Next year the Ajman government will follow in the footsteps of the Dubai’s Real Estate Regulatory Authority when they introduce their own regulations for real estate developments in the emirate.
Back in September we covered the new Ajman property law and how it will take effect. However, it took longer than initially anticipated to sort out the finer points on the law. Further to this, the Ajman government wants to see Dubai’s law instigated first to keep things in order and not confuse buyers in the emirate nations.
The law will be welcomed by investors as some have been caught out buying from the wrong source. Chief executive of Aqaar Properties and the director of Al Zorah, Rami Dabbas said “The problem here is that people sometimes don’t investigate what they’re buying. So many people just buy off-plan without knowing the details or asking questions, such as whether the company is registered.
Sometimes all it takes is a phone call. Investors then say that developers cheat, which you might find, but really it’s the end-user’s responsibility. You should know exactly what you are buying, who you are buying from and what you are paying for.
But at the same time, developers must take care, especially when they sell and resell… this must be controlled.”
The new Ajman property law will be issued in the first quarter of 2009 with officials being positive about the outcome this new law will bring.