In December 2007 the announcement of plans to build an International Airport in the Emirate of Ajman had the affect of increasing property prices by 30% virtually overnight.
There are many examples of developers and investors profiting these rises including the Ajman Pearl Rose project whose price rose from Dh425 per square foot in November to Dh550 per square feet after the announcement of the airport in December.
Despite these recent rises, in comparison to the properties promoted in the past by Portmill Estates in the neighboring Emirate of Dubai the property prices in Ajman are still significantly lower. In the year beginning January 2007 till January 2008 the prices of land in the Emirate of Ajman increased by over double from Dh30 per square foot to Dh65 per square foot. This has been influenced largely by the announcement of the new international airport. Portmill Estates along many of the other regional agents and developers still forsee large potential for uplifts in the value of property in the area more in line with the likes of Dubai.
The Dh12 billion airport will be built by 2011 on a site covering 60 million square feet. Around 65 per cent of its operations will be focused on cargo flights with the other 35% dealing with passengers. The new airport will bring to the area an increased prosperity driven by extra tourism as well as expansion in international business opportunities which Portmill Estates beleives will bode well for the local property market.
The airport is expected to handle more than a million passengers within 3 years of opening funded in part by low cost carriers, making this idyllic Emirate that more accessible to those outside of the U.A.E.
With many more Billion dollar projects already approved and in the pipeline for this rapidly expanding Emirate Portmill Estates would urge any serious property investor to pay due attention to the region.
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Tags: Ajman investment, Ajman property Investment, Estates Portmill, Portmill, Portmill Estates
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