Boom Time For Ajman Property

Investors are looking to take advantage of property for sale in Ajman following the introduction of new property laws in the emirate state.

Recently, 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, making it more attractive for foreigners to invest in Ajman property.

The new legislation, aimed at strengthening confidence in the real estate market, will allow foreign nationals to purchase freehold land, as they can currently do when buying Dubai property. Other new laws will ensure property developers in Ajman open an escrow account with a bank before being allowed to launch a new project, protecting the investment and ensuring projects are completed, developers will also be responsible for maintaining the project for 10 years following handover.

Real estate professionals say a property boom is under way in the Northern Emirates, with prices of property for sale in Ajman likely to rise by between 60%-100% in the next year. 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.

Zuber Mohsan, CEO for Dubai-based sandcastles-property.com, said: "Property in Ajman is now 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 the prices of property 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.

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