Whenever we hear of the UAE, we think about Abu Dhabi and Dubai, but there is one emirate that mostly slips our mind. This emirate is located outside the border of Sharjah and with only 260 square kilometres, it is considered as the smallest emirate of the UAE. Nevertheless, being smaller than the other emirates do not hamper the ambition of this emirate nor does the emirate compromise on the various services provided to the people.
Since Dubai, Abu Dhabi, Sharjah etc. are the major attractions in UAE, Ajman does not receive much crowd making it easier for individuals and families to enjoy the evening. The real estate sector in Ajman has some extremely popular cafes and restaurant and is a lot calmer and stress-free than Dubai or Sharjah. Ajman has many places which are suitable for families such as national museums, Seaports and science centre where both kids and adults can have fun.
Ajman also consists of some of the best universities in the UAE like the Ajman University of Science and Technology and also is nearby to the American University of Sharjah. Now, do not think that Ajman only caters to the families and has nothing for people who want to have fun. There are upscale hotels like the Ajman Sheraton, Ajman Kempinski, and Ajman Saray hotel, which are especially devoted to conducting the various tourist activities and Focus on the nightlife in Ajman.
Real Estate Sector in Ajman
There is a huge demand for the properties in Ajman as this emirate was one of the first to offer 100% freehold property. A Freehold property is a property that is wholly owned by the owner and nobody else. Thus the owner of such property can enjoy ownership of the said land forever and can conduct any activity on his land. These activities should be under local laws and regulations. The freehold property law of 2004 was a major reason which drove the growth in the real estate market in Ajman.
The recent Ajman Real Estate Conference 1, which was organized by Real Estate Regulatory Agency of Ajman (ARRA), solidified the status of the emirate as a stable investment decision. The government is also regulating the laws and regulations of the real estate market and focusing on the growth of the real estate sector. This has been done by providing ways of securing real estate transactions and putting the escrow accounts in places. An escrow account is an account in which the related funds are kept in a secure while two or more parties complete a transaction with a trusted third party overseeing the transaction.
The Government Initiatives
The government is gradually increasing the investments in the construction and the real estate sectors and simultaneously investing in the infrastructure of the emirate. This increase in the infrastructure will directly assist in the growth of the tourism sector and achieving the target, as mentioned in the Ajman 2021 vision. The Ajman Vision 2021 focuses on tourism as a strategic sector and increasing the tourism will help in the increase in the economy of the emirate and will also help diversify the economy of the country.
The Ajman Real Estate Conference 1 was held in the middle of a steady growth trend in real estate in Ajman. It strengthened the confidence of the people as Executive Director of Real Estate Regulatory Agency – Ajman proclaimed that the real estate markets were very stable at this point and offers the right environment to the investors to invest in the real estate market. He also said that there were over 18,000 ready-to-occupy units available by reputed developers and also reiterated that the return on investment offered by Ajman real estate could not be matched in and around the region by anyone.
There were discussions held in the conference about international property measurement standards, the role of social media in real estate marketing, sustainability in the real estate market and also held workshops regarding the future of the real estate business in Ajman.
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