The UAE’s real estate market offers lucrative opportunities for buyers and investors. Not only can UAE nationals take advantage of these opportunities, but expats can also buy property in the UAE with ease. Regardless of nationality, anyone can own land in the UAE after completing the necessary documentation. Previously, expats living in Sharjah were not allowed to buy property, but now, the Emirate has opened its doors to everyone, allowing full ownership of property for people of all nationalities.
Property Ownership in Sharjah as an Expat
If you’re an expat looking to buy an apartment in Sharjah, it’s essential to follow the proper rules and procedures. Let’s delve into the 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) has announced that there are no restrictions on buying property in Sharjah, allowing anyone to own it. This decision, led by His Highness Dr. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, the Crown Prince and Deputy Ruler of Sharjah, was made to stimulate the real estate sector in Sharjah and attract foreign investors to the Emirate.
This move aims to boost the real estate industry and provide investment opportunities to all nationalities, ensuring stability and growth in the Emirate. The new property ownership law also protects the legal rights of all nationalities in Sharjah’s real estate market.
Moreover, expats can also usufruct for up to 100 years after registering with the Sharjah Real Estate Registration Department (SRERD). Sharjah offers both mainland and free zone areas where 100% foreign ownership and long-term leasing options are available. Some of these zones include:
- 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
Law No. (2) of 2022, which amends Law No. (5) of 2010, was issued by His Highness Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, concerning the registration of property in Sharjah.
According to the new law, Article (4) of Law No. (5) of 2010 has been replaced with the following amendments:
- The right to own property in Sharjah is primarily limited to UAE citizens and citizens of the Gulf Cooperation Council (GCC).
- However, the right of Sharjah real estate ownership may be granted to other nationalities under specific conditions:
- Full property ownership is allowed for every nationality with the agreement of the current Ruler.
- Property transfer through inheritance is permitted with a legal notification.
- Property transfer to first-degree relatives as designated by the owner is allowed.
- Ownership in real estate projects and developments is permitted according to the rules set by the Council.
Additionally, Article (7) of Law No. (5) of 2010 has been replaced with new terms. Under the provisions of Article No. (4) of this law, property owners in Sharjah must adhere to the following regulations:
- The legal owner of a property must notify the Real Estate Registration Department of any changes in the property in Sharjah. This includes changes in the number of partners’ shares, trade names, ownership transfers, or any other legal changes in the owner’s rights.
- The owner must also correct any non-compliant situations, such as adding more partners or transferring ownership to a person not permitted to own property in the UAE.
These are the key points regarding the new rules for buying property in Sharjah. There are several benefits to purchasing property here, including the ability to enjoy tax-free income when renting out your residential property. Before renting out your property, it’s crucial to familiarize yourself with the Sharjah Municipality Tenancy Laws and Rules.
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