The Government of Ajman has announced the formation of a special department namely Ajman Development and Investment Authority, for regulating the real estate development activities in the emirate.
The new agency is responsible for preparing freehold laws, escrow account law and strata regulations, just as the ones in Dubai. The department will also handle disputes pertaining to finance and rent contracts.
This initiative has been due to the fact that, ever-since its launch in 2004, the realty sector in Ajman has grown tremendously and has drawn numerous investors, and hence it becomes necessary to keep tab on the booming realty market. At present, the total realty investment in Ajman exceeds Dh.120bn.
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