Ajman is among the seven emirates in UAE, and it has been experiencing an increased demand for properties and homes because of its cheap land and excellent opportunities in commercial hubs. Here are the proximate steps and related expenses in registering Free Zone property in Ajman. This article offers extensive coverage of the cost of registering property in Ajman and the procedures of property registration in Ajman for 2024, as well as relevant statistical data.

Property Market Overview

Thus, Ajman's real estate market has shown considerable progress in recent years. It demonstrates broad investment opportunities for different types of property, residential or commercial, in the society of the emirate. Market price data revealed that the mean selling price for residential properties in Ajman is AED 1,429,541, and the cost varies from AED 76,000 to AED 80,000,000 based on the type of property, size, location, and quality.

Cost To Register Property In Ajman

  • Property Purchase Price

The first cost to register property in Ajman that one is likely to make is the actual amount to be spent on the property, and this needs to be standardized, bearing in mind the current trending real estate. For example, the studio apartments cost as low as AED 164,000, whereas the two-bedroom flats in Ajman Downtown are available for up to AED 315,000

  • Registration Fees

Currently, the Ajman Real Estate Regulatory Agency, responsible for registering property on the emirate's territory, demands a registration fee, which often reaches a percentage of the property's total cost. 2024, this fee escalation can reach up to 2% of the property's value.

  • No Objection Certificate (NOC) Fees

However, the developer needs to obtain an NOC to transfer the property to a third party. The cost to secure an NOC for the intended property ranges from AED 500 to AED 5,000.

  • Agent Fees

Similarly, an accommodation agent charges around 2% of the house's overall price in commissions. This optional fee must be agreed upon before signing any agreement to avoid any misunderstandings later on.

  • Mortgage Registration Fees

When the property is purchased on credit through a mortgage, there are other charges for registering the mortgage. These fees are usually in the range of $1,000. Even for fully disbursed or utilized loans, the reported amount was only 25% of the loan amount.

  • Miscellaneous Costs

Other expenses include administration costs, service charges, and maintenance costs, likely to differ from one property to another or from the specific developer in question.

Procedures For Property Registration

  • Selecting a Property

The first step is to select a property that fits the criteria and budget in size, location, and other features.

  • Negotiating the Price

After choosing the desired property, the buyer engages in the bargaining process and agrees with the seller on the price.

  • Signing the Memorandum of Understanding (MOU)

Once the parties have agreed on the price, they sign a Memorandum of Understanding on the proposed sale detailing the provisions of the intended transaction. At this stage, a down payment, which may be about 10% of the amount to be paid to the owners, is paid.

  • Obtaining the NOC

The developer can confirm any pending charges on the property by issuance of a no-objection certificate. This step may seem traditional, but it is important in transferring ownership.

  • Finalizing the Transfer

The last activity entails compensating the remaining ownership shares at the Ajman Real Estate Regulatory Agency (ARRA). The buyer and seller must be present, and the agreed-upon balance from the total price is paid. This is also the time when the registration fee is paid annually.

Property Types and Prices

Ajman is rich in housing resources with a wide selection of options: apartments for rent starting from $250 to luxurious villas. Here are some examples of property types and their prices:

  • Apartments: Home sizes and locations varied, with the cost to register property in Ajman apartments going from AED 78,490 to AED 743,510.
  • Villas: Four-bedroom villas can range from AED 1 million to even more, which means it's a huge investment for those who consider the villas for their families or purposes of Investing
  • Commercial Properties: Ajman also has various commercial sectors, such as retail shops and warehouses, that are ideal for business purposes.

Residency Visa For Property Owners

Another major benefit of investing in property in Ajman is that it grants one a residency visa. Those seeking to become investors or Permanent Residents of the UAE should know that to get a UAE residency visa as a property owner, you need to have a property valued at at least AED 500,000 when the contract is signed. Owners of properties valued at AED 1 million or more can obtain residency visas for their family members.

Conclusion

Certain costs and formalities must be fulfilled when registering a property in Ajman. Still, the cost of Ajman real estate is relatively low, and the location is quite strategic, making Ajman a preferred investment destination and housing zone for many. Whether you are searching for a cheap apartment, a more expensive hotel, or a stunning villa, Ajman offers options. In this regard, we invite you to read more information on www.ajmanproperties.ae and see the new offers on purchasing real estate in the emirate.