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Ajaman Real Estate Investment

Ajaman Real Estate Investment

Old Nov 5th 2008, 8:55 pm
  #1  
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Default Ajaman Real Estate Investment

Hi everyone

With Dubai being what it is and Abu Dhabi becoming almost the same, is it worth investing in the new towers being built in Ajman? Prices are quite acceptable, however, current prices and 10 to 15% increase per year make it difficult to get your money back in less than ten years...

What is your opinion about it?

Thanks
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Old Nov 6th 2008, 4:16 am
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Default Re: Ajaman Real Estate Investment

Firstly, the place is called Ajman.
Secondly, did you not hear about the recent cancellation of the massive Salama project over there, causing huge investor losses?
Thirdly, the main problem (other than funding) is that the Emirates of Ajman and R-A-K seem to have difficulty providing utility services to new housing projects. Not only sewage, but even water and electricity.
Personally I wouldn't touch any of them with a barge pole...but then I am hardly known for my optimism where most things in the UAE is concerned.
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Old Nov 6th 2008, 5:09 am
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Default Re: Ajaman Real Estate Investment

By comparison to Lionheart I am quite the pollyanna and I wouldn't touch Ajman either.


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Old Nov 6th 2008, 6:55 am
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Default Re: Ajaman Real Estate Investment

Originally Posted by Meow View Post
By comparison to Lionheart I am quite the pollyanna and I wouldn't touch Ajman either.


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However, it is nearer the 'cuda.
But still wouldn't touch it even with LHs barge pole.
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Old Nov 6th 2008, 11:53 am
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Default Re: Ajaman Real Estate Investment

I agree with Lionheart with 2nd hand confirmation

A g/f of mine is living in an apartment building in Ajman, they were one of the first to move in and they're just coming up to finishing their 1 year Lease and are moving out - it's a gorgeous looking building, lovely spacious apartments, very good price, great facilities but they don't have ...............

running water 24/7

when we lived in sharjah my g/f and family were over at mine having showers once a week because the water supply was so erratic
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Old Nov 6th 2008, 7:40 pm
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Default Re: Ajaman Real Estate Investment

Yeah it's Ajman...sorry for the typo Linoheart
But such infrastructure related problems shouldn't last long right?

I read that "massive investments" in energy were made and a place you purchase today will only be ready in 3 years which "should" give plenty of time for such problems to be saved. Having thought of having it rented, it looks like a lousy option, rent prices there are wayyy too low, even with a 20% increase per year, it will take at least a decade to get a return on investment.

But wasn't Sharjah at the same stage a couple of years ago?
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Old Nov 6th 2008, 7:52 pm
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Default Re: Ajaman Real Estate Investment

Hi All,

As a newbie to UAE realestate I wanted to see if someone can point me to a web resource where I can research apt/flat/condo/house prices (I am specifically interested in price per sq foot).

Best,

Samuel
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Old Nov 9th 2008, 6:36 am
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Default Re: Ajaman Real Estate Investment

Any other opinions to share about Ajman???
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Old Nov 9th 2008, 8:25 am
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Default Re: Ajaman Real Estate Investment

Originally Posted by Air Polygamy View Post
Yeah it's Ajman...sorry for the typo Linoheart
But such infrastructure related problems shouldn't last long right?

I read that "massive investments" in energy were made and a place you purchase today will only be ready in 3 years which "should" give plenty of time for such problems to be saved. Having thought of having it rented, it looks like a lousy option, rent prices there are wayyy too low, even with a 20% increase per year, it will take at least a decade to get a return on investment.

But wasn't Sharjah at the same stage a couple of years ago?

You've not been in this part of the world long then, I assume? Should and will are very different.

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Old Nov 9th 2008, 9:44 am
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Default Re: Ajaman Real Estate Investment

Originally Posted by Meow View Post
You've not been in this part of the world long then, I assume? Should and will are very different.

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Hello,

I bought in Ajman in May 2008. The price of my apartment has risen from 500 to 550/sqft and developers are selling at 575/sqft in new projects. Some even higher.

I am not worried about the power supply issue because by the time the building is finished I am sure power will be available. Ajman Government announced they have signed an agreement with a Malaysian company to build a new powerplant to support those projects on Emirates Road.

I am not saying there is no risk, but one must reduce risk by buying in special developments. I bought in the only tower with Smart Home technology. And the apartment has full lake view.

I hope I have given you an insight into whats goin on.

Prices in Ajman are less than half the prices of Dubai... being 1000/sqft plus.

Inv.
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Old Nov 9th 2008, 1:56 pm
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Default Re: Ajaman Real Estate Investment

Originally Posted by Investoman_uae View Post
Hello,

I bought in the only tower with Smart Home technology. And the apartment has full lake view.

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Where's the LAKE in Ajman?
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Old Nov 9th 2008, 1:59 pm
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Default Re: Ajaman Real Estate Investment

Originally Posted by sinderelle View Post
Where's the LAKE in Ajman?
they haven't built it yet, you should know that
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Old Nov 9th 2008, 2:02 pm
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Default Re: Ajaman Real Estate Investment

Originally Posted by Blue Cat View Post
they haven't built it yet, you should know that
Teehee

Oh ya mean the stinking manmade pond, that won't get cleaned and will be a breeding ground for mosi's - gotya

I know I've been away 5 months but didn't think Ajman had 'come up' that much whilst I'd been away LOL
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Old Nov 9th 2008, 2:03 pm
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Default Re: Ajaman Real Estate Investment

Originally Posted by sinderelle View Post
Teehee

Oh ya mean the stinking manmade pond, that won't get cleaned and will be a breeding ground for mosi's - gotya

I know I've been away 5 months but didn't think Ajman had 'come up' that much whilst I'd been away LOL
yeah and once they have finished the pond, they will put the mosques in your property won't be worth the paper it is written on
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Old Nov 9th 2008, 3:21 pm
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Default Re: Ajaman Real Estate Investment

Originally Posted by Investoman_uae View Post
Hello,

I bought in Ajman in May 2008. The price of my apartment has risen from 500 to 550/sqft and developers are selling at 575/sqft in new projects. Some even higher.

I am not worried about the power supply issue because by the time the building is finished I am sure power will be available. Ajman Government announced they have signed an agreement with a Malaysian company to build a new powerplant to support those projects on Emirates Road.

I am not saying there is no risk, but one must reduce risk by buying in special developments. I bought in the only tower with Smart Home technology. And the apartment has full lake view.

I hope I have given you an insight into whats goin on.

Prices in Ajman are less than half the prices of Dubai... being 1000/sqft plus.

Inv.
Fool.

One must reduce risk by buying in 'spethal' developments?! Your's is special because it has smart home tech? Is that it? that's your risk mitigation?
Lets suppose you're right.....You don't think if 'smart home tech' proves to be soooo special that other developments will follow suit and make their's 'smart'? Which leaves you where exactly.....? 1 'smart home' amongst many.

In anycase.......a smart home is hardly a clincher to an investor looking at an apartment in the middle of the desert in ajman...with no power to make the smarts work.....at least not to anyone with smarts of their own.


In my opinion....if lets say dubai carries on growing and Abu D kicks off......wouldn't you say that eventually the two will develop in between....around Palm JA and the new airport down there etc...if that happens i'd say anything north of sharjah will always be in the sticks.
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