Deadline looms for developers in Ajman

Country: Ajman, United Arab Emirates

28 April 2009

Developers have until 1st May to register to sell off-plan property in Ajman, otherwise they will be deemed to be breaking the law, if caught doing so.

The Ajman Real Estate Regulatory Agency has rejected calls to extend the deadline, and insists that there is still time for developers to make a preliminary application.

“Anybody failing to register with before 1st May will be considered to be operating in Ajman in violation of the Emiri decree and will face penalties from a minimum of Dh100,000 [£18,600] onwards,” said ARRA director general Omar Al Barguthi.

He added: “We have already penalised a few developers for giving false information in advertisements. Anyone who wants to publish advertisements will now have to get an approval number from us, which has to be published in all their ad campaigns.”

Al Barguthi said that the agency aims to add transparency to the market and that “registration will be an advantage for both developers and investors alike.”

Ajman was the second state, after Dubai, to offer freehold property in the UAE.

See Also: Ajman, UAE

<< Previous News item

Within Ajman
With tag "Ajman"
With tag "UAE"

NextNews item >>

Within Ajman
With tag "Ajman"
With tag "UAE"