Registration deadline looms for Ajman developers

In just six weeks since its inception Ajman’s new property regulator, the Ajman Real Estate Regulatory Agency (ARRA), has imposed wide-ranging controls on the emirate’s developers. It has fixed a May 1 deadline for developers to register, established a framework for escrow accounts, set a moratorium on unaudited property payments. Ajman is the second emirate, following Dubai, to create a property regulatory body. Industry executives welcomed the move.