How to buy and rent property in Ajman
How to buy and rent property in Ajman
A guide for foreigners and expats purchasing or leasing real estate in Ajman.
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Image by PJ Soans via Wikimedia Commons
This article is intended as a preliminary guide only and refers to some but not all elements required to consider in detail prior to starting any property dealings or due diligence. Property dealings are often complex, especially in foreign countries and we highly recommend you seek independent professional advice... read more...
Ajman is the smallest of the seven emirates of the UAE. It is located on the Arabian Gulf coast of the northern part of the UAE, and with an area of 260 square kilometres.
According to the Ajman Government website, the emirate is consisted of Ajman City which is the largest city in which the headquarter of the emirate's ruler, all government departments, companies, banks and commercial markets, and Ajman Port. The emirate also controls Masfut and Manama, two small, inland enclaves that are primarily agricultural. According to Hotels Dubai, Ajman has a population of 235,000, up from 36,100 in 1980 as the population has grown considerably due to an influx of people from neighbouring emirates, resulting in a huge construction boom.
Buying
In Ajman, foreigners are entitled to own a right of freehold and lease for a period of 50 years. With major projects including City Towers Ajman, Corniche Tower, Al Naeemiya Towers, Al Khor Towers and Al Rashidiya Tower, Ajman has many freehold properties to consider. These properties can be found here.
Ajman Bank offers loans of up to 75% to foreigners with a maximum term of 25 years for both freehold and non-freehold properties.
They require the following documentation for loan approval:
- Duly completed and signed application form
- Valid passport
- Khulasat al Khaid Copy (family book proving Emirati proof of nationality)
- Valid visa
- UAE National ID
- 6 months Bank statement
- Salary Certificate
- Copy of Trade License (if self-employed)
- Audited financial statements (if self-employed)
- Relevant property papers (not required for pre-approval)
Renting
Using a local agent is the easiest way to find a suitable property and they can help guide you through the transactions.
According to Gulf News, tenants need to pay to register a rental agreement, which costs 4 per cent of the annual rent as the fee from the tenant.
Residency visas, requirements and applications can be found here.
The Government of Ajman website, can be found here.
See also:
How to buy and rent property in the UAE
Glossary of terms for real estate in the UAE
This article and the above linked artciles are not complete and are intended as preliminary guides only. These guides refer to some elements to consider prior to starting any property dealings or due diligence. Property dealings are often complex areas, especially in foreign countries and we highly recommend you seek independent professional advice... read more...
