Dec 24 2007 |
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Ajman property prices take off with airport
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.
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