ARRA offers investors property swaps
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The number of transactions and enquiries is expected to continue rising in 2012 with the supply/demand gap narrowing.
This review focuses on the three most dominant residential markets in the Eastern Province of Saudi Arabia, namely Dammam, Dhahran and Al Khobar.
The buoyancy in the economy coupled with a growing population has increased consumer confidence in Jeddah’s residential property market.
The real estate market regulator of Ajman is offering investors in troubled developments the opportunity to get alternative units at the current market price.
Interested investors are required to personally visit the offices of Ajman Real Estate Regulatory Agency (ARRA) where the swap options will be offered after considering the merits of their case.
Under the deal, previous down payments will be adjusted in the new apartment price. “We have a solution for them (investors in stalled projects or in projects that haven’t been constructed)… we are offering them a swap facility and that too at the current market price,” Yafea Eid Al Faraj, executive director of ARRA, said.
The offer is also available for investors who wish to get a property in Dubai, said Al Faraj.
“It is allowed… we have a deal with Dubai’s Real Estate Regulatory Agency for swapping to units in Dubai… We are just solving their problems,” he said.
Furthermore, the swap option may cover switching to smaller units.
“If there is a possible way to reduce their size of investment, we will consider it. But, I don’t want the developers to lose and so we will take each complaint case by case,” said Al Faraj.
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