Ajman settles real estate disputes worth $2.2bn
Ajman Real Estate Regulatory Agency hopes to woo back investors
Ajman Real Estate Regulatory Agency (Arra) has settled property disputes totaling $2.2bn in the past two years, as part of efforts to entice global investor, reports Emirates 24/7.
Two prime projects settled during the period were Escape (645 villa + 16 buildings) valued at $514 million and Al Helio Downtown (76 residential plots) worth $1.1 billion.
"The number of disputes settled by us in the past two years totaled 14 and were worth Dh8.07 billion," said Yafea Eid Al Faraj, executive-director, Arra.
Last year investors in the Escape, the equestrian-themed community project, were being offered a refund, which was 50% of the proven paid amount.
In 2011, Arra commenced settlement of disputes for the Al Helio Downtown master development, launched the project in June 2008.