UAE’s real estate market offers lucrative opportunities for buyers and investors. Not only UAE nationals, but expats can also buy a property in the UAE without any hassle. You can easily own land in the UAE regardless of nationality after completing the required documentation. Previously, expats living in Sharjah weren’t allowed to buy property. The Emirate has now opened doors for everyone as it allows complete ownership of property for people of other nationalities.
Read on to find out more about the new rules and regulations regarding property ownership in Sharjah as an expat.
Property Ownership in Sharjah as an Expat
You need to follow proper rules and procedures to buy an apartment in Sharjah as an expat. Let’s find out specific regulations and areas where foreigners can invest in real estate.
New Laws for Property Ownership in Sharjah
As per the new property law, the Sharjah Executive Council (SEC) announced that there is no restriction on buying a property in Sharjah and anyone can own it. The SEC meeting was led by His Highness Dr Sheikh Sultan bin Muhammad bin Sultan Al Qasimi – the Crown Prince and Deputy Ruler of Sharjah. The decision was taken to nurture the real estate sector of Sharjah and welcome foreign investors in the Emirate.
The decision helps in boosting the real estate industry and provides investment opportunities to all nationalities by ensuring stability and growth in the Emirate. The new property ownership law also secures the legal rights of Sharjah real estate ownership to all nationalities.
Besides, expats can also usufruct for a maximum of 100 years after completing a registration under Sharjah Real Estate Registration Department (SRERD). There are also mainland and free zones in Sharjah offering 100% foreign ownership and leasing options for a long period.
- Sharjah Media City
- Sharjah Research Technology and Innovation Park
- Hamriyah Free zone
- Sharjah Publishing City
- Sharjah Airport International Free zone (SAIF)
New Sharjah Executive Council Property Ownership Decision
The Law No. (2) of 2022 issued on the amendment of Law No. (5) of 2010 by the Supreme Council Member and Ruler of Sharjah – His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi on the registration of property in Sharjah.
As per the new law, Article (4) of Law No. (5) of 2010 will be replaced by the following amendments.
- The right to own a property in Sharjah is limited to the UAE citizen of the Cooperation Council.
Besides, the right of Sharjah real estate ownership may be granted to other nationalities as per the following rules:
- In Sharjah, complete property ownership for every nationality is allowed with the agreement of the current Ruler.
- Transferring the property is allowed to inheritance by a legal notification.
- The property transfer is allowed to the first-degree relatives assigned by the owner.
- Ownership in real estate projects and developments is allowed as per the rules set by the Council.
Also, the text of Article (7) of Law No. (5) of 2010 will be replaced by the new terms. As per the provisions of Article No. (4) of this Law, the owner of the property in Sharjah will abide by the following laws:
- The legal owner of a property must inform the Real Estate Registration Department In case of any changes in the property in Sharjah. It also includes the increase or decrease of partners’ shares, trade name, transfer of ownership or any other legal change of the owner’s right.
- The owner is also abiding to correct the contrary situation in case of adding more partners or transferring the ownership to a person who is not permitted to own property in the UAE.
This is all about the new rules for buying property in Sharjah. There are several benefits of buying a property here since you can enjoy a tax-free income once you rent your residential property in Sharjah. Before you put your property on rent, make sure you know the Sharjah Municipality Tenancy Laws and Rules.
Stay in touch with the UAE’s leading property blog to know more about the latest developments in property buying and selling laws across the country.
Related Posts
