Tuesday, August 19, 2008

Investors throng Ajman realty sector; Residence Visa granted to investors

With the Gulf region experiencing a realty boom, the peaceful emirate of Ajman is witnessing an all'time high property boom. Ajman is the smallest among the seven emirates, and the second next to Dubai, to open its freehold property sector.

In support to the major property boom, the Ajman government plans to implement $1.4bn infrastructure plan to win investor confidence in UAE.

As per market estimates, about $2trillion worth of upcoming projects are likely in all sectors of GCC. About $330bn of this is being set aside for civil construction projects.

Ajman also has the advantage of several realty developers coming in from Asian countries and from Pakistan, in large numbers.

Also, henceforth the Ajman government has announced that real estate buyers in Ajman will be granted residence visas, provided, the property developers assure to do so, to project developers in the UAE emirate.

This visa will bear a one-year validity period, and will be renewed annually in the emirate of UAE. Agreements will be signed by project developers with the master developers for issuance of visas.

Only an investor or buyer, who gains possession of the apartment will be granted residence visa, provided the developer issues a no-objection letter. The cost of the visa is likely to be around Dh.1500, which can be renewed in Ajman every year.

3 comments:

Quilla Dubai said...

I am an American living and working in Dubai, UAE.

Since I love it in the UAE and want to eventually retire in the UAE I have ALREADY booked a flat in Ajman. I detrimentally relied on the written and oral representations of the developer that with this 2 bedroom flat I would be able to get a residency permit after I am no longer employed (but living off of my saved assets in the USA, UK and UAE.

In 10 October 2008 Gulf News....front page business section.. it was reported that the Rule of Law has changed...and that the Ajman government has frozen all residence visas.

So what is the story behind this article? Is it true? Can the government simply decree that my right to a residence visa has evaporated? If so, then this is a warning to all who contemplate a long term commitment to the UAE.

Is the message that the Emirate of Ajamn only wants to issue visas to those who are WORKING in a job or OWN a business in the UAE???? irrespective of wealth or source of income/support from investments and pensions abroad?

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