Ajman issues new law to attract more investment in property sector
Ajman has issued a new law to develop the emirate's real estate sector further and attract more investment amid a UAE-wide property market boom. The new law issued by Sheikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, also aims to protect the rights of investors in the real estate sector and boost transparency, Ajman Media Office said in a post on X on Friday. It also aims to incentivise real estate activity across the emirate. "The law stipulates that its provisions will apply to real estate located in areas designated by the Ruler by a special decree, including vacant land built through real estate contributions, dilapidated buildings that are being reconstructed and under-construction buildings," the post said. The announcement comes as the UAE's property market continues to perform strongly on the back of government initiatives such as residency permits for retired and remote workers, and the expansion of the 10-year golden visa programme. The overall growth in the UAE's economy as a result of diversification efforts is also supporting the property market. Ajman recorded property deals worth Dh20.5 billion ($5.58 billion) in 2024, up 21 per cent on the previous year, Wam reported in January. The total number of deals during the period stood at 15,125, with Al Jurf 1 area recording the highest sale value of Dh300 million, the report said. 'The exceptional performance of the real estate market over the past year is evidence of the sector's strength and a positive indicator that enhances Ajman's position as a premier investment destination,' Sheikh Abdulaziz bin Humaid Al Nuaimi, chairman of the Ajman Department of Land and Real Estate Regulation, said at the time. Property transactions in Dubai and Abu Dhabi also surged last year. The former recorded real estate deals worth Dh761 billion, up 20 per cent compared to 2023, with the total number of transactions for the year increasing by 36 per cent to 226,000, according to data provided by the Dubai Media Office. Abu Dhabi recorded deals valued at Dh96.2 billion in 2024. The total value of deals for the year rose by more than 10 per cent on an annual basis, while the number of transactions increased by about 24 per cent to 28,249, the Abu Dhabi Real Estate Centre said in January.
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