Developers in Ajman have welcomed the establishment of an authority to regulate the emirate’s property sector, although they say the Government will also need to ensure the supply of power and water for the market to be more robust.

Early next year, the Ajman Government plans to establish an agency similar to Dubai’s Real Estate Regulatory Authority.

The new body will be responsible for regulating and managing the sector, which will include the enforcement of an escrow account law, a system under which all money collected by developers from buyers is used solely for the construction of a project. The escrow regulations form part of Ajman’s property law, which was introduced in June.

The National