Ajman Real Estate Regulatory Agency's Role In The MarketMonday, July 27, 2009
Regulatory Agency (ARRA) came into being, the property market in the tiny northern emirate tended to resemble something of a free-for-all. That the cost of entry for an untested developer to launch a project and then start selling it was ridiculously low, had a lot to do with it. Many came into the Ajman property market believing that they could reprise the quick bucks scenario that existed in the early days of Dubai’s property boom. Property buyers, many who could not afford to get onto the Dubai property bandwagon, were quick to do so when developers starting pumping up Ajman as the next big thing. Prices did rise and a lot of properties were sold. Then, the reality that it was all built on a less than steady foundation started to emerge. It is now ARRA’s task to steer the fledgling Ajman property market back to calmer waters. As its director-general, Omar Al Barguthi has an onerous task on hand. In the first few months, Al Barguthi’s directives clearly indicate that ARRA means business in cleaning up the marketplace. Deadlines have been set for developers who intend to get on with their projects to register themselves with ARRA, and more initiatives should be revealed soon enough. In conversation with Property, Al Barguthi sets out clearly on what he intends to do.
Source: Gulf News
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