Visa concerns in Ajman

News on Ajman

Homesoverseas.co.uk has learnt that investor visas for freehold property owners in Ajman are no longer being renewed.

Property owners in the emirate are also struggling to obtain visitor visas for their spouses or children, and yet many developers continue to sell off-plan properties, subject to a residence visa, which not been approved by the government.

Our UAE-based source, whose asked to remain unnamed, says: "We are all holding our breaths to see what action the Ajman government is going to take. If they don’t sort the visa issues out soon, the property market will suffer.

"We’ve already witnessed a price fall of up to 15% on some resale apartments in the emirate over the past month, while developers are no longer hiking up off-plan prices, partly because money from overseas is starting to dry up. Some buyers from the UK are having their own well documented financial problems, while Indian investors, who make up the largest proportion of overseas property investors in the UAE, are being deterred by the weakening Indian currency, the rupee.

"It’s not just Ajman’s property market that could plummet, but the whole of the UAE’s, we are genuinely concerned."

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Information provided by Homes Overseas | © PropertyIndex.com 2008 | Last Updated: 17 October 2008