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Property prices increase by 30% in Ajman
The real estate boom in Ajman is generated mainly by the economic growth and development in the adjoining emirates of Dubai and Sharjah. According to a recent study by the Ajman Chamber of Commerce and Industry (ACCI), over 33% of development projects in the emirate are owned by foreign nationals as against the 11% in other emirates.
Ajman is home to several modestly priced residential projects for mid-income groups. The relatively higher number of medium-level developments in Ajman is due to the fact that a majority of these are being developed by players who are unable to grapple with the high construction costs in Dubai. Moreover the Escrow/Trust Account Law has made rules more stringent in Dubai, thereby quelling the number of new projects there.
Benefits of buying property in Ajman
- 100% freehold ownership; property registered in buyer’s name
- Excellent connectivity to Dubai via Emirates Road
- Close to Sharjah and Dubai International Airports
- Quality housing for moderate prices and rent
Our analyses reveal that the price and rental structures of residential properties are extremely moderate in Ajman. Most developers in the emirate offer affordable and economical payment packages that are agreeable by mid-income standards.
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For instance, the price of a 1 bedroom apartment in Emirates City, Ajman approximates to that of a studio in Dubai. This has prompted buyers, especially those in the mid-income category to re-assess investment patterns, altering them to comply with salary structures.
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| Ajman |
602 |
| Umm.Al.Quwain |
1064 |
| Sharjah |
1229 |
| Ras Al Khaimah |
1081 |
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| Ajman |
448 |
| Umm.Al.Quwain |
868 |
| Sharjah |
728 |
| Ras Al Khaimah |
1344 |
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| Ajman |
441 |
| Umm.Al.Quwain |
775 |
| Sharjah |
611 |
| Ras Al Khaimah |
1356 |
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| Upcoming developments in Ajman |
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Dana Mall , the largest shopping venue in Ajman will be operational by March 2009.
Escape is a Dh1.8 billion equestrian-themed community featuring facilities for horse riding, along with villas, houses, apartments, an activities centre, a sports arena and a world class hotel. Launched under the patronage of His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of the Emirate of Ajman, the 200-acre development is seen as being a key part of Ajman’s ongoing drive to become a global destination.
Al Zawra is mixed-use city emerging on 12km strip of Ajman’s unused coastline. Once complete, this development will draw tens of thousands of visitors to the area. It incorporates high-rise towers, shopping malls and hotels and restaurants extending along the beach.
Manamah , one of the least developed townships in the UAE, is all set for a facelift, which will bring job opportunities and improved living conditions to a population of 20,000 who previously had to look to other emirates for a living.
Princess Resort is a Dh4.5 billion mini-city that will be built around the town of Ajman. It is being planned in the foothills of the Hajar Mountain Range between Massafi and Al Dhaid on the north side of the Sharjah-Fujairah Highway. Designed to incorporate entertainment venues, palaces, lagoons, equestrian trails and even snow-capped towers, the resort comprises nearly 1,600 one- to three-bedroom apartments along with 100 exclusive villas and chalets and two five-star hotels with 488 rooms. Work has started and is scheduled to be completed by 2010.
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| New construction rule for Ajman |
Ajman Municipality has asked construction companies to seek approval for the height of each building’s entrance from street level before starting work.
Under the new construction rule, all builders must comply with height regulations specified by the Ajman Municipality to help ensure entrances to structures in similar areas do not dip below or rise way above street level. |
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In Ajman, prices average US$ 600 per sqm for studios and US$ 480 per sqm for 1 bedroom apartments. Our studies show that rates for residential properties in the emirate surged by 30% in 2007. Demand for smaller housing units like studios and 1 bedroom apartments is surging in Ajman, mainly because of the influx of expatriates from emirates like Dubai and Sharjah. For them, Ajman is a good residential and investment propostion, owing to its excellent connectivity with other emirates. The newly opened 12-lane Emirates Road has made commutation from Ajman to other emirates much easier. Thus, we foresee the same growth rate in the prices for Ajman in 2008/2009.
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