Ajman property buyers to get residency visas

Buyers of Ajman property are now virtually guaranteed a residency visa after the enactment of a recent government initiative aimed at clarifying and simplifying the whole process.

Reassuring News

Investors in Ajman properties will be given visas provided sub-developers give assurance to that effect to master developers.

The visa is issued once the buyer or investor gains procession of the property and the developer issues a no objection letter. It is believed that the issuing of the no objection letter will be a formality.

Several leading Ajman property developers have already announced that they will be signing pacts with master developers for the issuance of the residence visas. Visas are valid for one year and can be renewed on an annual basis. The cost of the visa is set at 1500 Dhs - £220 (GBP).

With properties in Ajman costing at least 35% less than those in nearby Dubai, the easing of visa restrictions looks set to further enhance the emirate in the eyes of switched-on international property investors.

New developments such as the keenly priced Lake Signature Tower which is part of a major real estate project just 25 minutes drive from Dubai are already attracting buyers seduced by an entry level price of just £36,100 (GBP) for high-spec studio apartments.

The assurance of a residency visa coupled with low prices is sure to make Ajman the place to invest for many years to come.

Ajman Property Report: 20th August 2008