Sharjah allowed to register the ownership of real estate to all foreigners
Sharjah has announced changes to the law on property ownership for expatriates, allowing citizens of any country to own it.
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Sharjah has amended its property law to give foreigners the right to own property in the emirate. The document outlines four circumstances in which a person who is not a citizen of the UAE or the Gulf countries can own real estate in the emirate.
The amendments state that expatriates will be able to own real estate in Sharjah with the consent of the ruler of this emirate, in case of inheritance based on a court notice, in case of transfer by the owner to one of his relatives in the first line and in the ownership of development areas and projects in accordance with current rules.
Subject to the amendments, a legal entity owning real estate in Sharjah must inform the property registration department of any change in the property of the legal entity, if this leads to a decrease or increase in the shares of partners, transfer of ownership or change of its legal form or trade name, as well as in the case of adding a partner or transferring his ownership to persons who do not have the right to own real estate in the emirate.
According to the Sharjah Property Registry Department (SRERD), there were a total of 2,299 real estate transactions in September 2022, totaling AED 1.9 billion. These included 677 sales transactions, accounting for 29.4% of the total number of completed transactions, and 299 mortgage transactions, accounting for 13.1% of the total number of transactions worth 608 million dirhams. Completed sales transactions were distributed across 90 regions in various regions and cities of the emirate of Sharjah. The properties for sale included over 3.9 million square feet of residential, commercial, industrial and agricultural land. These include 297 transactions with apartments sold in high-rise buildings, which is the largest percentage of the total number of transactions (43.9%), 198 transactions with land (29.2% of the total), while with built-up lands there were 182 transactions, which is 26.9% of the total.
Previously, ownership of real estate in Sharjah was limited only to citizens of the UAE and nationals of the Gulf countries.
Tags: sharjah; property; law; ownership
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