Total value of property transactions in Ajman jumped by 50 per cent to Dh300 million in 2012 compared to 2011, signaling a recovery in the market.
“The property market is witnessing a large interest from Gulf Cooperation Council investors and has been aided by recovery of the market in Dubai,” Yafea Eid Al Faraj, Executive-Director, Ajman Real Estate Regulatory Agency (Arra), told Emirates 24|7.
No details were given on number of buildings/apartments completed in 2012. Al Faraj, however, stated there was demand for ready residential buildings located in the centre of the city.
A number of projects will be delivered this year with the prime ones being the first phase of Ajman One and Ajman Uptown.
Ajman One is a fully-integrated complex consisting of residential, business and hotel facilities and is spread across 72,000 square metres. It is being developed by Aqaar Properties.
Ajman Uptown, developed by Sweet Homes, is a Dh2.5 billion residential township with 1,504 villas and townhouses, seven buildings, serviced apartments and a hotel.
Emirates 24|7 reported earlier that Arra has been planning to help developers secure bank funding and has already begun talks with various banks.
“We are planning an initiative similar to what Dubai’s Real Estate Regulatory Agency (Rera) has launched, but it is yet to be finalised. We are just helping the developers and not guaranteeing anything,” Al Faraj had said.
In June 2010, Rera launched Tayseer, a guaranteed funding initiative that now covers 114 projects across Business Bay, Dubai Marina and Jumeirah Lake Towers.
Currently, 144 projects are registered on Arra website.
Al Faraj expects opening of new 5-star hotels in the emirate will help boost the tourism sector.
One of the major developments under construction is the Al Zorah project. The first phase, to be completed by 2015, will comprise a 5-star luxury resort theme park, pedestrian walkway and beach club.
Moreover, Ajman is building an international airport in Al Manama area, which will promote tourism and trade.