Urban boom unfolds in Ajman
www.zawya.com (Thursday, March 13, 2008)
Demand is growing for 20-plus storey residential towers in Ajman,
with more than 55 development projects worth hundreds of billions
of dirhams scheduled to appear in the coming months, according to real
estate statistics.
Most of these projects are residential investments. The capital flight from
other emirates toward Ajman and the increasing demand on the property
market have led to the launch of a large number of residential projects
all over the emirate.
The demand for commercial areas follows that for residential investments.
Due to the all-encompassing development drive adopted by the emirate
of Ajman, there is an urgent need for commercial space. Tourist
investments follow commercial investments closely.
Ajman's Skyline to Change Forever
By Joseph George and Rana Jimaa on Friday, May 02, 2008
- Dh 220 Billion’s project, coastal city is officially launched.
- The vast development stretching over more than 22 million
square metres of Ajman.
- The first phase will be ready in 30 months.
- The entire project to be completed in 15 years.
- Built as a sustainable development, it will use maximum shade,
energy-efficient building materials and modern construction
methods to reduce energy use by 50%.
- More than 200,000 people are expected to live and work.
- More than 50% of the buildings will be residential, 22% office
space, 11% will be retail stores and hotels will make up 8%.
- The remaining 7% will consist of warehousing, storage and
infrastructure. For leisure, the project will consist of 16km of
beaches, an 18-hole golf course, five marinas, hotels, a 200,000-square-metre mall, an equestrian centre, jogging and
horse tracks and three schools.
- 8.5km access route will link the development to Emirates Rod.
- On its coast will be a crescent-shaped bay, part of the 16km of
beachfront – including three kilometres of original beach, creeks
and islands.
- The sustainable initiatives include preservation of the natural
environment that includes, 30 species of mangroves, more than
20 species of birds, countless coastal fish, trees and sand dunes.
- The project will have integrated network of walkways, canals,
waterways, bicycle paths and public transport facilities.
Ajman trade hits Dh5bn in 2007
By Eman Al Baik on Friday, April 4 , 2008 - Emirates Business 24/7
- By the end of 2007, overall trade activities in Ajman (exporting and re-exporting) reached Dh 5 billion in comparison with Dh4.5bn at the end of 2006. The rate of growth was more
than nine per cent.
- 29,200 certificates of origin in 2007 issued with an increase of 240
certificates in comparison to 2006. The difference in value
was significant.
- By the end of 2007, the number of new and renewed memberships
of all types of businesses commercial, vocational and industrial
was 20,000 in comparison with 19,000 memberships in 2006. The growth rate was 6%.
Ajman real estate sector booming
Gulf News - January 26 , 2007
- Ajman has attracted Dh55 billion ($15 billion) investment in real
estate sector during the last two years.
- This includes Al Azoura - a Dh47.7 billion ($13 billion) project and
Ajman Marina, a Dh7.35 billion ($2 billion) waterfront development.
- $600 million which will be dedicated to the project's infrastructure.
- With a total investments already reaching $7 billion from projects
launched after 2004 and 2005. - R Holding last year unveiled a Dh14.68 billion ($4 billion) Emirates
City, as well as the launching of Aqar that has recently launched
Dh2.1 billion Ajman 1 project.
- The Government of Ajman's development plans will contribute
to raising the economy and tourism levels inside the emirate,
Shaikh Rashid Bin Humaid Al Nuaimi, Municipality Chairman and
executive-president of Aqar said.
Ajman real estate attracts Dh 400 Billion
By Anjana Kumar on Monday, May 05, 2008 -
Business 24/7
- Total investment in Ajman real estate has crossed the Dh 400
billion mark.
- In the past one year, the value of projects in Ajman has increased
between 30% and 40%. We are seeing capital values for upscale
residential units in the region of Dh 700 - Dh 800 per square foot.
- The property price is expected to go up to the Dh 1,000 per square
foot mark.
- Land prices are said to have moved up to Dh 76 per square foot
from Dh 68 a square foot in less than two months. Land prices have
risen in Ajman by 15% to 20% every year.
- Amir Pardesi, vice-chairman of Mazyood Giga International, said: “Ajman is the best place for investment for the middle class segment”.
- In March, the President His Highness Sheikh Khalifa bin Zayed Al
Nahyan, Ruler of Abu Dhabi, ordered the allocation of Dh 16 bn to
develop infrastructure in the Northern Emirates.
- Ajman Municipality and Planning Department Director announced
the launch of infrastructure & real estate projects worth Dh200 million.
- Ajman rentals have increased by 64% in the past 12 months,
with the highest increases seen in studios at 89% and one-bedroom
units at 76%.
- Emirates City, a Dh15bn project, will entail around 72
state-of-the-art residential and commercial properties and is
expected to encompass lakes and green parks, a shopping district,
mosques, five-star hotels, educational and medical facilities.
- Phase one of the city will have more than 25 towers breaking ground.
- The downtown area, to be built at a later phase, will contain a
shopping mall, featuring all branded retail outlets, along with a
five-star hotel.
Ajman Realty Boom Continues, Investor returns between 20-40 per cent a year, says Inter
Emirates Properties - www.zawya.com
Inter Emirates properties, one of the leading realty players in the UAE
today said the freehold realty boom in Ajman continues with sharp rise
in investor preference for the emirate's properties in the backdrop of
both residential and commercial projects offering high returns in the
range of 20% - 40% per annum.
One of the main reasons behind the success of Ajman's bustling
freehold real estate is its cost-effective offers which guarantee higher
returns in the medium to long-term.
The heightened investor interest in Ajman properties has also led to
rising rates which is now anywhere between 450- 650 per square feet
compared to 300-500 a little over a year ago for residential and
commercial properties respectively.
The rising significance attached by the government to put in place
modern facilities as part of its vision for the emirate has also fuelled the
realty boom in Ajman, she said adding that the keenness of the
government in urban planning was reflected in holding the successful Ajman Urban Planning Conference (AUPC 2007) in February this year
by Municipality and Planning Department (MPDA).
Ajman offers the best cost-effective realty investment solutions at
affordable rates with a potential for significantly higher returns.
Importantly, Ajman is fast becoming a preferred property investment
destination for middle-income earners in the Northern Emirates.
The fact that it has faster connectivity to all the emirates and is closer
to Dubai adds value to investment, Ms. Aida said.
Inter Emirates Properties is also in the process of enhancing its Ajman
freehold property portfolio by adding new projects. "We are also convinced
that it is high time that we enhanced our presence in the emirate and
is all set to open a new office premises in Ajman to be closer to the market.”
Real estate law drawn up in Ajman
By Eman Al Baik on Sunday, March 9 , 2008
(Emirates Business 24/7)
The new Ajman Development and Investment Authority is preparing
freehold laws and will impose escrow accounts and strata regulations
similar to those adopted in Dubai.
“Ajman will duplicate the successful legislative frameworks and laws of
Dubai. Property developers in Ajman will not be able to sell properties
on maps prior to opening escrow accounts. Deposits will have to be
deposited in these third-party accounts.”
Ajman’s real estate sector has grown rapidly since its launch in 2004.
By 2006 the total value of investments had reached Dh25.2 billion and
the announcement of a number of giant projects then pushed the total
investment up to Dh120 billion.
“A developer wishing to operate in Ajman should register with the
department prior to starting any project in the emirate. The authority,
which is expected to function under the Lands and Property Department,
will not only propose legislation but will execute it and control the
property market.
“A decree setting up the department is expected to be issued very soon.”
25.2 Billion
The amount in dirhams of the total value of Ajman real estate investments in 2006. This rose to Dh120bn, thanks to the announcement
of a number of giant projects.
Ajman’s free zone to focus on industry
Business 24/7 - Saturday, February 2 , 2008
The emirate of Ajman is pushing ahead with an ambitious free zone
project to attract industrial investment and it will be completed on
schedule in the second quarter of this year.
The new zone complements Ajman’s Free Zone (AFZ), which has
attracted a large number of foreign companies and has the highest
number of ready-made garments factories in the world, Sheikh
Mohammed bin Abdullah Al Nuaimi, AFZ General Manager told Oxford
Business Group in an interview made available to Emirates Business.
Establishing a free industrial zone, totalling more than Dh1.15 billion.
“An international consultancy has worked on the planning of the
industrial zone, which will include warehousing, office space, worker
accommodation, and a road network to serve the needs of the
companies setting up there over the next decade.
Sheikh Mohammed said the AFZ had attracted hundreds of foreign
investors and is ranked first among the world’s free zones in the
number of ready-to-wear garment factories.
“Under the guidance of His Highness Sheikh Humaid bin Rashid Al
Nuaimi, Supreme Council Member and Ruler of Ajman, the
government has provided the necessary facilities to attract more
investments in tourism, industry and commerce – and the AFZ
is a core component of that strategy. The emirate has an abundance
of investment projects. The government is currently also providing
infrastructure for roads, bridges and establishing the sewerage
network,” he said.
