Foreigners permitted to own Ajman land

LAW CHANGE: Ajman has introduced a new law allowing foreigners to own freehold land in the emirate for the first time. (ITP Images)

Ajman has introduced a new law allowing foreigners to own freehold land in the UAE emirate for the first time.

The Amiri Decree No. 7 and 8, 2008 was issued by Ajman ruler Sheikh Humaid Bin Rashid Al Nuaimi in order to regulate the emirate’s real estate sector, UAE daily Gulf News reported on Sunday.

Billions of dollars are being pumped into Ajman’s property sector, where prices have jumped from $95 per square foot to nearly $136 during the last six months.

The new law comprises 34 articles that legalise freehold ownership of land and property for UAE and GCC citizens and companies wholly owned by them as well as to the public stock companies.

Non-GCC developers and buyers will be able to own freehold land and property in designated areas that are to be determined and approved by the Ruler of Ajman.

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