Ajman to regulate housing market

Country: Ajman, United Arab Emirates

10 February 2009

The Real Estate Regulatory Agency (ARERA) in the UAE emirate of Ajman is creating fresh land and property regulations in order to simplify the process of buying property in Ajman, a top official told Gulf News.

Omar Al Barghouti, director of ARERA, said policies and regulations will be introduced over the next few months to organise and monitor the Ajman property sector.

With a number of lucrative investment opportunities, offering the prospect of high long-term returns, a growing number of property investors are being lured into buying property in the tiny emirate of Ajman.

Led by his Highness Shaikh Humaid Bin Rashid Al Nuaimi, Ajman, the smallest emirate state, with a population of just 240,000 people, is trying to emulate the previous property success achieved in neighbouring Dubai.

Ajman property prices have recorded strong appreciation over the past couple of years, after Ajman became the second emirate, following Dubai, to offer freehold properties.

However, off-plan prices have slowed of late as the global economic crisis takes hold.

See Also: Ajman

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