By Staff writer
Emirate will add about 3,000 residential units this year, says real estate regulatory agency ARRA
A total of 12 real estate projects will be completed in freehold areas of Ajman this year, five more than in the previous 12 months, according to a new report.
The report released by the Real Estate Regulatory Agency-Ajman (ARRA) said that about 3,000 residential units will be delivered by the end of 2016.
The report said that during the first quarter of this year, real estate transactions totalled more than 1,100.
Total transactions amounted to 3,462 last year and the ARRA report said it expects an increase of 20-25 percent in the number of transactions this year.
The report also stated that the total value of Q1 transactions reached about AED140 million compared to AED98 million in the year-earlier periof.
The report also indicated that ARRA has completed the establishment of owner associations of nine projects, including Al Rashidiya, Falcon, Horizon, Al Khur, Al Nuaimiya, Corniche, Garden City, Ajman One, and Lavender.
Last year, Gulf Asia Contracting, part of the RP Group which has been awarded over AED2.28 billion ($620 million) in construction contracts in the UAE, forecast that Ajman is set to become a major magnet for new development.
As the RP Group expands its operations across the region, the company said Ajman is "increasingly becoming attractive to first-time home owners and investors".For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.