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Starting July 1, Ajman’s Department of Land and Real Estate Regulation will implement a three-month building classification initiative to evaluate buildings and real estate facilities based on international standards and regulations.

The Ajman real estate market is set to receive a significant boost with the launch of a comprehensive building classification system. Starting July 1, 2024, the Department of Land and Real Estate Regulation will embark on a three-month process to evaluate the readiness and compliance of buildings and real estate facilities based on international standards and regulations.

Evaluating Buildings and Real Estate Facilities

A specialized team of qualified professionals will conduct thorough on-site inspections and assessments to classify buildings in accordance with international standards and specifications. The findings will be transparently published through an integrated electronic program developed by the department.

Ensuring Quality Services and Informing Investment Decisions

Omar Al Muhairi, Director General of the Department, confirmed that the classification criteria are ready to ensure the quality of services and facilitate investors regarding their investment decisions and options related to buying or renting properties in the emirate. This classification will provide clarity and confidence to investors, landlords, and tenants in Ajman’s real estate market, enabling them to make more informed decisions.

Enhancing Transparency and Regulation

The initiative is part of Ajman’s efforts to enhance transparency, regulation, and quality assurance in its real estate sector, aiming to attract further investment and development. The real estate market is a key driver for the emirate’s economy, and the market has experienced a major increase in commercial property investments this year.

Recent Real Estate Valuation Processes

The Department of Land and Real Estate Regulation in Ajman completed 169 real estate valuation processes during May 2024, with a total value exceeding AED729.5 million ($199 million). Commercial property investments accounted for the largest share, AED437.2 million ($119 million), up 197 percent compared to April 2024.