Ajman makes property market push
The first Ajman Real Estate Conference spotlighted the healthy growth potential of realty in the UAE’s smallest emirate, where real estate transactions in 2016 surged 39% compared to 2015
The Ajman Real Estate Conference 1, the first of its kind organised by the Real Estate Regulatory Agency – Ajman (ARRA), was recently inaugurated by HH Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and President of the Executive Council.
Held under the patronage of HH Sheikh Humaid Bin Rashid Al Nuaimi, the Ruler of Ajman and Member of the UAE Supreme, the theme of the one-day conference at Ajman Emirates Hospitality Center was ‘Sustainable Development according to Global Standards’.
The event attracted over 350 official delegates from across the region and the South Asian subcontinent. Among other prominent attendees were Sheikh Abdul Rahman Bin Ali Bin Khalifa Al Khalifa, Director General of the Survey and Land Registration Bureau – Bahrain, and Sheikh Mubarak Al-Otaibi, a prominent Saudi Arabian business leader.
Among those who addressed the gathering was Eng Marwan Bin Galaitha, CEO of Dubai RERA (Real Estate Regulatory Agency), who lauded the hosting of the event and hailed the promising growth of the real estate sector in Ajman. He called for greater vigilance and continued reforms to regulate and oversee the growing interest in realty in order to stabilise markets, instill confidence and protect all stakeholders, investors, buyers and sellers in the emirate.
“This debut conference is a major step forward for the Ajman real estate sector and held at a time when we are witnessing strong growth in real estate in the emirate. These are exciting times for Ajman, and the immense growth potential on offer will get a major boost from the conference,” affirmed Yafea Al Faraj, executive director of the Ajman Real Estate Regulatory Agency (ARRA), appointed to his position in April 2011.
He indicated that real estate transaction regulations in Ajman have been tightened and new payment mechanisms such as escrow accounts have been put in place, in the best interests of purchasers, investors and developers.
Ajman has over 18,000 ready-to-occupy units available in the market from reputed developers, at varying price points up 39% over the corresponding 2015 figures. The emirate saw robust real estate activity in 2016, with transactions worth $410 million finalised.
Investors inspired
Sweet Homes Group, one of the UAE’s premier property master developers, announced the launch of the company’s first hotel apartment project in Ajman at the event. According to Fahad Sattar Dero, the company’s MD and CEO, the new project, located strategically on Mohammad Bin Zayed Road, is expected to be completed in 2019. The mixed-use development will feature 272 studio units and 72 one-bedroom apartments across an area of 11,400sqm.
“This new initiative reflects the company’s strategy to offer affordable yet luxurious serviced apartments, and we have also recently completed the first phase of the $750 million Ajman Uptown project,” he added.
Farook Mahmood, founder and president of Silverline Realty and vice chairman of the National Association of Realtors, India (NAR), was upbeat about his participation at this event. “Ajman is showing great promise, and we are optimistic about the growth of the real estate sector in the emirate. Investors have been gravitating to Ajman thanks to its nearness to Dubai and within close proximity to the Northern Emirates and good road connectivity.”
According to the Cluttons Winter 2016/2017 Property Market report, tenants looking to get more for their money are moving towards significantly more affordable community spaces in Ajman.
“Rents in Ajman are competitively priced with buildings of good quality and facility offerings. Presently, Ajman is a winning proposition offering flexible payment plans in addition to better packages, including facilities such as parking,” Suzanne Eveleigh, property management director at Cluttons, a global real estate services company, explained.
The Conference offered plenary sessions and workshops on the future of real estate and sustainable practices for real estate development in Ajman. The conference also shed light on international property measurement standards, sustainability in real estate projects and the role of social media in real estate marketing, and held sessions for owners’ associations.
State-run ARRA, established under a Royal Decree in December 2008, aims at regulating real estate activities and developments in Ajman and puts in place policies and legislation to authorise real estate projects and investment in buildings. ARRA oversees the implementation of real estate policies and related plans, and regulates ownership.
