Urban boom unfolds in Ajman

'Most of these projects are residential investments,' said Mohamed Al Zarah, Vice President of Great Properties. He cited the rising prices in Sharjah, Dubai and Abu Dhabi as well as Ajman's investment readiness as causes for the unfolding real estate boom. 'The capital flight from other emirates toward Ajman and the increasing demand on the property market have led to the launch of a large number of residential projects all over the emirate.'

The demand for commercial areas follows that for residential investments. 'Due to the all-encompassing development drive adopted by the emirate of Ajman, there is an urgent need for commercial space. Demand is growing due to the establishment of many projects and offices in the emirate,' said Al Zarah, whose company sells and markets properties in the UAE and is preparing to enter the Saudi market.

'Tourist investments follow commercial investments closely, with the government of Ajman having developed a large-scale plan suited to the emirate's location and relevant to its ambitions to establish itself as a key tourist destination in the region.'

AL Zarah said that he expects to see a real estate boom in Ajman in the future, thanks to new strategies embraced by the Ajman government, and developed in response to residents and potential investors' basic needs. 'This strategy has reflected positively on the urban and business activities in the emirate, which is becoming increasingly attractive in various aspects,' he concluded.