Looking into development in Ajman

Hi all,
I?m looking into a development in Ajman, between Sharjah and Dubai. It?s called Gold Crest Dreams. The prices are fairly reasonable as I think the area is new to property investment. Does anyone know much about the area? Or have any specific advice regarding this or any development in Ajman.

The payment plan in place for GoldCrest Dreams is one of the main reasons I?m interested in it. I can get a one-bed at a price I?m comfortable with paying over the next 5 years. I?m not buying this purely as an investment, I want to use it for family holidays, but in the long run I guess it has to be a sound financial investment. I'll be going to Dubai in a few weeks and intend to look into several developments, but at the minute, this is my favourite, based on the numbers. I know very little about the area, so might hate it.
Regards
Jackson

 

Hi Jackson,
The development seems good an investment because of its location and payment structure in Ajman. The Emirate of Ajman is fairly minute in size (around 150 sq km) and has a population of almost 100,000. Ajman is basically a place where lower middle class people working in Dubai live! Ajman to Dubai drive is around 20 kms but it takes 60-90 minutes during office hours and shopping hours (that pretty much means almost every hour of the day you are awake!).

Right now, one bedroom apartments usually go for 18-25K AED per year or maximum 30K depending on the area and how new is the building.

Ajman is known for fishing, some old archeological sites, few shopping centers, beaches and its free zone.
Many thanks
Jason

 

hi,
just joined the forum - i too am looking at Ajman. Did you go through with your purchase of Goldcrest Dreams ?Which company did you buy through ?

 

This developement is available directly through us as an appointed agent. You will deal directly with the developer.

Goldcrest Dreams, AJMAN - The four majestic residential towers of Goldcrest Dreams is being built using the newest mixed use development on the Emirates highway, Ajman - International Property Directory Developement

It will cost you nothing and could help you make the right move.

Paul Fissenden
International Property Directory
Tel: +1 519 204 0274
email: [email protected]
2003-2007

 

parkview in ajman

Hello

I am looking into buying a 2 bedroom in parkview in ajman. How does parkview compare to emarite city? any advice on parkview plz?

thanks

 

The Best Buy In Ajman

I have been looking to buy a 2 bedroom apartment in Ajman for many months. I do believe this is probably the best area within the UAE to buy as I have seen property prices increasing every month. I wish I had bought several months ago. However the weak £ is now affecting my budget and I am not sure what direction this will go in as it may make the payments even higher than I can afford.
The best areas I have found are Emirates City and Emirates Lakes Towers Region. There is a thread on "GSS and Openshore" in this forum which is worth looking at and I am considering a 2 bedroom apartment from Openshore mainly because of their very attractive payment plans.
Does anyone know what the rental returns are in this area. Openshore are forcasting 7% of property price at the time the property is let out. Is this reasonable or optimistic?

 

Openshore's rental forecast

Just been on the Openshore thread and posted a reply to your post. Openshore's forecast is a bit low. The rental yields in Dubai are around 10% of the property price and I would have thought this area would be in higher demand as property prices (and hence rents) would be lower than in Dubai. Openshore do say that this is the net rent you would get in your hand (after taking thier expenses). The gross rent the customer pays will be higher and may be around 8% to 9%.

 

Ajman

Thanks infoguru for the quick reply. So no idea about parkview?

 

Sorry aggie
I forgot to mention Park View. This area is the 4th one along Emirates road as you come from Dubai (on the south side). The first area is Emirates Lakes Towers, then Emirates City, then Bouleward and then Park View - just before Marmooka City. It is expected to be ready much after Emirates City and is regarded as less prime (with most purchasers from the East) with apparantly lower growth forecasts. However this information was obtained from other agents and developers with properties in other areas of Ajman and so may be biased against Park View? I have been looking into this New Ajman area for past 10 months and I think the best areas are Emirates Lakes Towers and Emirates City.

 

thanks guru. this is actually interesting, a friend was telling me that its the other way around, more landscape and green in parkview and supposetly will be "higher" price and well planned area. but i have heard your point as well from other sites, easterns are spending quite bit of money in ajman, and they got in mainly in parkview, but again, i wanted to know what the truth is, and it seems that your tip is valid. based on what you said, i will stick with emarite city for now as i have a good offer there, 525 per sqft.
what do you think?

 

2 Bedroom in Emirates City at 460 AED/ sq ft

Aggie
I was offered a 2 bedroom in Emirates City this week by Openshoreproperty.com for 460 AED/ sqft, good corner unit on 18th floor with open views. It was a 3 year payment plan and I was looking for 5 years myself. However that was the best deal I had recently seen, direct from the developer in this region. I am not sure if this is still available but you should speak to them. The guy I spoke to was called Andrew. The going rate in Emirates City seems to be around 525 AED/sq ft, so what you seem to be considering is also reasonable.

 

I have invested in Emirates Lake Towers and the price there has risen quite well since I bought it. The towers there are unique in my view, and well positioned with lakes and green space.

I think the price there is from 550/sqft onwards.

Inv.

 

ajman

wow, 460 AED/sqft? what is the name of the tower?

this is really low for a two bedroom. the rate in emarite city now is about 525AED.

 

someone has offered me their studio in lake signature for 480 dhs per sq ft for a 520 sq ft studio.

does anyone have anything good or bad to say about lake signature??

 

Do you all know anything abouot Gr8 Holdings and lake signature?

 

Not me Farcas, sorry.

I visited ajman last weekend. The only construction I saw going up was emarite city. any idea about prices in ajman now?

 

Ajman - Fact or Fiction?

[[/U]

 

financier888,
Am new to this forum. I would like an advice on this. I bought an apartment in Royal oasis in Al Humaid city in August 2008 with 5 years payment plan from BL PROPERTIES. So far i paid 15% plus the parking fees. Just recently they sent me a letter saying that the construction will start on 14th febrary 2009. I have signed a reservation form with them. They told me that i will be getting the SPA after i pay 20%. My next 5% payment was due end of January 2009 and i contacted the developer to delay it till end of february. Reading different posts in this forum and the world finicial crisis am getting kind of worried and my first question is: should i continue payment or cancel?

In the reservation form it says: "in the event the subsequent installments are not paid according to the payment plan, the seller shall be entitled to cancel the reservation and as a result, the holding deposit or 10% of the purchase price will be forteited".
Now at the time of booking i payed 5% (26586.9 AED) plus (19000 AED of the parking fee).
SO my second Q: if i cancel would i lose all the money i payed so far?
Thanks in advance
ps. ON all the receipts for all my payment so far, are stamped with non refundable.

 

Based on what you stated - regarding the contract terms and conditions related to 'cancellation' -they would be entitled to keep 10% of the sale price and be obliged you to pay the balance.. (you said you paid 15% - so you'd only get back 5%) I don't know if what you paid for parking would be included although it is part of the sale price... however, BL are experienced developers from Pakistan and they should not have a problem completing the job provided they are not over extended. They are a professional outfit with a proven track record, rather rare up in Ajman.....

You should check the latest ARERA laws - because any new laws they have passed that link payments to construction progress would supercede your payment schedule which sounds like it is calendar based... Before you make your next payment, I would urge you to request the SPA, especially as you are prepared to make the next installment of 5% which brings you to the 20% - they should oblige you... You should also check the status of their escrow acct and ALL future payments should be made directly to the bank. This is already law and you should ask them the name of the bank for escrow and the particulars..

If you are based here - locally - you can easily check to see if they are starting construction which commences tomorrow.. Wait a few days and check the site...

good luck

 

financier888,
Thanks for ur reply. I ve decided to send an email to BL properties at ask them how much will i lose incase i cancel and this the reply I got 'if you don’t want continue the payment and cancel the unit by the law 30% of total amount is forfeit so you will not get back anything '.
!!! I Thought the law of 30/70 only in Dubai, and howcome in the reservation form they said incase of cancelation, 10% will be taken? I send another email for clarification. I feel i cant trust those people anymore