When real estate investors looking to buy property in any part of the world, potential buyers look for a few things. Besides the obvious elements such as location and price, the property's status is one of the main things that buyers will look for.
In general, we refer to the lease or full ownership status of the land on which a specific building will reside. In simple terms, the term "full ownership" means that we own the land on which a building is built, and a lease would mean that a land rent would be applicable since we are not the ultimate owners of the land. These factors will help to determine if potential buyers are buying properties in specific areas.
Prior to 2020, in the Ajman, full ownership of property were not granted to foreign nationals wishing to purchase property. This usually meant that the property could not be purchased indefinitely by any stranger in the area.
EmiratesDubai was the first of seven emirates to change that, closely followed by Ajman. As for the reasoning behind this, it was mainly financial with Emirates governance seeking to diversify their economies.
The desired effect has been achieved as companies are now able to purchase freehold commercial properties, as well as individuals who are able to purchase freehold residential property as well.
Law ModificationsThis minor modification of Sharia law has led to a massive influx of expatriates, which has greatly increased the population, as well as opportunities for foreign trade, as well as the strengthening and diversification of the economy.
Dubai was the initial beneficiary of this change, and we are now starting to see smaller emirates like Ajman start reaping the rewards of a change in the freehold laws associated with buying real estate.
Abu DhabiAbu Dhabi is a fascinating place. The city itself is located on a T-shaped island that juts into the Persian Gulf. The 2005 census estimated the number of people living here to be 1.29 million and, because of its recent expansion and development; there will likely be even more. But that does not mean it's cluttered. It is possible to obtain your own installment of Abu Dhabi in different housing styles. There are many apartments here, and there are also many villas here too.
AjmanThere are also a growing number of developments taking place in 2020 in Ajman. These areas are more community-based but remain ideal for popular destinations in the UAE, such as Dubai. As there is more space here, it is not uncommon to find many beautiful villas among townhouses and apartments.
These can even be spotted by twenty stories; there are many apartment tours in Abu Dhabi, and more are coming. According to the Abu Dhabi 2030 Plan, there should be about 411,000 residential units by 2020, and a number of them will be located in apartment buildings.
Growth really works for the city because more and more homes are being built. It's a fascinating place now, but it should be even closer to 2030. At the moment, it's the beginning of a vision, but it should become a glorious reality in the years to come.