Friday, January 02, 2009

Global economic recession fails to slowdown Ajman's stride

Property investors looking for a strong UAE property investment, then property in Ajman should be right at the top of their list as Ajman has outshone other emirates in attracting foreign investments, according to reports.

Reports indicate that investments into Ajman's property sector have crossed the Dh400 billion mark. The impressive foreign investments indicate that the global financial crisis has not affected the market and Ajman is experiencing a property boom due to its investor-friendly property laws and reasonable project rates and Property prices also saw an overall appreciation of 40 per cent in 2008.

Fahad Sattar Dero, CEO of Sweet Homes, also developing in Ajman, said that the global financial crisis has resulted in an undervaluation of properties however the region is strategically positioned to attract more foreign investments into the real estate sector. He added that companies and residents are forced to cut down on expenditure, thereby driving the demand for inexpensive housing.

The CEO said prices certainly dip as more families opt for Ajman instead of neighboring emirates. He said there would be 33 per cent dip in housing prices in Ajman -compared to pre-recession years -in the first quarter of 2009. Ajman is growing popular among expatriates on the lookout for quality yet comparatively cheap accommodation as developers are offering multiple incentives, zero initial payment and offering more number of installments besides furnishing the properties.

"The market gradually is becoming buyer-oriented and Ajman government soon to formulate a body in early 2009 to monitor realty transactions and has started implementing the escrow account, which guarantees the security of real estate investments within the emirate," Sattar Dero added.

In related news, Sweet Homes recently announced 70 per cent of its Dh3 billion Ajman Uptown project has already been sold.

1 comment:

Anonymous said...

Wonder whats the latest outlook 4 months after the worldwide econmic downturn?