Forget about investing in Dubai or even Abu Dhabi; when it comes to development and property value appreciation, Ajman has more room for growth. The smallest of all the self-governing United Arab Emirates, Ajman is growing fastest and is seen as having the most potential to attract future investment. Crown Prince Sheikh Ammar bin Humaid Nuaimi has ambitious plans to use all available resources to develop the emirate into a modern, world-class business center and tourism destination.
Located just 20 miles Northeast of Dubai, Ajman is far more than a mere bedroom community. With its strategic location on the Persian Gulf, superb natural harbor, and pristine shoreline, it's well situated to become the world's top investment destination. It has its own thriving port with a duty-free zone and modern
infrastructure to support local and foreign-owned shipping business operations.
But the real reason for considering Ajman is the amazing property investment opportunities. While most of the world saw property values decline over the past 2 years, Ajman's real estate market was alive and well. In fact, property values have increased by a whopping 100% since 2007, compared to a 30% drop in Dubai.
Foreign investors see continuous growth as prices here are still considered dirt cheap. Average costs in Ajman are just $165 per sq. ft., about a third of what it costs in Dubai. That's why its population has ballooned by over 50% in the past 2 years and foreign investment is growing at an annual rate of 7%.
Major Projects in the Pipeline:
Ajman International Airport
Construction on the new $ 3.3 B Ajman
International Airport is presently underway. Once complete in 2011, the airport will handle an estimated 1 million passengers annually. The 6 million sq. meter terminal will feature an aviation school, a large duty-free shopping zone, and commercial space including several towers.
Ajman Marina
This $ 3 B project is in the works to become the city's tourist hub. Another freehold area and free zone, Ajman Marina enables foreigners to conduct business, especially suitable to the hospitality industry, to fully own housing units, or take advantage of duty-free shopping. In addition the plan includes schools, parks, and yacht clubs. The entire project is expected to be complete by 2013.
Ajman One
Led by AQAAR, a government-related development company, Ajman One is designed to create one of the UAE's largest middle-income property communities--something severely lacking
in this country.
Spread over 12 residential towers, this development gives foreigners an excellent opportunity to invest in relatively affordable property in the UAE. It's worth mentioning that prior to 2002, it was nearly impossible for foreigners to fully own any property.
Ajman Uptown
Although in its early stages of development, Ajman Uptown has already sold 70% of its space. The first stage of the low-rise and mixed-use project is expected to becomplete by 2010. The finished project will render another mini-city equipped with its own office space, shopping centers, schools, parks, and recreational amenities.
Al Zorah
The Al Zorah Development Company and Solidere International is
building a 5 sq. mi "hi-tech city" with beaches, resorts, restaurants, shopping malls, office space, and housing
units. The largest of all the UAE's developments this year, investors are pouring in over $ 60 Billion into this project.
Intended to be a self-sustained city, it will eventually have its own hospitals, schools, and marinas. In addition it has served as a leader in the green building trend in Ajman; buildings in Al-Zorah city will use 35% less energy than conventional buildings.
Emirates City
A project of 12 high-rise towers, lakes, parks, schools, and shopping centers, Emirates City is half-way sold out. A freehold development, Emirates City enables foreigners to fully own property at attractive prices.
Foreigners interested in Ajmani property should know that they can receive a year-long visa after having bought a residence and after receiving a "no-objection" letter from developers. Given the strong economic growth of Ajman and its rapidly appreciating property opportunities, we're sure that you'll find an investment in Ajman to be worthwhile.
Photos courtesy of: UAE National Media Council, Tanmiyat Group, Al Zorah Development Company and AQAAR
View Original Article at InvestDest.com
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