for it to be environmentally friendly.”

The development involves 12 million square metres of coastal and reclaimed land that will extend the waterfront by 12km.

“We are transforming virgin lands into a beautiful getaway,” Sheikh Ammar explains. Al Zorah is a joint venture between the Ajman Government and a Dubai-based affiliate of the Lebanese company Solidere, which rebuilt much of Beirut’s Central District after the civil war. Sheikh Ammar says the current crisis in Lebanon will not affect the project.

It will include villas and apartments as well as offices, shops, schools, several five-star holiday resorts, a championship golf course and five public marinas.

The masterplan also includes an equestrian centre.

In his 15 years as Crown Prince, Sheikh Ammar has built a reputation as a man with a good eye for horses, breeding several champions, and does not miss the opportunity to describe one of his favourites. “Lubnah, a beautiful grey female horse, is our pride here and is one of the top horses that competes in local and international horse shows,” he says.

The total investment in Ajman real estate has exceeded Dh400bn, Sheikh Ammar says, with half of Al Zorah’s residential property already sold.

“The largest investment in this emirate is coming from nationals from the other emirates,” he says. “We are grateful for their great support for Ajman.”

Advertisements for Al Zorah feature the popular Arab actor Omar Sharif, who was flown to meet the royal family, and “brings credibility to the project”, says Sheikh Ammar.

While the emirate is focusing on tourism and revamping its image, large sums are also being spent on improving infrastructure. Last year the Government assigned Dh500 million to improving transport links, including Dh45m for roads and intersections, Dh85m for two new bridges and Dh14m to maintain existing roads.

Equally important in exposing Ajman to international markets is a new Dh12bn international airport, scheduled to open in 2011.

“There is heavy traffic at the current airports and when you look, you find all flights booked, so this new airport will help alleviate some of the stress and give those living in the UAE more options,” says Sheikh Ammar.

In terms of industry, Ajman ranks third in the nation, and the Government wants to expand further, but with an emphasis on more environmentally friendly factories. “We understand the great health risks of factories, and so we are looking into higher technology factories like computer and related products.” Expansion, though, cannot take place without adequate energy supplies, something Sheikh Ammar admits has been a serious problem, with growing pressure on the Federal Electricity and Water Authority (FEWA).

“We have contacted several private companies to help us tackle this energy problem,” he says. “People have to expect the price of energy to go up because FEWA just can’t provide us with the energy that we need.” Sheikh Ammar cannot specify how much more consumers will have to pay, but admits he is aware of rising prices and says “life is getting more expensive”.

But he remains confident that standards of living will be maintained by the Federal Government, saying: “Sheikh Khalifa and Sheikh Mohammed will not allow a single Emirati to struggle and suffer.”

In an attempt to combat the energy crisis in the northern emirates, the Federal National Council recently gave the green light for private companies to provide power generators and produce desalinated water under the supervision of FEWA and in line with national environmental standards.

“It is a serious problem, and we are doing everything we can to make sure it doesn’t get out of hand,” says Sheikh Ammar.

Other difficulties include worsening traffic congestion, a problem felt by neighbouring Sharjah and Dubai. “We are starting to feel it, that is why we are putting a lot of emphasis on public transport,” he says.

Ajman plans to launch a public bus service later this year that will run from the industrial areas to downtown.

Sheikh Ammar points out that Ajman has always reacted quickly to change, noting that the emirate was one of the first of the northern emirates to follow Dubai in introducing freehold property, in 2002.

“In time, we hope to become a mini Dubai. We can’t say we will become Dubai – we have to be realistic,” he says with a laugh.

The National UAE

Wednesday, May 14, 2008

Low prices of Ajman real estate attracts Dubai investors

Low prices of Ajman real estate attracts Dubai investors

Real estate prices in Dubai have appreciated almost 60-70% tempting the investors to venture into various upcoming real estate projects in the nearby emirates. The prices of real estate in Ajman are low and affordable compared to other emirates. Moreover, the prices of property in Ajman have apprized more than 30% making it an attractive market for realty investors in last few years.

Ajman was the only emirate to introduce freehold property after Dubai as early as in 2002. The Government of Ajman opened a special department, Ajman Development and Investment Authority, to regulate real estate development activities in the emirate.

Ajman is spending money towards the improvement and enhancement of its infrastructure facilities. In the year 2007, the government n assigned AED 500 million towards infrastructure out of which AED 45 million was utilized for roads and intersections, AED 85 million for two bridges and AED 14 million for the development, maintenance and renovation of the roads.

In Ajman, prices average US$ 600 per sq m for studios and US$ 480 per sq m for 1 bedroom apartments. Demand for smaller housing units like studios and 1 bedroom apartments is surging in Ajman.

With several billion dirham worth of real estate projects being launched in the emirate in recent times and several more expected in next few years, Ajman sets the stage for the second property boom in the UAE.

Source: Gowealty

Monday, May 12, 2008

Ajman Real Estate

Ajman Real Estate

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