Yousuf Mundia CEO, M Holding

AJMAN
“The country is exploding, there is huge potential”

The Emirate of Ajman has become the ideal location in the UAE for middle-class families, according to one prominent property developer. “For the last three decades, people living in Sharjah have not been able to own property, but now they can buy a freehold property in Ajman,” says Yousuf Mundia, CEO of M Holding, a subsidiary of the Mundia Group of Companies (MGC), a global trade, textiles and real estate enterprise. “The price of a home here is the same as it was in Dubai five years ago.”

In comparison to Abu Dhabi and Dubai, Ajman offers Emiratis and international investors a pleasant bit of affordability. Along with residential, demand for business space is growing as well.

“With the high prices and difficulty of finding offices in Dubai, people are trying to get their second and third office in Ajman,” says the CEO. Mr. Mundia is heading up various real estate projects to meet the demand for new properties. An example of one of M Holdings’ various projects is Mirdiff, a 15-block commercial and real estate development located five minutes from Dubai’s airport. Upon completion, the massive new development will boast various residential towers, each of whose ground floors will be used for retail use.

While 15 blocks of development sounds like a gigantic project, Mr. Mundia asserts that the project’s size is necessary to keep up in a booming emirate where house prices and returns on investment refuse to slow.

“The entire country is exploding, and there is huge potential for all kinds of investors and developers. People are coming in and investing, and the developers are diversifying their companies here as well.”

As analysts wonder when the UAE market will peak, Mr. Mundia says he and his team of experts at M Holding – who have over three decades of property development experience through its parent company MGC, which was founded by Mr. Mundia’s grandfather in the 1950s – are confident it will continue to soar, and, he says, until it slows, they will continue forward with their large-scale projects.
Mr. Mundia believes that the Ajman property market can eventually outpace its older brother. “Considering the rapidity and dynamism of the sector, the increase is going to be faster than that of Dubai.”

Given Brits’ thirst for investment homes and Mr. Mundia’s familiarity with both (he finished his textiles degree at BIHE, Bolton), M Holding’s CEO says he is looking forward to establishing new business relationships and helping families find dream investments.
“The British market is very important to us. Those who have come here to visit, live or invest feel confident about this country. The lifestyle and safety of this region have no comparison.”