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/24-7PressRelease/ - BURNLEY, UK, July 12, 2008 - The price of property in Ajman is expected to rocket following the introduction of new property laws in the emirate state.
In June 2008, His Highness Shaikh Humaid Bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, issued Amiri Decree No 7 and 8, 2008, to regulate the emirate's land and properties sector.
The new legislation, aimed at strengthening confidence in the real estate market, will allow foreign nationals to purchase freehold land, as is the case with Dubai property. Another new law will ensure property developers open an escrow account with a bank before being allowed to launch a new project, protecting the investment and ensuring projects are completed. Property developers will also be responsible for maintaining the project for 10 years following handover.
Billions of dollars are currently being pumped into the Ajman property market; prices have jumped from Dh350 per square foot to nearly Dh500 during the last six months, as investors look to capitalise on Ajman's growing housing sector.
Real estate industry professionals say a property boom is under way in the Northern Emirates, with prices of Ajman property likely to rise by between 60%-100% in the next six months.
Zuber Mohsan, CEO for Dubai-based sandcastles-property.com, said: "Property prices in Ajman are on a par with Dubai prices five years ago, with Dubai property currently costing up to six times that of similar property in Ajman."
"We expect property prices in Ajman to double within the next 6-12 months, and could, over the next few years rise by as much as 250%. If you are looking for a strong UAE property investment, then property in Ajman should be right at the top of your list, added Mohsan."
Ajman is the smallest of the seven emirates and is located north of Dubai, less than 30 minutes drive from Dubai's international airport.
About Sandcastles UAE Property
Sandcastles-property.com is the leading property website in the United Arab Emirates; featuring properties for sale and for rent in Dubai, Abu Dhabi, Ajman and many other emirates in the UAE.
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