Middle East

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Ajman Property Law

image In part 1 of our Ajman mini series we provided a general Overview of the Ajman Property Market. We established the fact that Ajman is definitely one of the regions in the UAE to keep your eyes peeled on.

Today we will look at Ajman’s new property law to give you more insights into your investment opportunities. Since the property law has been modified to legalize freehold ownership in Ajman, the rules seem much clearer.

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Ajman MarinaBack in May we posted an article about the Ajman property market and how things are heating up in this smallest of the seven UAE emirates. As it turns out, our hunch was correct. Ajman has since heated up considerably and with neighboring Dubai becoming more and more expensive and unaffordable for many, Ajman has been the emirate of choice for many investors and developers as of late.

Therefore we will cover the Ajman property market over a three part post series to give you information on investor strategies, property prices, infrastructure, the newly reformed Ajman property law and where all the action happens right now.

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Construction in Baghdad [Credits: James Gordon via Flickr]

Baghdad’s property market has experienced a new breath of life in recent months after being stagnant for some time due to excessive violence. This was prompted by a dramatic fall in violence. While most real estate agents saw themselves jobless when sectarian killings raged in the city only last year, now they can’t seem to keep up with the new found demand.

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A recent press release from Dubai developers, Tatweer suggest that the first phase of the first Tiger Woods’ designed golf course is only months away from it’s completion due date in Q4 2009.

The revolutionary course would feature 5 million square feet of locally grown grass and over 30,000 fully grown imported trees according to the release.

The developers’ of the ‘The Tiger Woods Dubai’ project are Tatweer, a division of Dubai Holding, a UAE government owned company. Their plan is to make it part of Dubailand, a massive theme-park complex on the outskirts of Dubai.

The course and surrounding golf residential community together would cost US$1.09 billion (AED4 billion).

solitaire_abu_dhabi_building.JPGSolitaire Abu Dhabi offers investors a slice of UAE paradise. With ultra modern settings and features, Solitaire is the culmination of smart architectural design, quality and style.

Located in the Maysan district, Najmat Abu Dhabi, Al Reem Island, Solitaire is situated in close proximity to two 5-star hotels and the Marina Bay Apartments. Residents will be able to enjoy exquisite views of the cascading water features and greenery that connect the entire development. Investors can enjoy a world class lifestyle, all the while knowing that they have convenient access to the rest of the world.


Solitaire, Abu Dhabi Overview

Solitaire is an ultra-modern 35-story tower. The unique structure – the whole tower is made of pure glass – and concept of Solitaire allow for maximum streaming of light into the building, while spectacular views can be enjoyed all around.

Beautifully landscaped gardens provide a visual delight and further add to the superb lifestyle that is Al Reem Island.

Beirut City, Lebanon
Beirut City

Property sales in Lebanon reached impressive figures in 2007 despite the world-wide economic slowdown and continuing political strife. Property sales in 2007 reached $4.219 billion compared to $3.151 billion in 2006.

“Last year was the best year in both property sales and transactions since 2001,” said Elie Harb, the general manager of Coldwell Banker, Beirut.

Property sales in Beirut alone reached $1.6 billion compared to $1 billion in 2006. Sales in South Lebanon reached only $23.6 million – Harb attributed this low figure to fears another invasion, an understandable worry as far as we are concerned.

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The ACI management team with Niki Lauda recently

ACI real estate announced yesterday that it’s investment plans for the emirates is currently standing at a stunning £2.8 billion – which is scheduled for both Dubai and Abu Dhabi prime property development. Up-to-date investments include the 3 sports legend commercial towers, known as the “Trilogy” project situated along Dubai’s high-end Business Bay and another 5 new towers soon to be launched in Abu Dhabi.

ACI Real Estate is an affiliate of Alternative Invest Capital, a forward-thinking investment house from Germany.

Well, we know where we’re retiring to. Along with half the estate agents on the planet we suspect. Bahrain’s Ithmaar Bank has announced the planned development of a $1.6 billion island for the healthcare industry. Dubbed “Health Island,” development is due to start “soon”, said a bank official who refused to be named.

As well as medical facilities, hotels and apartment buildings are planned for the island, which will be located off the north coast of Bahrain near Muharraq.

Investors are eyeing the Gulf’s healthcare industry as the region’s population booms, and the government becomes less willing to provide the free healthcare it has in the past. Ithmaar is also working on a $1.2 billion beach resort and a $175 million hotel that complies with Islamic law also to be located in Bahrain.

What a different a couple of years can make in the Gulf. From a standing start the emirate of Abu Dhabi now has more than $100 billion of real estate projects in hand.

Not surprisingly interest in these development projects is huge, and the third edition of the annual Abu Dhabi Real Estate and Investment Show – which will be held at the International Exhibition Centre in Abu Dhabi from March 21-24 – is set to be the biggest yet with 6,500 square metres of exhibition space.

To date Abu Dhabi projects have been concentrated in the hands of six major local developers – Sorouh Real Estate, Aldar Properties, Al Qudra Holdings, Tamouh Investments, Al Rayan Investments and Hydra Properties, and have been large scale.

The $100 billion total includes the $40 billion Yas Island, $27 billion Saadiyat Island, $15 billion Al Raha Beach, $9 billion Danet Abu Dhabi, $8 billion Najmat Abu Dhabi, $3 billion Shams Abu Dhabi and $2 billion Capital Centre.

Population to double
Middle East real estate investment advisor RSP Group estimates that 250,000 new housing units will be required in the UAE capital to accommodate a doubling of the local population to two million over the next decade.

But building on this scale is going to require a huge mobilization of contractors and building materials at a time when the boom in neighboring Dubai has severely stretched the available capacity leading to construction delays and quality issues.

However, Abu Dhabi’s political will and financial strength is not to be underestimated. This is not a place noted for oratory or big statements. Rather there is a quiet commitment to get on with the job, and Abu Dhabi surprised everybody by getting its real estate law in place before Dubai.

There is also a depth of wealth in Abu Dhabi that is possibly unmatched by any city in the world. Ten per cent of the world’s oil, extractable at the lowest global costs and huge gas reserves; an investment fund that is rumored to be valued at $500 billion; and an oil and gas infrastructure that is both established and paid for, unlike say Qatar which is in the process of making huge investments with borrowed capital.

Political stability
The emirate is also noted for its political stability and the popular regime established by Sheikh Zayed, the first president of the UAE, which is now being continued by his son Sheikh Khalifa who has gathered a strong group of young technocrats around him.

This energetic collection of young nationals is behind a new strategy for economic growth concentrating on areas where cheap energy sources provide a comparative advantage, as well as the expansion of the existing oil and gas facilities.

Given the likely continued bull market for energy due to demand from new economies like China and India, Abu Dhabi’s future looks particularly bright, and the $100 billion in new real estate projects should be seen in this context, although clearly not without challenges for those involved.

Source: AME Info