Thursday, July 23, 2009

Ajman property market to strongly focus on mortgage financing

The real estate market in Ajman will immensely benefit from the availability of mortgage financing, said a leading UAE-based developer and multi-service provider to the real estate sector, Sweet Homes Holdings.

The developer said that introduction of mortgage schemes are likely to further boost the efforts taken by Ajman Government. The Ajman government has been striving to regulate the real estate sector of the emirate through ARRA (Ajman Real Estate Regulatory Authority).

With the market getting driven more by the end-user, the introduction of mortgage financing, similar to those in Dubai and Abu Dhabi, has much potential to boost the real estate sales within the emirate.

The Sweet Homes Holdings CEO, Fahad Sattar Dero, said that efforts are made by Ajman Government to attract property investors, which has resulted in considerable developments being made, to put Ajman in a strategic position to overcome the challenges of economic crisis.
However, offering suitable mortgage financing for investors seeking to venture into Ajman, will promote more investment activities in the emirate. A combination of these factors will yield better stability for the Ajman property sector this year, he added.

The master developer of the Dh.3billion 'Ajman Uptown' and the Dh.1.7bn Rainbow Towers projects have revealed the completion of registration with ARRA, and opening of escrow accounts with the Dubai Islamic Bank for both projects.

The developer also noticed exceptional progress in the construction of two high profile developments with Ajman Uptown villas and Rainbow Towers, both on track to hit their delivery deadlines by 2010.

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