None of the 900 tower developments in Ajman that were launched in 2007 & 2008 by Ajman Government in partnership with hundreds of different developers have been completed. After the financial crisis at the end of 2008 and early 2009, developers could not get bank funding and customers stopped making payments and these buildings have not been built. Most of the funds paid to developers have been spent on plot payments to Ajman Government and other admin expenses. About 10 buildings are nearing completion in Emirates City and may be completed in the future.
The past 12 months have been worrying for many Dubai property investors. Property prices have fallen by over 50% and many off-plan projects (for which customers have typically paid 10% to 40% on a payment plan) are severely delayed and on hold.
Here is the Timeline