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Two Decrees to Regulate Ajman Property Sector

AJMAN - His Highness Shaikh Humaid bin Rashid Al Nuaimi, UAE Supreme Council member and Ruler of Ajman on Tuesday issued as Emiri Decree 11 2008 setting up the Ajman Property Regulation Establishment and Emiri decree 12 2008 amending Emiri decree 8 2008. The two decrees shall have immediate effect.

According to the 21 article decree 11 2008, the Ajman Property Regulation Establishment shall have a juridical personality affiliated with the government of Ajman and shall be administratively, financially independent body with full legal competence. The establishment which is fully tax-exempted will be tasked with drawing policies for property projects and commercial buildings in the emirates, recommending legislations as well as regulating the relations between property developers and buyers of the various units.

It shall recommend speedy, friendly out-of-court approaches to resolve disputes that may arise between the two parties. It shall also advise the ruler on the allocation of areas for new free zone and property development and commercial buildings. It shall also have the authority to grant licences to developers.