Profitbale Property Investment in Ajman

Property in Ajman

Ajman is witnessing a boom in it’s property market, due modtly to the fact that the proeprty law in Ajman is investor-friendly and Ajman property offers investors the opportunity to cash in with very low prices for the region. According research released recently, investment into Ajman’s property market has reached and exceeded Dh400 billion. This year (2008) , property prices in Ajman have increased by 40%.

Opening up the market for freehold property in Ajman has boosted investor confidence in Ajman real estate. The ruler of Ajman; HH Sheikh Humid Bin Rashid Al Nuaimi, who is also a member of the Supreme Council, issued Amiri Decree No 7 and 8, 2008, to regulate the emirate’s land and properties sector. There are 34 articles in the decree that legalize 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.

The law also permits non-GCC residents to own freehold land and property in certain areas determined and approved by the ruler. Other than GCC nationals, other expatriates can invest in property in Ajman on a freehold as well as 50-year renewable leasehold basis.

There has also been a system of bank guarantees introduced and funds paid to property developers in Ajman must be used only for the project itself.  5% of the project value will be held back or ‘frozen ‘ and will not be released to the property developer in Ajman until completion of construction of the building.

In an effort to move forward as a leading world city, the Ajman government is investing in the development of its infrastructure. The total cash value of the infrastructure projects currently under construction in Ajman has touched Dh1.4 billion in 2008. The infrastructure projects will back up the  development of real esate in Ajman.

Dh800 million has been allocated for the sewerage system alone. There are also plans to spend Dh3 billion over the next 36 months to develop Ajman’s roads and highways. In order to bolster its power segment, Ajman has signed Dh7.34 billion deal with Malaysian Mining Corporation (MMC), Malaysia-based power producer, which would bring Middle East’s first coal-fired power plant of the region in the emirate. It would generate one gigawatt of electricity as early as in 2012.

Ajman International Airport worth Dh12 billion will shortly take shape in Ajman to further enhance its business potential. Ajman is all set to launch a low-cost taxi and bus transport system as part of its Dh1.5 million project.

For a complete guide to the property market in Ajman, dowload for FREE at www.Overseas-Property-Guides.com