Regulatory body to supervise the real estate market in Ajman
07 January 2009
The government of the Ajman emirate has issued a decree through which the 'Real Estate Regulatory Establishment' will be created in order to supervise the real estate market, reports daily newspaper Gulf News.
The emirate to the north of Dubai has begun an aggressive policy of real estate investment, channelling more than EUR 68 million into its 259 square kilometre territory over the last two years.
The new body will regulate real estate activity, define policies and laws with regard to property and investment projects, and watch over their application. Ajman, like Dubai, has designated areas in which foreigners may also acquire property.