|
22/JUL/2008
Investors alerted as Ajman property prices are tipped to soar
The price of property in Ajman is expected
to rocket following the introduction of new property laws in the emirate
state.
In June 2008, His Highness Shaikh Humaid Bin Rashid Al Nuaimi,
Member of the Supreme Council and Ruler of Ajman, issued Amiri Decree No 7 and
8, 2008, to regulate the emirate’s land and properties sector.
The new
legislation, aimed at strengthening confidence in the real estate market, will
allow foreign nationals to purchase freehold land, as is the case with Dubai
property. Another new law will ensure property developers open an escrow account
with a bank before being allowed to launch a new project, protecting the
investment and ensuring projects are completed. Property developers will also be
responsible for maintaining the project for 10 years following
handover.
Billions of dollars are currently being pumped into the Ajman
property market; prices have jumped from Dh350 per square foot to nearly Dh500
during the last six months, as investors look to capitalise on Ajman’s growing
housing sector.
Real estate industry professionals say a property boom is
under way in the Northern Emirates, with prices of Ajman property likely to rise
by between 60%-100% in the next six months.
Zuber Mohsan, CEO for
Dubai-based sandcastles-property.com, said: "Property prices in Ajman are on a
par with Dubai prices five years ago, with Dubai property currently costing up
to six times that of similar property in Ajman"
"We expect property
prices in Ajman to double within the next 6-12 months, and could, over the next
few years rise by as much as 250%. If you are looking for a strong UAE property
investment, then property in Ajman should be right at the top of your list,
added Mohsan"
Ajman is the smallest of the seven emirates and is located
north of Dubai, less than 30 minutes drive from Dubai’s international
airport.
|
