Property prices in Ajman have shot up by 30 per cent since last week’s announcement of plans to build an international airport in the emirate. And developers could soon increase the cost of homes in some projects by a further 20 per cent, said real estate officials.
But, despite the rise, properties in Ajman remain much cheaper than those in Dubai, said Amir Pardesi, Director of Star Giga Establishment.
The agency is marketing Goldcrest Business Vistas, the first commercial tower in Emirates City.
“At the moment the most expensive property is priced at Dh550 per square foot,” said Pardesi. “The price is expected to go up again soon.”
The cost of properties at Ajman Pearl rose from Dh425 per square foot in November to Dh550 per square foot after the airport project was announced.
Anjana Rakesh of Ajman Properties said most of the remaining one-bedroom flats sold out within a day of the announcement.
“We sold 20 one-bedroom apartments in Ajman Pearl alone in a single day,” he added. “There are few two-bedroom apartments left and the prices have gone up by more than Dh100 per square foot.”
Sales figures for projects in the emirate have exceeded all targets.
Developer Aqaar recently announced that nine of the 12 residential towers in the Dh2.7 billion Ajman One mixed-use project sold out completely within a year of the launch.
Sheikh Rashid bin Humaid Al Nuami, head of Ajman Municipality, said just 50 per cent of the project was expected to sell in the first year.
And the value of land has doubled over the past year – a square foot of land at Emirates City that was worth Dh30 is now valued at Dh65.
The Dh12 billion airport will be built by 2011 on a site covering 60 million square feet. Around 65 per cent of its operations will be focused on cargo flights with the balance handling passengers. A Spanish consortium has already begun planning the project and construction is expected to begin next year.
The first phase – comprising the main terminal building, the runway, a cargo complex, an aviation school, maintenance workshops a free zone and a commercial area – is due to be completed in 18 months. There will also be a residential area.
The airport is expected to handle more than a million passengers within three years of opening and its growth is likely to be driven by low-cost carriers. It will be used by medium-size narrow body aircraft such as the Boeing 737 and Airbus A320. His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, said at the launch: “Studies show that the country needs more airports to cope with the rapid economic development and growing passenger and cargo traffic.”
Meanwhile the real estate sector is eagerly awaiting a new rule that is expected to further boost opportunities.
“We are expecting the authorities to announce certain laws favourable to businessmen and if this happens I am sure prices will then almost double,” said Pardesi. “Further details will be revealed by the government.”
Statistics
Dh550
The most expensive property in Ajman priced per
square foot.
Dh100
is the rise in price per square foot for two bedroom flats.
1m
is the number of passengers the new airport in Ajman will handle every year.
Reference: Here
Ajman, located a short distance north-east of Sharjah’s capital city is the smallest of the seven emirates in terms of its physical size, occupying only about 0.3 per cent of the country’s total landmass.
Ajman city is blessed with a natural harbour. Fishing, both traditional and modern, and dhow building are still important industries. This was once a quiet town with a beautiful 16km stretch of white sand beach but, like the rest of the Emirates, it is undergoing significant development. Ajman’s central square where the old fort, now a museum, is located, is within walking distance of hotels, restaurants and coast.
Ajman Museum
This fascinating museum was opened in 1981 in a lovely old eighteenth century fort which served as the Ruler’s palace and office until 1970, when it became the main police station. Located in the town centre, the museum houses an interesting collection of archaeological artefacts, manuscripts, old weapons and reconstructions of traditional life.
Dhow Yard
The boatbuilding yard on the north side of the Creek is just a few kilometres from the city centre. This is one of the most active dhow-building yards in the country, and is well worth a visit.
Mowaihat
The archaeological site of Mowaihat is located on the oustkirts of Ajman. In 1986, while laying a new sewerage pipe, workers from the Municipality discovered a circular Umm al-Nar-type tomb (2500 BC to 2000 BC), c. 8.25m in diameter. A rescue excavation was conducted which recovered numerous examples of soft-stone and painted Umm al-Nar ceramic vessels, as well as over 3000 beads, two stamp seals, a number of copper implements, and the skeletal remains of several dozen individuals. At the time of its discovery, the Mowaihat tomb represented the first indication of Umm al-Nar period occupation in the Northern Emirates. Subsequent work has now identified major sites of this period on the Gulf coast at Al Sufouh, Tell Abraq and Shimal. The material from Mowaihat forms the bulk of the archaeological finds on display in the Ajman Museum.
Around Ajman
Ajman also has two inland enclaves: Masfut is an agricultural village located in the mountains 110km to the south-east of the city, whilst Manama lies approximately 60km to the east.
Reference: Here
With a staggering range of products to suit every style and budget it has become a big attraction for residents of the UAE and visitors, especially with seasonal shopping and festive celebrations.
The offer of premium and top fashion brands made available at heavily reduced prices has seen footfall at the new mall multiply rapidly since opening which has made the mall increase their trading hours.
According to the mall’s Director, Vishal Mahajan, the continuously increasing footfall in the mall and comments by all retailers that the business is much above expectations is proving Dubai Outlet Mall to emerge as one of the most popular attractions in Dubai, in the brief period since its opening in August this year.
‘We had planned on attracting a large percentage of domestic consumers to the mall - apart from international visitors & tourists - and we are pleased at the popularity we are achieving. As part of the countdown to the festive season ahead, residents from as far as Abu Dhabi, Al Ain, Fujairah, Sharjah and Ajman continue to drive to the mall everyday, apart from the obviously large percentage of people living in Dubai. Residents have been quick to catch on to the fact that Dubai Outlet Mall is a great place for seasonal or regular shopping - whether it be for themselves, their friends, family members and colleagues; to buy a special treat or to look for an elusive gift. The mall is also becoming increasingly popular with tourists and we are happy to welcome them.
‘The great advantage is that with every purchase the shoppers make at Dubai Outlet Mall, their shopping money is in fact being stretched considerably as everything they buy gives them a great bargain due to reduced prices.’ he explained. An added attraction is that Dubai Outlet Mall is located within a 20 minute driving distance from the World Trade Centre, on Dubai - Al Ain Road, Route 66.
Mahajan said his team is actively engaged in offering customers exemplary customer service, a pleasant shopping experience and special offers in addition to the discounts available at every store in the mall. As an example of this, visitors are offered a free cup of coffee as part of an incentive program to thank them for shopping during off-peak shopping hours.
A dedicated children’s play area located on the 1st floor allows adult shoppers to browse around the stores and to shop uninterruptedly, while their children are looked after. The presence of several F&B outlets well located around the mall ensures that ardent shoppers can get a well-deserved rest whenever they wish to.
Dubai Outlet Mall has more than 240 stores that are categorised by fashion (men, women, and children, unisex), shoes and footwear, lingerie and swimwear, accessories and jewellery, leather and travel goods, cosmetics and perfumes, electronics and homewares, sunglasses and watches, and sportswear and sporting goods, toys, and novelties.
Some of the larger brands and designers on offer include Azarro, Max Mara, Mango, Mexx, Ted Lapidus, Reebok, Massimo Dutti, Diesel, Calvin Klein, Guess, Evisu, Adidas, Nike, Puma, Villeroy and Boch, Rodeo Drive and Esprit, among numerous others - all made available at discounts varying between 30 and 90%.
The mall houses a food court with several known brands and cuisines, restaurants and cafes and a forthcoming attraction is the Middle East’s first Chuck E Cheese’s family entertainment centre with food, games and rides, an ice rink, a bowling alley and other novelties.
The mall is open through the week, from Sunday to Wednesday 10 am - 10 pm and Thursday to Saturday 10 am - 12 midnight.
Dubai Outlet Mall is a division of UAE-based Al Ahli Group, a multi-disciplined conglomerate founded in the late 1960s, with interests in construction, engineering, cement, plastic, printing, leisure and retail industries.
Reference: Here