Ajman: Property transactions surge 39% in 2016
Ajman has seen robust real estate activity in the year to date, with transactions worth $408m (AED1.5bn) finalised
More than 18,000 freehold units were transacted in 2016, up 39% as compared to 2015, a key fact that was highlighted in the first Ajman Real Estate Conference, being organised by the Real Estate Regulatory Agency – Ajman [ARRA], the state-run institution mandated with regulating the real estate activities and developments in Ajman.
Being held under the patronage of HH Sheikh Humaid Bin Rashid Al Nuaimi, Ruler of Ajman and Member of the UAE Supreme Council and in the presence of HH Sheikh Ammar Bin Humaid bin Rashid Al Nuaimi, Ajman Crown Prince and President of the Executive Council, the theme of the one-day conference focused on ‘Sustainable Development According to Global Standards’.
The conference not only showcased the real estate project pipeline in the emirate, but also reinforced the emirate as a stable investment destination. The conference brought 350 delegates and investors from across the GCC region, India, South Asia, and Pakistan among others and was aimed at harnessing the potential of the sector in Ajman.
HE Yafea Al Faraj, executive director of ARRA, said: “The conference by ARRA is a major step forward for Ajman real estate sector and coincides with the strong growth on witness in the emirate. These are exciting times for Ajman, and the immense growth potential on offer will get a major boost from the conference.”
He added: “The real estate transaction regulations in Ajman have been tightened and escrow accounts put in place. This, coupled with a stable market, offers the right environment for investments. Ajman has over 18,000 ready-to-occupy units available in the market by reputed developers, at unbelievable price points. We believe the emirate offers returns on investments which are unmatched across the region.”
The emirate has seen robust real estate activity in the year to date, with transactions worth $408m (AED1.5bn) finalised. More than 18,000 freehold units were transacted during this period, up 39% compared to 2015.
The conference also offered plenary sessions and workshops on the future of real estate and sustainable practices for real estate development in Ajman. Besides highlighting the future of real estate in Ajman, the conference also shed light on the International property measurement standards, sustainability in real estate projects, the role of social media in real estate marketing, and held sessions for owners’ association.