/24-7PressRelease/ - NEW YORK, NY, July 03, 2008 - Some of the world's most famous celebrities are developing properties in the Emirates. Real estate tycoon Donald Trump has partnered with a developer to build a tulip-shaped hotel in Dubai and Brad Pitt is in the process of designing and endorsing an environmentally-friendly, five-star Dubai hotel with an incredible 800 rooms.
Over the past few years, Dubai, and its surrounding Emirates, has attracted investors thanks to the potential offered by this booming country and a "can do attitude" from the government, which welcomes overseas investors. Dubai is the fastest growing economy in the world with a GDP growth of over 13%, mainly concentrated in real estate.
Since the introduction of freehold property, the real estate market has become a huge success story. Many investors have seen as much as 200% appreciation on their real estate investment. Recent studies suggest that the demand for residential and commercial property is likely to continue for the foreseeable future.
The surge in real estate prices has been the result of Dubai's rapidly growing population, which has created huge demand for residential properties. The Emirates has seen its population grow by almost 75% in the past decade, creating a demand that outpaces supply.
Dubai's population was estimated at 1.2 million people in 2005—almost twice the number recorded in 1993, according to GlobalPropertyGuide.com. Only 7 percent of the city's inhabitants are local "Emiratis." The population is expected to double again during the next decade, according to an article in "The Business" last December.
With demand for property in Dubai at a high, coupled with soaring prices, buyers are now turning their attention to Ajman, the smallest of the seven Emirate states. In 2004, Ajman was the second Emirate after Dubai to introduce freehold property.
After seeing the success enjoyed by Dubai with its different approach to real estate, Ajman real estate is now looking to follow suit. Recently, an announcement that a new airport will be built in Ajman has sent land prices spiraling and in turn will give investors high returns on their investment in the near future that may be on par with Dubai.
Ajman borders Al-Sharjah and is only 6 miles from Dubai in the south and Umm Qaiyuwin to the north. There are many roads that these Emirates share together. Ajman is near to the ports of neighboring Emirates. It is near the international airports of both Sharjah and Dubai.
The largest new development in Ajman is the recently announced Al-Zorah project, a new 'city within a city' which is currently being developed in a joint venture between Solidere Management Services and the government of Ajman at a cost of $15 billion.
"We are trying to recreate another Monaco. The project will spread across an area of about 10 million square meters of existing land", Rami Dabbas, head of real estate development, Ajman Investment & Development Authority, CEO of Aqaar Properties, has said.
"When the Al-Zorah project is up and running we expect both interest and prices of Ajman property to rise dramatically," added Mohsan.
Since its launch this year, Emerald View Properties has seen an increase in U.S. buyer investments in Ajman real estate. Emerald View Properties offers pre-launch or below market prices on UAE real estate, primarily Ajman, starting at $85,000.
About Emerald View Properties
Emerald View Properties is a real estate marketing firm linking U.S. investors to pre-launch or pre-construction properties in Dubai and surrounding Emirates at below market prices.
For more information, please contact Samira Nassry at samira@emvproperties.com or 1.877.764.0400 ext.4
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