Emirates City Forum

The way Property Sales were advertised and got attraction from all over the world was mainly due to the fact of " Residence Visa And 99 years Lease". With this news many nationals invested in Real Estates to make Dubai as second Home to live. Mainly people from Sub conti, Africa and Middle East, where infra structure , amenities and quality life is still an issue had pumped money into Ajman and elsewhere in UAE. But the change in rules, has shattered dreams and investors confidence was tossed, developers are now struggling to sell units, the prices have gone down below 2004 index, the rent in freeholds are approx 50% down, banks are reluctant to lend on mrotgage etc.

The Real Estate sector in Ajman is worst hit due to change in rules ,the value of unit not reaching threshold set , leave second home a side. Arra has taken a right step sometime back asking authorities to consider amending laws on granting residence visa to investors. If this happens, overnight recoveries is possible, the developers would start halted construction, we can see some quick ompletion of some ongoing projects, cash would start flowing into the sector.

To bring life back into realty, it is extremely important to re think on visa rules, else the time ahead is leading to great uncertainties. Emirates city and other projects in Ajman, ( Gold Crest Dreams ) will remain in dreams.

I wish ARRA all the very best in their endeavour to convince respective authorities for bringing in change in VISA RULES.