Freehold index set for Ajman - report

by Martin Morris Sunday, 10 May 2009

The emirate of Ajman is working on the launch of a sales price index for freehold areas by year-end, with a rent index planned for later, according to a report in Emirates Business.

Asked how the agency will determine the price for specific areas Ajman Real Estate Regulatory Agency (Arra) Director-General Omar Al Barguthi told the newspaper: "The prices of the properties will be determined on the basis of supply and demand. We will be monitoring the freehold areas to set the prices."

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Arra, which was established in January this year, has been taking steps to regulate the emirate's real estate sector.
Matt Green, Associate Director - Research & Consultancy, CB Richard Ellis Middle East, quoted in the newspaper said: "The creation of a price index in Ajman will be viewed with a great deal of positivity.

''Obviously it is important that Arra reflects the true state of the market through the index so that investors, landlords and the end-user have the necessary tools to make well-informed decisions in a market where transparency has been low.''



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