Ajman Tightens Land Regulations

The government has formed ARERA i.e. Ajman Real Estate Regulatory Agency to catch hold of the real estate sector in Ajman. It is somewhat similar to the one developed in Dubai (RERA) which looks after Dubai property market and all property related dealings etc. Ajman has started putting property and land regulations in order to streamline the growing property sector in the emirate. For all those developers who want to develop their properties in this emirate must register with ARERA. The Director of ARERA, Omar Al Barghouti said, “ARERA will work on organizing the real estate activities and will monitor the real estate sector's development in Ajman by setting up policies and legislations in the coming months.”

He further added that the agency is looking into the implementation of all policies and other property related issues. He said: “Ajman is part of this country. The UAE is closely connected to the global economy like other important players of the world and could be affected by the existing financial global crisis.” The impact of these financial crises is coming into picture in different parts of the world and at different levels. On the contrary he further said that UAE is moderately affected by such crisis.

Al Barghouti said “I expect that within six to nine months the global financial situation will be better.” He further added: “ARERA is drawing up policies for property projects and commercial buildings, recommending legislation as well as regulating relations between property developers and buyers, recommend speedy, out-of-court settlement of disputes that may arise between the two parties.” He recommended that all property developers and other real estate agents must obtain a trade license from ARERA. On this note he added: “ARERA will decide if a developer can also hold an estate agency's licence. This licence will be valid for one year and must be renewed each year. Our rules are not hard to achieve but those requirements are very important.”