Ajman sets up realty authority - Emirates24|7

Ajman sets up realty authority

His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has issued a decree to establish Ajman real estate regulatory authority.

Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Executive Council, issued Decision No90 of 2008 appointing Omar Jawdat Al Barghouthi as Director General of the real estate regulatory authority.

The decree stipulates the setting up of a public authority named the Ajman Real Estate Regulatory Authority affiliated to the emirate's government.

The authority will enjoy financial and management independence.

It will approve banking and financial establishments to manage escrow accounts in line with the emirate's legislations.

It will also monitor and supervise owners' associations, checking their accounts and records.

It will aim to regulate activities in Ajman's real estate sector, frame policies and set up a legal framework for the licensing of real estate projects.

The authority will draw up public policies to develop real estate projects, and suggest legislations and systems needed to organise real estate development operations and transactions.

It will stipulate and supervise the legal relationship between developers and buyers of real estate units and suggest means of resolving disputes.

Further, the authority will license real estate developers, and monitor and supervise their development activities in the emirate. It will also keep records of projects and in the real estate project register. Monitoring real estate adverts published in media channels is also part of the mandate.

 

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