real estate regulatory establishment in Ajman
Ajman creates property regulator
Staff Report
Published: January 06, 2009, 23:58
Dubai: The Ajman Government on Tuesday amended a law creating Ajman Real Estate Regulatory Establishment, which will regulate the emirate's property and construction sector, which has seen more than Dh340 billion investment in the last two years.
The investment is transforming the neighbourhoods of the once sleepy town into a vibrant economy where foreign developers are creating new master-planned communities on barren sandscapes that are soon to become homes to thousands of people.
According to a WAM report, His Highness Shaikh Humaid Bin Rashid Al Nuaimi, Member of Supreme Council and Ruler of Ajman, issued an emiri decree No 11 for the year 2008 amending the emiri decree No 8 for the year 2008.
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"The amended decree No 11 includes 21 items in relation to the name of the decree, it's starting date, identifying and finding the establishment, its legal structure, the board of director's authority, representing the establishment, the director general, the establishment's finances, fiscal year, annual budget, making use of employees outside the establishment, tax exemptions, accountancy, executive panels, applying fees, fines and publishing the decree," the report said.
The decree stipulates finding a general establishment affiliated to the Ajmam Government to be called the Ajman Real Estate Regulatory Establishment, with an independent corporate existence and enjoys financial, administrational and legal independence.
"The establishment aims at regulating the activities of real estate development in the emirate and setting the policies and legal systems for licensing property, buildings and investment projects in the emirate. The establishment will also supervise implementing these policies, systems and work projects, and regulating joint ownership," it said.
The establishment will issue policies for property, construction of buildings in Ajman and suggesting legislations and necessary systems for regulating the property operational schemes in the emirate.
It's not value for a state
It's not value for a state or country how much money foreigners invested there
but the most important thing is how a government makes this investment safe and trustable for investors
unfortunately we see ajman gov promised to investors for residence visa but after they took too much money they
created a new rule that fail their promise , it is shameful for a government
so it makes this country untrustable for investing because you maybe see new rules day after day against investors
and i dont see strong rules for protect investors in this country
it was my last time i did that
i never do invest in these arabic countries that one sheikh decide for all peoples
they dont do to their contracts and they create contract texts just positive for themselves and negative for buyers ........
True.. but I am stuck with
True..
but I am stuck with this investmenet as nobody will buy at the price I bought it at.
So just finish the payments, and see what happends in 2 years, and hoepfully the building is built and the economy picks up.
Life goes on
we put alot of money we
we put alot of money we brought from our original countries and involved in dubai and ajman development wishing to get residance visa as they promissed so we can get some safty since some of the investors like me have problems in their home country so many people involved in this business not as speculators but wishing for investment in safe place like new home but this was only a stupid dream ,i think if uae goverment not pay attention to these points they will not find people paying single pound for thir plans , for me i will keep paying and not breaking thir rules until i receive my apartments than will decide ,this is very expensive lesson for the future