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Ajman - This year will see the completion and delivery of twelve (12) real estate projects in the freehold areas in the emirate of Ajman, according to a report released by the Real Estate Regulatory Agency-Ajman (ARRA).
The report said that 10 projects including Al Nuaimiya C and City Towers A,B,C for the Real Estate Investment Establishment "REIE" and "Paradise Lake Towers" B07 - B08 along with 200 villas for Sweet Homes are in the final construction stages, and are expected to be delivered to the buyers by year end,"
The number of units within these projects estimated at almost 3000 while, the number of real estate projects delivered last year were seven projects, the report stated.
During the first quarter of this year, transactions including "initial registration, new issuance of ownership certificates, transfer and mortgage" totalled over 1,100, of which, 568 initial registration while the number of initial registration transactions totalled 1500 in 2015, and the total transactions amounted to 3462 in the same year compared with 3339 in 2014, according to the report that expects an increase of almost 20% to 25% in the number of transactions this year.
The report also stated that the transaction's value of the real estate units within freehold projects during the first quarter of 2016 estimated at AED 140 million, with AED 98 million in Q1 of 2015 and AED 92 in the same period of 2014, showing an increase of about 38% in the transaction value.
The report indicated that ARRA has completed the establishment of owner associations of nine projects, including Al Rashidiya, Falcon, Horizon, Al Khur, Al Nuaimiya, Corniche, Garden City, Ajman One, and Lavender.
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© Press Release 2016
