Ajman property prices halved

Country: Ajman, United Arab Emirates

18 February 2009

Ajman property prices have fallen to as low as Dh299sqft (£57) down from Dh600sqft (£115) six months ago, according to press reports in the emirate.

Ajman, the smallest emirate state, which has a population of just 240,000 people, is trying to emulate the success achieved by some of the other emirate states, most notably nearby Dubai.

Located an hour’s drive north of Dubai, this fast emerging city, which has an attractive coastline and an array of five-star hotels, is finding that its population and tourism levels are growing rapidly.

The emirate’s property market has come to light, witnessing significant growth over the past few years.

The first property project launched in Ajman back in 2004 was priced at Dh176sqft (£34), according to Roger Wilkinson, managing director of Northern Emirates Property.

This growth was fuelled partly by the His Highness Shaikh Humaid Bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, decision to issue Amiri Decree No 7 and 8, 2008, to regulate the emirate’s land and properties sector.

The Ajman price point is excellent for investors as the location for the majority of the up coming developments is on the Emirates road, forming a commuter belt to Dubai. This is particularly attractive for people who can now no longer afford to buy or rent in Dubai.

See Also: Ajman

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