Do you know that the real estate market in Sharjah showing growth year after year? Sharjah is known as the cultural capital of the UAE and is considered the third largest and most populous Emirate after Dubai and Abu Dhabi. It enjoys a strategic location close to Dubai and offers an affordable lifestyle to its residents and visitors. Not only that, but it has a wide range of residential properties, offering all services and amenities necessary for living. It is also home to top attractions and entertainment places, such as Al Qasba, Sharjah Aquarium, Al Majaz Waterfront, Sharjah National Park, and Sharjah Museum of Islamic Civilization. All these advantages make Sharjah a good destination for tourists and investors worldwide.
In line with the government’s efforts to reinforce stability and growth in the Emirate, enhance the real estate market, and attract foreign investors from all over the world, it launched a new law allowing expats to own a property in the Emirate. Let’s take a closer look at that law and its due process.
Previously, only UAE citizens and GCC nationals were allowed to own a property in Sharjah. In 2014, the government opened its property market to expats allowing them to own a property in specific areas on a 100-year lease basis. Then some changes were made to the property law in 2022:
At The Sharjah Executive Council (SEC) meeting led by His Highness Dr. Sheikh Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah, a new law no. 2 of 2022 was issued as an amendment to Article no. 4 of law no. 5 of 2010, allowing full property ownership for expats of all nationalities without any time limitations and securing their legal rights. In the following, we will find out together the due process of the law and its benefits.
Expats can own a property in Sharjah as per the following regulations:
• Taking approval from the ruler of Sharjah.
• Owning a property in projects and areas in accordance with the regulations of the Supreme Council.
According to this law, expats can benefit from the following:
• Transferring the property by inheritance and proving it in writing.
• Transferring the property to one of the owner’s first-degree relatives.
Article no.7 of law no.5 of 2010 was also replaced by the following:
• The owner should inform the Sharjah Real Estate Registration Department (SRERD) of any changes that happen, like the increase and decrease of partners’ shares, transfer of ownership, or any changes in the legal form or business name.
• The owner should correct the contrary situations in case of transferring the ownership to persons who are not allowed to own properties in the Emirate.
With the new law Sharjah has set, the real estate market in the Emirate will flourish more in the coming period, and there will be a huge demand for real estate from all nationalities. If you want to buy or rent a property in Sharjah, contact RE/MAX UAE by calling +971 4 589 7376 or contact us here.