Property investment in the UAE Dubai and Ajman
The U.A.E (United Arab Emirates) has been a hotspot for property investors since 2002 since Emirates such as Dubai introduced freehold property laws for people who are not native to the area. People have made very aggressive returns in property markets such as Dubai and this lens focuses on the next area within the Gulf that many analysts are calling the next Mini Dubai. The area is called Ajman, it is primed for agressive returns in the property markets and this lens will attempt to explain why.
A little history on the expanding nature of the Dubai and Ajman
I am assuming getting this far with your research you are already familiar with the U.A.E as a region and also the the Emirate of Ajman.
My main goal of this lens is to illustrate how the Emirate of Ajman represents one of the next big opportunities for investment potential within the U.A.E, and also briefly illustrate the reasoning behind the expansion of the region.
The beauty of Ajman as an Emirate is the fact that is so close in proximity to Dubai yet still so underdeveloped in terms of infrastructure and affluent development's.
Some people will regard this as a negative referring to the obvious fact that there is not that much in Ajman aside from sand. But the important fact to remember is that until recently a similar situation would have prevalent in the well known Emirate of Dubai. The main reason for the emergene of this bustling Emirate and ever expanding economy and property market has been the proactive stance taken by the governance authorities to become less reliant on oil and gas and the historic commodities which the region of the Gulf has drawn its wealth from.
The governing Sheikhs in the region are more than aware like most of us that the commodities of oil and gas which so much of are reliant on are finite commodities, meaning sooner or later the oil wells will run dry. So the majority of the U.A.E has been aggressively pursuing tactics to diversify their economies, and this has led to the radical change we have seen recently in the region.
To introduce foreign investment that the major financial centres of the world thrive and rely on one of the first steps was for the individual Emirates to relax the regional Sharia Laws to accommodate foreign national's.
Dubai was a pioneer with regards to legislation change when in 2002 they became the first Emirate of the 7 to allowed freehold status of properties to foreign national's. This led to an immediate influx of developers as well as expatriates into the region. It is widely documented the effects that this has had on the property market in terms of capital growth as well as rental yields in Dubai.
Those who got in early into the area made unparalleled returns in property and some shrewd investors still do, even though the market has slown down somewhat into a more mature stable property market.
My main goal of this lens is to illustrate how the Emirate of Ajman represents one of the next big opportunities for investment potential within the U.A.E, and also briefly illustrate the reasoning behind the expansion of the region.
The beauty of Ajman as an Emirate is the fact that is so close in proximity to Dubai yet still so underdeveloped in terms of infrastructure and affluent development's.
Some people will regard this as a negative referring to the obvious fact that there is not that much in Ajman aside from sand. But the important fact to remember is that until recently a similar situation would have prevalent in the well known Emirate of Dubai. The main reason for the emergene of this bustling Emirate and ever expanding economy and property market has been the proactive stance taken by the governance authorities to become less reliant on oil and gas and the historic commodities which the region of the Gulf has drawn its wealth from.
The governing Sheikhs in the region are more than aware like most of us that the commodities of oil and gas which so much of are reliant on are finite commodities, meaning sooner or later the oil wells will run dry. So the majority of the U.A.E has been aggressively pursuing tactics to diversify their economies, and this has led to the radical change we have seen recently in the region.
To introduce foreign investment that the major financial centres of the world thrive and rely on one of the first steps was for the individual Emirates to relax the regional Sharia Laws to accommodate foreign national's.
Dubai was a pioneer with regards to legislation change when in 2002 they became the first Emirate of the 7 to allowed freehold status of properties to foreign national's. This led to an immediate influx of developers as well as expatriates into the region. It is widely documented the effects that this has had on the property market in terms of capital growth as well as rental yields in Dubai.
Those who got in early into the area made unparalleled returns in property and some shrewd investors still do, even though the market has slown down somewhat into a more mature stable property market.
So why do so many think that Ajman is the next big thing
Many developers as well as realtors who deal with the U.A.E believe that the Ajman is primed to emulate the growth Dubai has seen over the next few years.
This belief has been greatly fuelled by the ambition of the governence of Ajman. Similary to Dubai Ajman was the second Emirate behind Dubai to allow 100% freehold status of property for foreign investors. This has created a massive influx of foreign nationals into the area of the U.A.E in comparison to other area's of the Gulf region as illustrated below.
The influx of foreign nationals into the area has bought with it vast amounts of foreign cash into the area. This influx of private finance from 1st world economies has been one of the main contributing factors to the rapid expanision of the area.
The world's property and real estate investors and speculators closely documented what happened in Dubai with regards to returns that where made in the region. Dubai as an Emirate outperformed many of the Western domestic property markets and that is why so many people invested there.
With the marked slowdown in property markets especially towards Western Europse and America we are beginning to see the reverberations of this in more mature economies within the U.A.E such as Dubai. Some speculators profess that with all the massive and spectacular development into this area supply is becoming somewhat saturated.
This has lead to a slow down in the appreciation being achieved in Dubai, and informed investors are turning to less developed Emirates for more aggressive returns.
Ajman is one of these less developed Emirates. This is most obviously reflected in the price of property in the region which is on average less than half of what you would pay for the equivalent property in Dubai.
There are massive developments that have already been approved in the Emirate of Ajman including a $2 billion marina.
These developments and investment in infrastructure have already had a positive marked effect on the real estate market and with the price in comparison to Dubai there is still massive potential and upside in terms of potential yields from property in this region.
That is why firms such as Portmill Estates have taken such an aggressive stance in marketing property in the Emirate of Ajman.
This belief has been greatly fuelled by the ambition of the governence of Ajman. Similary to Dubai Ajman was the second Emirate behind Dubai to allow 100% freehold status of property for foreign investors. This has created a massive influx of foreign nationals into the area of the U.A.E in comparison to other area's of the Gulf region as illustrated below.
The influx of foreign nationals into the area has bought with it vast amounts of foreign cash into the area. This influx of private finance from 1st world economies has been one of the main contributing factors to the rapid expanision of the area.
The world's property and real estate investors and speculators closely documented what happened in Dubai with regards to returns that where made in the region. Dubai as an Emirate outperformed many of the Western domestic property markets and that is why so many people invested there.
With the marked slowdown in property markets especially towards Western Europse and America we are beginning to see the reverberations of this in more mature economies within the U.A.E such as Dubai. Some speculators profess that with all the massive and spectacular development into this area supply is becoming somewhat saturated.
This has lead to a slow down in the appreciation being achieved in Dubai, and informed investors are turning to less developed Emirates for more aggressive returns.
Ajman is one of these less developed Emirates. This is most obviously reflected in the price of property in the region which is on average less than half of what you would pay for the equivalent property in Dubai.
There are massive developments that have already been approved in the Emirate of Ajman including a $2 billion marina.
These developments and investment in infrastructure have already had a positive marked effect on the real estate market and with the price in comparison to Dubai there is still massive potential and upside in terms of potential yields from property in this region.
That is why firms such as Portmill Estates have taken such an aggressive stance in marketing property in the Emirate of Ajman.
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