Five new real estate developments are currently under study by the Sharjah Real Estate Registration Department that aim to benefit from recent changes in the emirate’s real estate laws. Sharjah updated is property ownership laws last year to allow foreign expatriates living in the United Arab Emirates to purchase 100 year leaseholds in real estate zones designated by the government.
According to the real estate department, the five new projects that may make properties available to foreign expatriates in the UAE are each of between 300 and 400 units in size, accounting for about 2,000 property units in total.
At the present, the only property development in Sharjah that has approval to sell units to foreign expatriates is Tilal City, which is located 10 kilometres from Sharjah’s International Airport near the Emirates Road (E611). The 25 million square mixed-use community development was launched in November last year by Tilal Properties, a joint venture between Sharjah Asset Management and Eskan Real Estate Development. Tilal City offers 2,000 residential plots, which are available for sale to UAE citizens and GCC nationals or as leaseholds to foreigners holding valid UAE residence visas.
Meanwhile, Sharjah Real Estate Registration Directorate announced that it has recently signed five memorandums of cooperation with government departments, Sharjah Municipality, the Department of Economic Development, the Department of Social Services, the Department of Housing and the Ministry of Social Affairs to exchange real estate data electronically in order to better facilitate Sharjah real estate transactions for investors.
Source: Sharjah Real Estate Registration Directorate, media