Todays hot news is freeze on visas for freehold property owners in emirates of Ajman. Ajman is one of the progressive emirates of United Arab Emirates. The real estate boom in Dubai has spread to adjoining emirates of Sharjah and Ajman quite fast.
One of the selling points for all free hold properties in UAE has been residence visa for buyers. This means anyone who buys property gets right to use it by living in it. In recent past Dubai has changed the rules overnight for issuence of visas to property owners. Now it is Ajman which has said that no visas would be given to property buyers and neither old visas would be renewed now.
People who want to live in emirates have to either have employment visa or investor visa to stay in the country. This clearly means if you are unemployed and don’t have your own business then you can’t make use of your own house in this country.
All along I have been advising my near ones against investing in property here as rules are non-tranparent and subject to change without any explaination. Anybody caught without employment and no intention to do business has to leave the country leaving his owned property at the hands of others. It is nothing but leaving your hardearned money and accounting that into losses. What you call this?