All about foreign property ownership in Ajman
The demand for UAE real estate, especially in the past two decades or so, has grown exponentially. As the governments of the different emirates have relaxed rules regarding foreign ownership, it has led to a massive jump in foreign investment in the sector. While the bigger emirates have led the way, Ajman is also seen as a viable option for many. So, if you are curious about potentially investing in the emirate, read on as we discuss foreign property ownership in Ajman.
IS FOREIGN PROPERTY OWNERSHIP ALLOWED IN AJMAN?
Yes, in 2008 the Ajman government passed laws allowing foreign investors to buy properties in Ajman, in designated areas called free zone. This came about with the issuance of Amiri Decree No. 7 and 8 in 2008 by Sheikh Humaid Bin Rashid Al Nuaimi, the Ruler of Ajman. This changed the legal framework surrounding property ownership in Ajman.
FREEHOLD AREAS IN AJMAN
There are designated areas where foreign property ownership in Ajman is permitted. Here is a list of prominent freehold areas in Ajman.
- Al Nuaimiya Towers
- Ajman One
- Emirates City
- Al Rashidiya Towers
- Corniche Residence
- Ajman Pearl Towers
- Ajman Uptown
- Horizon Towers
This is not an exhaustive list and you can find freehold properties in Ajman in other areas too.
PROPERTY RIGHTS FOR FOREIGN INVESTORS
Property investors in Ajman get full ownership rights. This includes:
- Full Ownership: The rights to sell, lease or modify the property.
- Inheritance: The right to transfer ownership to heirs.
- Modification: Permission to make alterations or improvements to the property.
LEGAL REQUIREMENTS FOR FOREIGNERS BUYING PROPERTY IN AJMAN
Expats or foreigners who wish to buy property in Ajman need to follow the legal requirements to complete the transaction. Follow these steps to complete the process.
- A legally binding agreement (SPA) has to be signed outlining the terms of the sale by both parties.
- Property has to be registered with the Department of Land and Real Estate Regulation (AjmanRE).
- Registration fee, generally 3% of the property value or AED 3,000 minimum, has to be paid, along with administrative and other fees.
- The list of required documents include:
- Valid passport
- Visa copies
- Proof of address
- Personal identification
- No-objection certificate (NOC) from the developer if applicable.
If you are not well versed in local laws and the market, hiring a real estate agent and a legal advisor is well worth the cost. There are specialists in the field who can help you with property investment for expats in Ajman.
COST OF BUYING PROPERTY IN AJMAN
There are different costs associated with buying a property in Ajman.
- Cost of the property
- As discussed, 3% of property value or AED 3,000 minimum, registration fee to be paid to AjmanRE
- Agent commission; typically, around 2% of the property value (if applicable)
- Depending on the developer, it can range from AED 500 to AED 5,000
- Minimum AED 10,000 ownership fees for non-citizens
- Administrative fee
- AED 350 fee for title deed
- Mortgage fee (if applicable)
If you are buying property in Ajman as a foreigner, you can budget with these costs in consideration.
FAQs
WHERE CAN I LEARN MORE ABOUT BUYING A PROPERTY IN AJMAN?
Go through our first-timer’s guide to buying property in Ajman to learn more. It can help those buying property in Ajman as a foreigner.
WHICH ARE THE MOST POPULAR RESIDENTIAL AREAS IN AJMAN?
Here is our list of the most popular residential communities in Ajman. Freehold buildings like Al Numaiya Towers and Ajman Pearl Towers are also popular amongst those in search of a family home.
The Ajman government welcomes foreign direct investment in the property sector. Hence, rules related to foreign property ownership in Ajman have been simplified and streamlined.
Properties here are on the lower scale in terms of price when compared to Dubai or Abu Dhabi. Hence, the financial entry barrier for real estate opportunities in Ajman for foreigners is lower in comparison. With the right property, one can make a substantial return on their investment.
