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"Over the last 6 months, we have seen some major announcements out of both Abu Dhabi and Northern Emirates, particularly Ajman," said Tessa Morris, Marketing Director, DSL Exhibitions. "With its own bank being announced to support the real estate industry and firm plans for an airport on the anvil, Northern Emirates today are not just a residential destination but also an important commercial property center." Several exhibitors at the show will for the first time also be offering commercial property in Ajman at the show.
"Our previous show generated such demand that our exhibitors asked for a repeat within 3 months - hence the announcement of the upcoming show starting Thursday, 19th June. We have also extended the show to cover 3 days to give the public ample time to visit.
Industry speak
If we are to believe industry players operating in Northern Emirates, this region is only now coming into its own. Khurram Burney of Estate 400 Real Estate - an exhibitor at the upcoming R&R Local Property Show - said that "returns on investments in the Northern Emirates are as high as 30%-40% in about 6 months."
Jawad Chapal, Executive Director of Chapal World - Platinum Sponsor of the Show - also felt that price appreciation price appreciation in the Northern Emirates is accelerating. "The continued positive and enthusiastic response form property buyers and investors to our projects in Ajman clearly predicts healthy market growth," he said. The eagerly anticipated launch of Ajman's own bank and the announcement of Ajman airport are definite growth indicators as well."
Mehmood Yoosuf of Minaret Properties echoed this opinion. "Return on investment is fast catching up with other emirates as Ajman is at the moment witnessing a real estate price boom." Builders/Developers are providing with their own finance packages and easy payment plans to make the process even easier. "
On the subject of affordability, Aftab Hemani, Managing Director of Cobalt Real Estate - also exhibiting at the R&R Local Property Show - said: "Land prices are under Dhs100 per sq. ft. on the Emirates Road in Ajman, though they are rising fast. However, prices in Northern Emirates are far lower than in Abu Dhabi and Dubai. You can today get the same quality in Ajman for Dhs450 per square ft as you would expect for Dhs1000 per square ft in Dubai or Abu Dhabi. Confirming the sentiment, Jawad Chapal said: "A large number of investors who were, till recently, unable to buy in Dubai can now comfortably afford to invest in Northern Emirates."
Salman Soofi of Broooks Real Estate also felt that Northern Emirates has made property ownership in the UAE more affordable. "The freehold market of Dubai was only targeting a higher net worth group - more of investors than the actual end users," he said. "Northern Emirates and especially Ajman is targeting end users living in Sharjah and Ajman. The price of the property is affordable for the medium income group as well and this has contributed significantly to the UAE becoming a more stable real estate market."
However, the industry expects Northern Emirates - especially Ajman - to catch up on the regulatory issues soon. Aftab Hemani of Cobalt Real Estate said: "Ajman is swiftly moving towards the establishment of escrow trust account for all off-plan sales which will be a cornerstone of the region's success." Salman Soofi of Ambience Real Estate also felt that "the involvement of RERA and Escrow account law has created stability in the overall freehold property market of the U.A.E. Buyers now can invest with more confidence and peace of mind."
40 companies will exhibit at the R&R Local property Show offering a mix of residential and commercial property from all over the UAE and in particular Ajman and Northern Emirates. The show is free to the public and open from 11.00am - 9.00pm Thursday June 19, Friday June 20 and Saturday June 21, 2008 at the Sheikh Zayed Centre for Conferences & Exhibitions - Ajman University of Science & Technology.
Anne-Birte Stensgaard, Senior News Editor
