photo credit: sans otoole
The emirate of Ajman has established a real estate market regulator to govern the sector and influence policy.
Sheikh Ammar bin Humaid Al Nuaimi, Ajman’s crown prince and chairman of the state’s executive council, approved the much-anticipated move yesterday.
Named the Ajman Real Estate Regulatory Authority, it will be attached to the government and will be headed by Omar Jawdat Al Barghouthi.
The move comes as property investment in Ajman approaches $100 billion over the last two years and rents soar.
According to news agency WAM, the regulator will be “tasked” with administering property project policies for commercial buildings and will recommend new laws.
It is also set to be in charge of regulating relations between developers and buyers.
The new body follows the appointment of the Real Estate Regulatory Authority (Rera) in Dubai, which has so far been considered as a success.
A key player in the Ajman market is currently Sweet Homes, developing an ambitious township scheme named Ajman Uptown.
Last month the firm said 70 per cent of the AED 3 billion scheme had already been sold to investors and end users.
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This is fantastic news from the Ajman Government. I have a property in April 2008 and have not had must communication from the Developer / Estate Agent that i purchase through. It is getting increaslingly worrying as I am feeling more and more fragile to loose my investment in light of the current financial situation.
I wish to reaceive more calrity on the progress with projects within Ajman.
Regards
Michael
This is indeed great news if we get to more clarification as Micheal Haasbroek idicated.
Much like him i have bought a property and have not had must communication from the Developer / Estate Agent that i puchased through.
i have stopped all my payments to the developer, demanding i first get my contract which i have been waiting for, well over 8 months now.
I will try to contact the agent one more time tomorrow and if i dont get a positive feedback, i end to take actions aganst the developer.
Regards,
Hashim
Its good to know that there is someone to monitor the developers and help sought out investors complains in Ajman as well now.
How can we contact this Ajman RERA? What is the contact number or location of the office to visit them?
Did anyone find out how to reach this regulation authority?
I am also in the same situation as the other people who have posted
If a property is not handed over to the buyer for more then 6 months from the time of possesion promised ,can the buyer ask the builder to with hold the PDCs untill the time the flat is handed over to the owner. Can RERA help in thismatter
just like the all above, we bought from goldcrest smart tower, no contract, no contact (as they won’t reply to even registered letters) no refund nothing. £2000, gone in the air. it would be gr8 if someone kindly posted the address and phone number of this ‘arra’, so that we could get our money back and then never again. i have googled several times for this arra but no address or website. i’m sure they must b bombarded wid desparate investors.
In July 2008, i purchase a flat, payment wr on time, But unfortunately the project is being suspended, due to unknown reason. Number of times we r trying to convince office bearers to return our money so that we will think upon some other alternative but Every time we were getting a negative reply.
now what we should do in order to get our money back and if their is any law says that we have to sign any new contract with them in new project ??
The project holded since 5 months approximately and everytime we call they say our case in court against the developer whose having the whole amount of money we paid .
wht steps i should do now in order to take money back..
contact mail # lord_king22@hotmail.com
phone # 0502574987
thanking u in advance if u r transfaring our questions to rera otherwise please let us know the exact details (rera website or telephone no.)
In September, 2008, I started buying off plan a 1 bedroom apartment in Burjul Ain Towers. The developer is GFS a Pakistani Company and no matter how many emails I make, I get no reply. I have invested over $35,000AU. I did receive a contract after 20% paid, but have heard nothing back after returning it. Communication is non existent and I know they did not register with the ARRA. Does anyone know if my money is lost.
I would like to heat.
John
I would like to contact all the investors who have invested in Goldcrest Smart Towers Ain Ajman project. It is necessary to contact with each other in order to save our investment in this project because we not aware about the development of this project. My email address is fiaz_ahmed@ublme.com
hi guys, can someone kindly post the details of arra ajman reai estate regulatory authority’s website or contact number please. we have £20,000 stuck with goldcrest. bought an apartment through ‘gowealthy’. now neither gowealthy listens nor goldcrest. hundreds of requests for refund as no contract or anything but no news.
can some one please plz help locate this ‘arra’ plz. need our £20k back. enough is enough. i’m sure some one in our shoes out there must have tracked them down. do help the rest by publishing the arra address. thanx folx
This is the ARRA website address which contains the contact details:
http://www.arra.ae/english/
I don think the developer or agent will refund any money in current circumstances.if the developer sets up an escrow for their project all the monies are transferred into their and they dont have a cancellation policy at this stage. ARRA latest news is that for a default developer they will provide an alternative property in Ajman itself.heard a few good developers like goldcrest is offering consolidated property in Dubai, for their delayed smart towers project. That is something positive.
What if a purchaser or buyer doesnt have money to pay and wants to cancel the flat or the booking, if he has paid say 20% of the original price of the flat then what happens…all this must have a standard procedure like how dubai announced recently a common clause for total ready properties, 60% ready properties and less than 30% properties….
the governments must support also the buyers and investors because if the developers are supported only because they will leave the market , then what will the developers do if the investors and buyers get stuck like this with their life savings…big question is ….WILL THEY EVER INVEST HERE AGAIN …..ALREADY THE GRAVEYARD OF BUYERS INVESTORS IN AJMAN IS FULL…THERE IS NO MORE SPACE TO PUT MORE DEAD BODIES IN…….
I booked a one bed hall flat in the CRIMSON COURT Ajman and paid about AED 113,000(about 33p.cent) of the flat.As per News papers the Developer,Shariq Imran Khan is in the jail.I am not seeing any way to get my money back.Is any one can help me knowing the fate of the project or return of the money.The Real Estate Agent M/S ‘INSIDE TRACK’ are not even atending the phone to give a proper reply.
Join everybody else who is dissatisfied to see if we can get justice
see http://www.ajmaninvestors.com
Dear Friends,
Having wasted a lot of money on lawyers, i swapped yesterday to a company in Marmooka city called Kings Group. My money is now safe in their escrow account and im delighted. I will also renew my legal action agaonst my previous developer when the laws are more favourable to investors but in the meantime i have saved my money and thats all i want. My email is callan1967@gmail.com if anyone needs a word of advice.
Hello
i am a private Investor.I invest my money in only good businessproposal that will generate a good return to its share holders.I invest in personal,loans,business loans,and company loans.
I am willing to help if the person i am investing in has a good business
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contact me with this .. Tell: +447035975497 E-mail
wtphilip@hotmail.com
Philip Twite
I bought a studio flat ‘in’ jumeriah of Ajman. Mandarin tower from Seaview properties ‘in’ the UK. Then it was taken by Al Rahat homes who refuse to give me my contract. It’s impossible to get hold if the developers either who are REIE- real estate investment establishment. I have stopped all payments and want my money back. I’m going completely out of mind with worry. Is anyone else going through this with the sane company.
Yes Mr. Houda the same happening with me and i dont know what to do and.the property is not completed and no contact with al rahat homes.i went in mai 2010 to ajman to view my property but still under construction and may be in july 2011 completed.Ialso hv a studio in mandarin towers but the prices are not as we I bought in uk for 220.000 dhs.it is now around 150.000.
International city dubai you get ready studio now for Dhs 180000 and you can easily get a tenant for your apartment who will pay you Dhs 18000 rent…imagine at what rates and what prices the studios were bought by investors in ajman Dhs 350000 and above. All the prices related to construction building materials operational costs everything has come down therefore the developers must correct the prices for the properties which they have sold already and which are not ready yet. You will pay Dhs 350000 and more for a studio flat which is still not ready , the actual value of studios in ajman must be not more than Dhs 120000 as per the current market conditions which are melting each passing day. I hope somebody comes to the rescue of the buyers are investors who have been robbed totally
Developers revise and correct your prices to Dhs 100000 or 120000 for studio flats in ajman then just see how Ajman market will go skywards…..Go as per the market…revise the old agreements and then you will get payments from defaulters and also from buyers and investors.
International city china cluster studios are selling for Dhs 120000 and still no buyers at this price imagine what must be the cost of studio in Ajman then….not more than Dhs 100000 I am sure and everybody will agree to this. The rent which you can get this china cluster studio is just Dhs 14000 per annum. In Sharjah now you can lease a studio for just Dhs 8000 per annum plus one or two months free rent. This is the market and it may go become worse in coming months.