A new property law is poised to strengthen Ajman's real estate market that has witnessed robust growth for the last few months. His Highness Shaikh Humaid Bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, last week issued Amiri Decree No 7 and 8, 2008, to regulate Ajman's realty sector.
"Apart from GCC nationals, other expatriates could obtain property on a freehold as well as 50-year leasehold basis which is renewable in areas designated by the Ruler," the law says.
The decree has 34 articles that legalise freehold ownership of real estate for UAE and GCC citizens and companies wholly owned by them as well as to the public stock companies. Billions of dollars have been ploughed into Ajman's real estate sector, where prices have escalated from Dh350 per square foot to nearly Dh500 during the last six months.
"Apart from GCC nationals, other expatriates could obtain property on a freehold as well as 50-year leasehold basis which is renewable in areas designated by the Ruler," the law says.
The decree has 34 articles that legalise freehold ownership of real estate for UAE and GCC citizens and companies wholly owned by them as well as to the public stock companies. Billions of dollars have been ploughed into Ajman's real estate sector, where prices have escalated from Dh350 per square foot to nearly Dh500 during the last six months.
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