A large number of real estate industry professionals have unanimously stated that the Northern Emirates property boom is well underway, with prices in Ajman expected to appreciate "30 to 40 per cent" within 6 months.

Speaking to the media prior to the opening of the R&R Local Property Show in Ajman, spokespersons of some of the largest real estate developers in Northern Emirates have given a thumbs up to consumer sentiment in the region.

The property show will be held under the patronage of Ajman Land and Property Department at Sheikh Zayed Center for Conferences & Exhibitions in Ajman University of Science and Technology from June 19 to 21.

“Over the last 6 months, we have seen some major announcements out of both Abu Dhabi and Northern Emirates, particularly Ajman,” said Tessa Morris, marketing director, DSL Exhibitions.

“With its own bank being announced to support the real estate industry and firm plans for an airport on the anvil, Northern Emirates today are not just a residential destination but also an important commercial property center,” she added.

Several exhibitors will offer commercial property in Ajman for the first time at the show.

“Our previous show generated such demand that our exhibitors asked for a repeat within 3 months – hence the announcement of the upcoming show starting on Thursday. We have also extended the show to cover three days to give the public ample time to visit.'

Khurram Burney of Estate 400 Real Estate, an exhibitor at the upcoming R&R Local Property Show, said that “returns on investments in the Northern Emirates are as high as 30 to 40 per cent in about 6 months.”
 
Jawad Chapal, executive director of Chapal World, platinum sponsor of the show – also felt that price appreciation price appreciation in the Northern Emirates was accelerating.

'The overwhelming response from property buyers and investors for our projects in Ajman clearly predicts healthy market growth,” he said. The eagerly anticipated launch of Ajman's own bank and the announcement of Ajman airport are definite growth indicators as well.”

Mehmood Yoosuf of Minaret Properties echoed this opinion. “Return on investment is fast catching up with other emirates as Ajman is at the moment witnessing a real estate price boom.”

Builders/Developers are providing with their own finance packages and easy payment plans to make the process even easier, he added.

On affordability, Aftab Hemani, managing director of Cobalt Real Estate, another exhibitor  said land prices were under Dh100 per sq. ft. on the Emirates Road in Ajman, though they were rising fast.

'However, prices in Northern Emirates are far lower than in Abu Dhabi and Dubai. You can today get the same quality in Ajman for Dh450 per square ft as you would expect for Dh1000 per square ft in Dubai or Abu Dhabi,' Hemani noted.

Confirming the sentiment, Jawad Chapal said: “A large number of investors who were, till recently, unable to buy in Dubai can now comfortably afford to invest in Northern Emirates.”

Salman Soofi of Broooks Real Estate also felt that Northern Emirates has made property ownership in the UAE more affordable.

“The freehold market of Dubai was only targeting a higher net worth group - more of investors than the actual end users,” he said.

“Northern Emirates and especially Ajman was targeting end-users living in Sharjah and Ajman. The price of the property is affordable for the medium income group as well and this has contributed significantly to the UAE becoming a more stable real estate market,” Soofi pointed out.

However, the industry expects Northern Emirates – especially Ajman – to catch up on the regulatory issues soon.

Hemani said Ajman was swiftly moving towards the establishment of escrow trust account for all off-plan sales which will be a cornerstone of the region’s succe