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29 March 2024

Developers claim Ajman visa on hold

The Ajman Government is currently looking to align the visas that have been already issued. (SATISH KUMAR)

Published
By Anjana Kumar

The Ajman Government is stepping up measures to closely regulate the real estate buyers' profile in the emirate by temporarily stopping issuance of residence visas, developers told Emirates Business.

"We do understand the government is not issuing residence visas. However, there is no official statement from the Ajman government," said Khurram Wahid, Director of Chapal World.

Indiana Real Estate, the real estate agent for developer Modern Life Properties, confirmed that the Ajman government has temporarily stopped issuance of residence visas.

"As far as we are aware this is only a temporary move and the government will commence the issuance of the visas by the first quarter of 2009," said Rajesh Krishna, Managing Director for Indiana Real Estate.

Osama Kalyar, Chief Operating Officer of Gold Crest Properties said: "This is a federal issue and I am sure the government will look to issue residence visas by early next year. The government is currently looking to align the visas that have been already issued and as well monitor the issuance of new visas in the coming years.

"Many units have been resold to somebody, however the visas have not been transferred. Hence the government is looking to align the whole process."

However, Wahid believes stopping issuance of residence visas to buyers in Ajman would dampen investors' interest in the long term.

"Ajman was the only emirate guaranteeing visas for realty buyers after Dubai stopped issuing visas for its property buyers. If that clause is removed it will remove the trust from the market," he added.

In August, Emirates Business reported master developers in Dubai had removed the clause that guarantees a residence visa for property buyers from contracts they enter into with sub-developers. Ajman was the only emirate that was guaranteeing residence visa.

This newspaper reported earlier that Ajman was planning to establish a real estate regulatory body, which will be similar to Dubai's Real Estate Regulatory Authority, in the first quarter of 2009.

In June this year, the Ajman Government issued Emiri Decree No7 and No8 to regulate the emirate's land and properties sector. The government will, however, enforce the escrow account law by first quarter of next year with the new agency ensuring implementation of the law.