Ajman real estate an affordable haven for buyers With property prices in Dubai and Abu Dhabi remaining out of reach of a large segment of the UAE population, Ajman continues to be an attractive option for those looking for an affordable option

Ajman real estate an affordable haven for buyers

With property prices in Dubai and Abu Dhabi remaining out of reach of a large segment of the UAE population, Ajman continues to be an attractive option for those looking for an affordable option

Ajman, 25th October 2008: Even in the face of the global financial crisis, both rentals and sale prices in the UAE continue to not just hold but rise – a factor driven by the paucity of the long-awaited supply. Abu Dhabi, on the other hand, is in a situation where no quick relief for residents seems to be in sight as demand is expected to outstrip supply for several years to come.

In such a situation, the rise of Ajman as a viable option for property investment has come as no surprise. In this piece, we will explore the reasons behind the Emirate’s continued success and attraction for all kinds of investors, but especially end users who are planning to live and work in the UAE for the medium term.

The rise of a satellite city
Ajman’s proximity to Dubai – UAE’s commercial hub – is bringing in rich dividends. Even though the commute during peak hours is worsening by the day, people who work in Dubai and to a lesser extent, in Sharjah, continue to prefer this option. With Ajman developments today boasting of all the amenities people want – swimming pools, gyms and children’s play areas, and with infrastructure development of schools, hospitals and malls underway in the Emirate, residents are increasingly preferring the affordable costs and rising standards of living Ajman offers, even if it means commuting everyday for several hours.

Appreciation of investment
In a recent interview, Khurram Wahid, Director of Chapal, Master Developers in Ajman who have several developments underway, said: “Property prices in Ajman have risen by an average of three to five per cent every month for the past two years. When we launched our projects in February 2007, our average selling price was 300dhs per sq.ft. It is now Dhs 625 to Dhs 650 per sq.ft. and is expected to touch 700 to 750 Dhs per sq.ft. by early 2009.”

A plethora of choice
Ajman today offers a huge selection of all kinds of residential and commercial properties that suit budgets and needs of several different kinds of buyers. Studio apartments can still be found with a starting price of 250 000 AED. As an emirates that invented the concept of developer Finance – this also gives consumers much needed finance option in the face of banks tightening the available of mortgages and making the equity of loan value out of reach of many investors.

Upbeat mood
The R&R Local Property Show is now holding its 3rd exhibition of UAE properties in Ajman on the 6th, 7th and 8th of November at the Sheikh Zayed Center for Conferences & Exhibitions, Ajman. It has enjoyed tremendous success during its foray into Northern Emirates – especially as buyers have shown such tremendous enthusiasm for Ajman properties in particular, which continues unabated. The last show held in June this year saw thousands of visitors queuing up for business and the interest from buyers elicited a strong demand by exhibitors to repeat the show – a request that prompted the organizers to put up another event this year.