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Low rates make Ajman property attractive
Publish Date: 2009-02-12 02:00:03 Story Code: 10544
Dubai: Buying opportunities in Ajman real estate have brightened up as rates come down to as low as Dh299 per square foot now from Dh600 per square foot six months ago.
While there are many bargains to be had here in Dubai if cash isn't an issue, in Ajman, the opportunities are just as great and, even better, targeted to the mid-income price bracket.
It is now possible to buy apartments in Ajman for as little as Dh299 per square foot. And not because you will have to wait three years for it to be built - just three to six months. Property prices in Ajman began a lot lower than those in Dubai - the first project launched in Ajman back in 2004 was Dh176 per square foot, according to Roger Wilkinson, managing director of Northern Emirates Property.
In Al Khor towers in Ajman, units are selling for Dh299 per square foot, meaning a two-bedroom apartment is now about Dh542,000. In Horizon Towers, units are available from Dh345 per square foot. A studio is selling for Dh258,000 and a two-bedroom apartment is selling for around Dh631,760.
By comparison, in Dubai, some of the cheapest studios are around Dh447,430 which can translate to Dh883 per square foot for a 506 square foot studio.
Although it is true that property prices and rents have been dipping so far this year, Dubai still remains relatively expensive.
There are many potential home buyers waiting in the wings for mortgages and home financing options to come back in the market so they can buy.
While many investors in off-plan units are attempting to cancel contracts, fearing for their financial security, these properties in Ajman are nearly complete, offering more comfort to buyers.
"People are now looking for affordable places to live. That's why now, most people living in Dubai are shifting to Ajman. Even though prices are going down, Dubai is still expensive," Christina Cabading, president of BSEL Infrastructure Realty, developer of five towers in Emirates City, Ajman.
There is also added comfort and security available in the form of the Ajman Real Estate Regulatory Agency (Arera). Arera have informed all developers in Ajman that they must have an office in Ajman, and not just in Dubai. However, buyers are urged to take due diligence when looking at low-priced properties.
"We would encourage buyers looking at extremely low priced property to ask the following two questions: is there a trust account (escrow) to protect their funds and what is the build quality of the project since this will determine whether it is sellable or rentable in the future," Rehan Khan, chief operating officer of Cirrus Developments, said.
Inviting options
Dh299 price for per square foot in Ajman realty market now
Dh600 price for per square foot in Ajman six months ago
Dh883 price per square foot in Dubai property market now
© Gulf News 2009. All rights reserved.
WadiOnline News - Low Rates Make Ajman Property Attractive
Publish Date: 2009-02-12 02:00:03 Story Code: 10544
Dubai: Buying opportunities in Ajman real estate have brightened up as rates come down to as low as Dh299 per square foot now from Dh600 per square foot six months ago.
While there are many bargains to be had here in Dubai if cash isn't an issue, in Ajman, the opportunities are just as great and, even better, targeted to the mid-income price bracket.
It is now possible to buy apartments in Ajman for as little as Dh299 per square foot. And not because you will have to wait three years for it to be built - just three to six months. Property prices in Ajman began a lot lower than those in Dubai - the first project launched in Ajman back in 2004 was Dh176 per square foot, according to Roger Wilkinson, managing director of Northern Emirates Property.
In Al Khor towers in Ajman, units are selling for Dh299 per square foot, meaning a two-bedroom apartment is now about Dh542,000. In Horizon Towers, units are available from Dh345 per square foot. A studio is selling for Dh258,000 and a two-bedroom apartment is selling for around Dh631,760.
By comparison, in Dubai, some of the cheapest studios are around Dh447,430 which can translate to Dh883 per square foot for a 506 square foot studio.
Although it is true that property prices and rents have been dipping so far this year, Dubai still remains relatively expensive.
There are many potential home buyers waiting in the wings for mortgages and home financing options to come back in the market so they can buy.
While many investors in off-plan units are attempting to cancel contracts, fearing for their financial security, these properties in Ajman are nearly complete, offering more comfort to buyers.
"People are now looking for affordable places to live. That's why now, most people living in Dubai are shifting to Ajman. Even though prices are going down, Dubai is still expensive," Christina Cabading, president of BSEL Infrastructure Realty, developer of five towers in Emirates City, Ajman.
There is also added comfort and security available in the form of the Ajman Real Estate Regulatory Agency (Arera). Arera have informed all developers in Ajman that they must have an office in Ajman, and not just in Dubai. However, buyers are urged to take due diligence when looking at low-priced properties.
"We would encourage buyers looking at extremely low priced property to ask the following two questions: is there a trust account (escrow) to protect their funds and what is the build quality of the project since this will determine whether it is sellable or rentable in the future," Rehan Khan, chief operating officer of Cirrus Developments, said.
Inviting options
Dh299 price for per square foot in Ajman realty market now
Dh600 price for per square foot in Ajman six months ago
Dh883 price per square foot in Dubai property market now
© Gulf News 2009. All rights reserved.
WadiOnline News - Low Rates Make Ajman Property Attractive
