Ajman Property on the Rise
Unspoilt white sand beaches, warm turquoise waters, five star hotels, international restaurants and a booming property market, Ajman, the smallest of the seven Emirate states, is currently attracting a lot of interest from savvy property investors looking for an alternative to the Dubai property market.
With a population of about 80,000, Ajman is just 30 minutes drive from Dubai’s international airport. Holiday companies such as Kuoni have recently added Ajman to their brochures, offering stays at the five star Kempinski hotel.
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 $15billion.
The master plan for the project includes residential buildings and villas, a commercial office district, marina, golf course, entertainment projects, hotels, hospitals and schools. A highway connecting the development directly to Emirates Road will also be built, in order to allow investors in Al Zorah to commute to the other Emirates. The project is currently under development and is scheduled to be finished over a 16 year period.
Rami Dabbas, head of real estate development, Ajman Investment & Development Authority, CEO of Aqaar Properties, said: "We are trying to recreate another Monaco. The project will spread across an area of about 10 million square metres of existing land.
“We are not reclaiming any land and even if we do, it won’t be much, as we have enough space to develop. Al Zora is definitely going to put Ajman on the map as a world destination.”
Sandcastles-property.com, based in Dubai, has seen a 42% increase in enquiries for Ajman property during the first half of 2008. “For property investors looking to get into an area at ground level, Ajman property offers great value for money and is an excellent alternative to buying Dubai property.” Said Zuber Mohsan, CEO for Sandcastles.
“We currently have a number of properties for sale in Ajman, but when the Al-Zorah project is up and running we expect both interest and prices of Ajman property to rise dramatically,” added Mohsan.
The Emirates has seen its population grow by almost 75% in the past decade. As a result, new property laws have had to be introduced in order to accommodate nationals and non-nationals. Ajman has led the UAE in this respect, being the first emirate to offer 100% freehold rights to non-nationals in 2004.
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